Wrap Text
Abridged Summarised Consolidated Results for the Year Ended 30 June 2019
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")
SHORT-FORM ANNOUNCEMENT: ABRIDGED SUMMARISED CONSOLIDATED RESULTS FOR THE YEAR ENDED 30 JUNE 2019
FINANCIAL HIGHLIGHTS
- Revenue increased by 8% to R1,438 billion (2018: R1,333 billion* [restated])
- Revenue from continuing operations increased by 14% to R1,438 billion (2018: R1,264 billion*)
- Revenue growth comprised 5% organic growth from continuing operations and 9% from acquisitions
- In spite of the ongoing poor trading conditions three of the six segments delivered double-digit
organic growth
- Annuity revenue remains healthy and an improvement on the previous reporting period to 61% (2018: 58%)
- Earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations
improved by 3% to R229 million (2018: R223 million*). EBITDA margin from continuing operations
was 16% (2018: 18%*)
- Cash generated from operations was R179 million representing a cash conversion ratio of 1,08 times
- Earnings per share (EPS) decreased by 29% to 51,32 cents (2018: 72,77 cents*)
- EPS from continuing operations decreased by 15% to 51,32 cents (2018: 60,23 cents*)
- Headline earnings per share (HEPS) decreased by 8% to 57,27 cents (2018: 62,08 cents*)
- HEPS from continuing operations decreased by 6% to 57,27 cents (2018: 60,78 cents*)
- Normalised HEPS from continuing operations decreased by 6% to 76,20 cents (2018: 80,90 cents*)
- The board has deferred a dividend decision until after the 31 December 2019 interim reporting
date to reduce the net gearing ratio in the short-term (2018: 17,10 cents)
* Prior year figures have been restated mainly for errors related to revenue recognition that were identified
pursuant to the adoption of IFRS 15. The components of the restatement are set out in note 10 on page 24 of
the full announcement. The reduction in revenue amounted to a net R16 million and the reduction to profit after
tax was R7 million. The commentary in this announcement is therefore presented against the restated 2018 results.
All restated figures are indicated with an asterisk (*).
The integrated annual report will be mailed to shareholders on 25 October 2019 and is available on the
group's website: http://www.adaptit.com from 14 October 2019.
Notice is hereby given that the 20th annual general meeting of shareholders of Adapt IT will be held on
Friday, 22 November 2019 at 09:00 at the Company's office situated at No. 152, 14th Road, Midrand, Johannesburg.
The contents of the short-form announcement are the responsibility of the board of directors of Adapt IT.
The information in the short-form announcement is a summary of the full announcement available on the
company's website https://cdn2.hubspot.net/hubfs/1848095/investor/2019 Annual Results Announcement.pdf
on 14 October 2019 and accordingly does not contain full or complete details. The full announcement can also be
accessed online at https://senspdf.jse.co.za/documents/2019/JSE/ISSE/ADI/YE19.pdf
The information in this announcement has been extracted from the Audited Abridged Consolidated
Financial Results, but the short-form announcement itself has not been reviewed or audited by the
Company's auditors.
The Abridged Summarised Consolidated Audited Results for the year ended 30 June 2019 have been
audited by Deloitte & Touche, who expressed an unmodified audit opinion.
Any investment decisions by shareholders/investors should be based on the full announcement as
released by the JSE and published on the Company's website, http://www.adaptit.com. The full announcement is
also available at the Company's registered office (for inspection, at no charge, during office hours on any
business day) and at the offices of the Sponsor, Merchantec Capital, from 14 October 2019 to 21 October 2019,
both days inclusive. Copies of the full announcement may be requested by contacting Statucor (Pty)
Ltd, the Company Secretary, on telephone: +27(0) 12 4330216 or email: Khanyisile@statucor.co.za.
For and on behalf of the board
Craig Chambers Sbu Shabalala
Independent Non-executive Chairman Chief Executive Officer
14 October 2019
Directors
Craig Chambers* (Chairman)
Oliver Fortuin* (Lead Independent Director)
Sbu Shabalala (Chief Executive Officer)
Tiffany Dunsdon (Chief Commercial Officer)
Nombali Mbambo (Chief Financial Officer)
Bongiwe Ntuli*
Catherine Koffman*
Zizipho Nyanga*
* Independent Non-executive Director
Registered office
Adapt IT Johannesburg Campus
152 14th Road
Midrand
Company Secretary
Statucor (Pty) Ltd
22 Wellington Road
Parktown
2193
Transfer Secretary
Computershare Investor Services (Pty) Ltd
PO Box 61051
Marshalltown
2107
Sponsor
Merchantec Capital
13th Floor, Illovo Point
68 Melville Road
Illovo, Sandton
2196
Date: 14/10/2019 07:30:00
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