Wrap Text
Abridged Summarised Consolidated Results for the year ended 30 June 2021
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 2021
FINANCIAL HIGHLIGHTS
- Revenue increased by 1% to R1,503 billion (2020: R1,483 billion) and annuity revenue remains
healthy at 66% (2020: 62%)
- Revenue growth has been impacted by the continued Covid-19 pandemic, related regulations and
lockdown restrictions. While most Adapt IT divisions did not experience major business disruptions
during lockdown, some were more affected than others, with project delays and the inability of
personnel to be onsite negatively affecting revenue in these divisions
- Earnings before interest, tax, depreciation and amortisation ("EBITDA") before corporate activity
costs and bonus provision increased by 4% to R309 million, representing an improved operational
performance on a comparable basis to the previous reporting period (2020: R297 million) and an
improved EBITDA margin of 21% (2020: 20%) on the same basis
- EBITDA, after corporate activity costs and bonus provision, was R267 million, representing an
EBITDA margin of 18% (2020: 20%)
- The restructuring of certain divisions in the prior period through operational efficiency projects,
which were precipitated by permanent changes to the market, has delivered increased profitability
off lower revenue bases. The divisions are all now stable and poised for growth
- Cash generated from operations was R382 million (2020: R274 million), representing a cash
conversion ratio of 2,25 times
- Net gearing was reduced to 17% from 45% at the prior period end
- Earnings per share ("EPS") decreased by 2% to 50,34 cents (2020: 51,47 cents)
- Headline earnings per share ("HEPS") decreased by 16% to 56,21 cents (2020: 66,88 cents)
- Normalised HEPS increased by 6% to 81,61 cents (2020: 77,03 cents)
- The board has prioritised the reduction of borrowings and has remained prudent in preserving cash
during these unprecedented times. Furthermore, the corporate activity in progress with the Volaris
Group precludes a dividend, or would be adjusted for distributions and dividends, thus no dividend
has been declared
The integrated annual report will be mailed to shareholders on 8 October 2021 and is available on the
group's website: http://www.adaptit.com from 28 September 2021.
The company is seeking dispensation from the JSE Limited and the Companies Tribunal for the annual
general meeting (AGM) to be held in quarter one of 2022. Shareholders will be notified of the AGM date
in due course.
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 only a summary of the full announcement
available on the company's website
https://www.adaptit.com/hubfs/investor/2021%20ABRIDGED%20SUMMARISED%20CONSOLIDATED%20AUDITED%20RESULTS.pdf
and released on SENS on 28 September 2021 ("Full Announcement") and accordingly does not contain full or
complete details. The Full Announcement can also be accessed online at
https://senspdf.jse.co.za/documents/2021/jse/isse/adi/ye21.pdf
The information in this announcement has been extracted from the Abridged Summarised Consolidated
Audited Results, and 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 2021 are
extracted from audited information, but is not itself audited. The annual financial statements were
audited by KPMG Inc., who expressed an unmodified opinion thereon. The consolidated financial
statements including the unmodified audit opinion which details the key audit matters of the
external auditor, KPMG Inc. is available at
https://www.adaptit.com/hubfs/investor/Adapt%20IT%202021%20Integrated%20Annual%20Report.pdf
Any investment decisions by shareholders/investors should be based on the Full Announcement as
released on SENS 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 28 September 2021 to
5 October 2021, both days inclusive. Copies of the full announcement may be requested by contacting
Statucor Proprietary Limited, the Company Secretary, on telephone: +27(0) 12 4330216 or email:
celesteS@statucor.co.za.
For and on behalf of the board
Craig Chambers Tiffany Dunsdon
Independent non-executive Chairman Chief Executive Officer
Johannesburg
28 September 2021
Directors
Craig Chambers* (Chairman)
Oliver Fortuin* (Lead Independent Director)
Tiffany Dunsdon (Chief Executive Officer)
Nombali Mbambo (Chief Financial Officer)
Tony Vicente (Chief Operating Officer)
Catherine Koffman*
Zizipho Nyanga*
*Independent non-executive director
Registered office
Adapt IT Johannesburg Campus
152 14th Road
Midrand
Company Secretary
Statucor (Pty) Ltd
Wanderers Office Park
52 Corlett Drive
Illovo
Sandton
2196
Transfer Secretary
Computershare Investor Services (Pty) Ltd
Private Bag X9000
Saxonwold
2132
Sponsor
Merchantec Capital
13th Floor, Illovo Point
68 Melville Road
Illovo, Sandton
2196
Date: 28-09-2021 07:30:00
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