AdaptIT reported a 4,3% increase in revenue to R180,9m for the 12 months to June.
The company changed its yearend from February to June. In the 16 months to June last year revenue was R208,4m.
Headline earnings per share rose 21% to 11,4c.
CEO Sbu Shabalala said the company was diversifying earnings and would be looking for new acquisitions, especially in industries where it did not operate.
AdaptIT operates in the sugar, education, mining and manufacturing industries. It is targeting industries such as financial services. "We want niche and profitable software companies. Business intelligence is one of the areas that we are looking at," Mr Shabalala said.
During the year to June, AdaptIT increased its share of education service provider ITS Holdings to 100% by acquiring a 49% non-controlling interest. "ITS has successfully aligned with the group both strategically and from a governance perspective. In addition, ITS outperformed expectations, reporting a 42% increase in profit before tax of R14,7m," he said.
Mr Shabalala said that despite challenging market conditions, AdaptIT showed a resilient financial performance.
AdaptIT's clients in the sugar industry had delayed their technology projects, one of the reasons the company decided to look for offshore opportunities. "The sugar industry was quite depressed," Mr Shabalala said.
Despite the decline in projects from the sugar sector, Mr Shabalala was optimistic about the company's performance for the 2012 financial year.
"We believe the group is well placed to show a marked improvement on its performance in the 2012 financial year. We enjoy the benefits of a strong financial position, a recurring revenue model and low capital expenditure requirements, which position our company for long-term success."
Source: Business Day
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