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ADAPT IT HOLDINGS LIMITED - Trading Statement and Delay in Financial Results Publication

Release Date: 30/09/2019 16:48
Code(s): ADI     PDF:  
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Trading Statement and Delay in Financial Results Publication

Adapt IT Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/017276/06)
Share code: ADI ISIN: ZAE000113163
(“Adapt IT” or “the Company”)


TRADING STATEMENT AND DELAY IN FINANCIAL RESULTS PUBLICATION


1. Trading Statement

In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading
statement as soon as they become reasonably certain that the financial results for the period to
be reported on will differ by more than 20% from that of the previous corresponding period.

Accordingly, a review by management of the financial results for the year ended 30 June 2019
has indicated the following:
                                            Anticipated          Audited               % Change
                                                   2019             2018
                                                (cents)           (cents)
 From continuing operations
 EPS                                       49,38 – 53,26            64,97    (24,00%) – (18,02%)
 HEPS                                      55,60 – 58,94            65,63    (15,28%) – (10,19%)
 Normalised HEPS*                          74,01 – 78,39            85,64     (13,58%) – (8,47%)

 Including discontinued operations
 EPS                                       49,38 – 53,26            77,51    (36,30%) – (31,29%)
 HEPS                                      55,60 – 58,94            66,97    (17,00%) – (12,00%)
 Normalised HEPS*                          74,01 – 78,39            87,59    (15,50%) – (10,50%)

*As per prior financial results announcements, normalised headline earnings is calculated by
adding back to headline earnings the amortisation of acquired intangible assets net of deferred
taxation, as a consequence of the purchase price allocations completed in terms of IFRS 3
Business Combinations and fair value adjustments to financial liabilities on outstanding
contingent purchase considerations.

The financial results have been impacted by a combination of factors including the difficult trading
environment especially for certain segments of the business, the application of new accounting
standards, an impairment to an asset (fixed property) held for sale, foreign exchange movements
and increased finance costs. Notwithstanding these circumstances, the business remains
resilient, has an expanded business strategy and is well positioned for growth.


2. Delay in Financial Results Publication

Shareholders are advised that the release of the Company’s financial results for the year ended
30 June 2019, is to be delayed.

The adoption of both IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts with
Customers, together with accounting for a multi-jurisdictional foreign acquisition which was
effective 1 March 2019 have resulted in an extended reporting timetable. The accuracy of
financial reporting is of utmost importance to the Directors of Adapt IT and accordingly, the
audited financial results will be released on SENS on or about 14 October 2019 and a webcast of
the financial results will be available on www.adaptit.com on 16 October 2019.


Johannesburg
30 September 2019

Sponsor
Merchantec Capital

Date: 30/09/2019 04:48:00
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