Cell C Loses Court Bid to Stop ICTU Strike Action

Cell C on Tuesday suffered another blow when the Labour Court in Johannesburg ruled that its application to interdict members of the Information Communications...

Latest Posts

Aki Anastasiou Launches TecHub On eNCA

Aki Anastasiou, one of South Africa’s leading radio and TV personalities and avid tech lover, joins eNCA as the host of a brand-new technology...

Which Are The Best Mobile Casino Games Right Now?

Online casinos are really popular among bettors because they allow them to play their favorite games without the need to visit any land-based facility....

A Few Things To Keep In Mind Before You Start Betting On Sports

Ever since online betting became so popular, many people have started placing online bets. Some of them have been following a specific team or...

Why Is Betting On Live Events Better Than Placing Pre-Match Bets

There are many reasons why online betting is as big as it is today. Apart from the fact that the famous betting operators sponsor...

Durban-based IT firm Adapt IT delivers another excellent sets of results

JSE-listed IT firm Adapt IT informed investors on Thursday that headline earnings per share – South Africa’s main profit gauge – rose 36% to 57.54 cents a share for the year to end-June 2016. By Staff writer

The software and computer services firm added that its operating profit jumped 58% to R136 million.

Adapt IT CEO, Sbu Shabalala, attributed the strong performance to various factors including the implementation of a strategy focused on sustainable growth and diversification.

“The Adapt IT strategy is to remain an industry focused niche software provider which grows turnover and profit at a much higher rate than the South African ICT market. We have certainly achieved this goal in the period under review and in the face of adverse trading conditions in the market,” he says.

Sbu Shabalala - Adapt IT CEO
Sbu Shabalala – Adapt IT CEO (Photo credit: Adapt IT)

He added that annuity turnover increased to a healthy 55% over the 2015: 52%, operating margins are up from 15% to 17%. “This is a very strong performance in a sector that is seriously challenged in the current economic climate.”

Adapt IT derived 73% of turnover from the South African market, 13% from other African countries and the remaining 14% being split between the Americas, Australasia and Europe.

“In terms of currency – 80% of turnover was generated in Rands; 11% in US Dollars and 9% stemmed from the specific country currency in the rest of our international markets,” says Shabalala.

Adapt IT’s acquisition of CQS Investment Holdings was consolidated from 31 December, 2015 which served to enhance the group’s presence in the Financial Services sector.

“The acquisition of CQS has significantly increased the contribution of this market by providing expansion into the auditing and accounting professions with a broader range of software offerings. We will continue to seek earnings enhancing acquisitions to supplement our growth strategy,” says Shabalala.

Latest Posts

Aki Anastasiou Launches TecHub On eNCA

Aki Anastasiou, one of South Africa’s leading radio and TV personalities and avid tech lover, joins eNCA as the host of a brand-new technology...

Which Are The Best Mobile Casino Games Right Now?

Online casinos are really popular among bettors because they allow them to play their favorite games without the need to visit any land-based facility....

A Few Things To Keep In Mind Before You Start Betting On Sports

Ever since online betting became so popular, many people have started placing online bets. Some of them have been following a specific team or...

Why Is Betting On Live Events Better Than Placing Pre-Match Bets

There are many reasons why online betting is as big as it is today. Apart from the fact that the famous betting operators sponsor...

Don't Miss

ICTU Suspends Strike at Cell C

The Information Communications and Technology Union (ICTU) has suspended strike action by its members who work for Cell C. The nationwide strike at the embattled cellphone operator, sparked by...

Drivers Improving the Business Case for Solar

COVID-19 presented businesses across the board with the opportunity to re-evaluate both their operational models and costs. Proactive organisations found themselves navigating the wake...

Vodacom Urges Consumers to Contribute Towards the Green Economy and Recycling

A record 53.6 million metric tonnes (Mt) of electronic waste was generated worldwide in 2019, up 21 per cent in just five years, according...

Telkom Wants Competition Tribunal To Declare Vodacom, Rain Agreements a Merger

Telkom announced on Wednesday that it had approached the Competition Tribunal to declare the suite of spectrum arrangements between Vodacom and Rain as a...

Econet Group Launches #SasaiWiFiFinder Hotspots in Kenya, Uganda, Zambia and Rwanda

Econet, through its subsidiaries Liquid Telecom Group (LTG) and Cassava Fintech International (CFI) has today launched a network of #SasaiWiFiFinder hotspots in Kenya, Uganda,...

Stay in touch

To be updated with all the latest news, offers and special announcements.

%d bloggers like this: