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Turnover for the six months to December 2015 increased 19% to R310.4 million (2014: R261.3 million), organic growth was 13% and acquisitive growth was 6%. Profit from operations increased 50% to R52.5 million (2014: R35 million), representing an improved operating profit margin of 16.9% (2014: 14.5%). Interim Earnings per Share (EPS) improved by 43% to 23.99 cents per share (cps) from 16.81 cps and Interim Headline EPS (HEPS) improved by 42% to 23.96 cps from 16.82 cps.

Dividend
Ordinary dividend number 13, in respect of the year ended 30 June 2015, of 10.90 cents per share, on a four times dividend cover ratio, was paid to shareholders on 14 September 2015. It is AdaptIT's policy to declare a dividend after financial year end and not at the interim reporting date.

Outlook
Whilst the current market conditions remain challenging, we continue the partnership with our customers to contain costs as well take up any opportunities presented by the current environment to grow our business. The outlook remains positive as we continue to build on the strong, well diversified foundation already established to create a sizeable leading ICT business that delivers above sector average growth and returns.

Acquisition
Adapt IT (Pty) Ltd. acquired 100% of CQS Investment Holdings (Pty) Ltd. (CQS) during the period. This acquisition was subject to the approval of the Competition Commission, which was granted in December 2015. The CQS group was consolidated with effect from 31 December 2015 and there was thus no contribution to profits from CQS in these interim results. The transaction was funded through debt of R160 million and the issue of 7 million Adapt IT shares.

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