Sbu Shabalala, CEO of Adapt IT (Image source: MyPR)
Adapt IT, a global software provider, announced its financial results for the year ended 30 June 2018.
The company reported a turnover increase of 36% to R1,35bn for the year. 13% of that was organic growth, while another 30% was mainly comprised of the acquisition of the Micros South Africa hospitality group. Micros having a talented team of over 300 employees, provides world-class solutions for the Hospitality industry and the division supports business-critical processes by providing software solutions to 4,200 hotel, retail and food and beverage outlets in 18 countries.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 39% to R270 million, while profit before interest and tax (PBIT) grew 45% to R218 million. Profit attributable to equity shareholders grew 38%, while the weighted average number of shares in issue grew 5% over the prior period.
“Adapt IT’s diversified growth strategy has contributed positively to above-industry turnover growth during the reporting period,” says Adapt IT CEO, Sbu Shabalala. “Our Pan-African market focus on software sales also assisted with the improvement in organic growth, while the company’s strategic entry into the Hospitality sector, through acquisition, was additive.”
Adapt IT initiated a share buyback programme to Click here to read entire article
Source:: IT News Africa