Recent Posts
- Adapt IT expands hospitality role with Spa Guru
- Canada’s Volaris taps Adapt IT executives in leadership reshuffle
- Adapt IT appoints new CEO
- Adopt-A-School Foundation Celebrates Its National Matric Top Achiever From a Rural Limpopo School
- And the winner is… Announcing the Moodle Certified Partner Awards 2024
- ADAPT IT: Specialised Solutions Help Clients Achieve More
- Adapt IT seeks software business targets in Europe, Africa – CEO
- South Africa’s favourite IT service providers
- Raspberry Pi 400 handover at Lodirile Secondary School
- Back-to-School excitement at Adopt-a-School Foundation
Mar 10 2021
Adapt IT looks to return to strategy of acquisition growth
by Simon Brown
Viv Govender of Rand Swiss on the market after local GDP numbers. Adapt IT CEO Sbu Shabalala on decent interim results as annuity income grows. AfroCentric CEO Ahmed Banderker on diversity boosting its interim results....Read More
Mar 10 2021
BUSINESS MAVERICK: Adapt IT bounces back — and now has to deal with an unsolicited offer from Huge Group
by Daily Maverick
BUSINESS MAVERICK: Adapt IT bounces back — and now has to deal with an unsolicited offer from Huge Group Small-cap shares are a bit unloved on the JSE right now, but software company Adapt IT has survived the tough climate of 2020 and is aiming for growth. Shareholders and unwelcome suitors have noticed. It took small-cap software company Adapt IT a lot longer to recover from the beating that listed shares took in March 2020. That was when investors took fright at the looming coronavirus pandemic, causing global markets and the JSE to plunge by 25% or more over four days. While markets had almost fully rebounded by late July, Adapt IT was still hovering at R1.17 in late September, well off the R3.70 at which it started the year.But that changed in the same month when the company released its results for the year to 30 June 2020 which reassured investors that it was not going down the tubes, it was cash-flow positive and could manage its debt. Don't want to see ads?Since then the share...Read More
Mar 09 2021
With debt under control, Adapt IT plans a return to acquisitions
by Duncan McLeod
Sbu Shabalala...Read More
Mar 09 2021
Adapt IT debt strategy pays off, cuts debt interest by R8m
by Samuel Mungadze
Adapt IT CEO Sbu Shabalala...Read More
Mar 09 2021
Adapt IT underlines South Africa challenges in muted earnings
by Staff Writer (Business Tech)
Adapt IT on Tuesday (9 March) reported a 2% drop in revenue for the six months ended December 2020, to R707 million, due to ongoing challenging and weaker trading conditions particularly in South Africa – which remains the group’s primary market, constituting 73% of total revenue. Profit from operations, however, improved by a percent, to R79.83 million. “The Covid-19 global pandemic caused repeated shutdowns or slowdowns in certain of our client segments resulting in project volume decline and delays, with project based revenue suffering longer lead times,” it said. Earnings before interest, tax, depreciation and amortisation (EBITDA) was R128 million, marginally down from R129 million in 2019. The impacts on earnings in the current period included an increase in bonus provision of R16 million, a negative foreign exchange movement of R10 million, and an increase in the allowance for expected credit losses of R7 million resulting from client segments most impacted by Covid-19, it...Read More