ADAPT IT HOLDINGS LIMITED - Abridged Summarised Consolidated Results for the Year Ended 30 June 2020, Notice of AGM and B-BBEE Report

Abridged Summarised Consolidated Results for the Year Ended 30 June 2020, Notice of AGM and B-BBEE Report

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 2020, 
NOTICE OF ANNUAL GENERAL MEETING AND AVAILABILITY OF B-BBEE ANNUAL COMPLIANCE REPORT

FINANCIAL HIGHLIGHTS 

- Revenue increased by 3% to R1,483 billion (2019: R1,438 billion), comprising muted organic growth 
  of -2% and growth from acquisitions of 5% 
- Annuity revenue remains healthy and an improvement on the previous reporting period to 62% (2019: 61%) 
- Sector and geographic diversification have served the group well as some divisions have 
  outperformed while others have been hard hit in the circumstances 
- Adapt IT adopted the new IFRS 16 Leases standard, effective 1 July 2019, for the group during the 
  current reporting period. The impact of the adoption of IFRS 16 is set out in note 3.1 on page 9 of 
  the full announcement. For comparative purposes, the financial review has been presented, and 
  commentary provided, on a basis excluding IFRS 16 - representing a like for like operational performance 
- Earnings before interest, tax, depreciation and amortisation (EBITDA) improved by 9% to R250 
  million (2019: R230 million*). EBITDA margin was 17% (2019: 16%*) 
- Four of the six divisions grew EBITDA, however the Hospitality and Manufacturing divisions, where 
  trading conditions were negatively impacted by Covid-19, delivered negative year on year growth 
- The tough trading conditions in South Africa were a catalyst for Adapt IT to drive operational 
  improvements through significant cost containment measures in segments most impacted by Covid-19. 
  Most operational efficiency projects have been completed, which will result in cost savings in 
  future financial periods. The business cost structures where the market landscape has changed have 
  been right sized for the current market 
- Cash generated from operations was R227 million representing a cash conversion ratio of 1,28 times 
- Earnings per share (EPS) increased by 13% to 57,16 cents (2019: 50,42 cents*) 
- Headline earnings per share (HEPS) increased by 29% to 72,58 cents (2019: 56,36 cents*) 
- Normalised HEPS increased by 7% to 82,73 cents (2019: 77,33 cents*) 
- The board has prioritised the reduction of borrowings and has remained prudent in preserving cash 
  during these unprecedented times, resulting in the payment of dividends being suspended 

* Prior year figures have been restated mainly for measurement period adjustments 

All restated figures are indicated with an asterisk (*). 

The integrated annual report will be mailed to shareholders on 30 October 2020 and is available on 
the group's website: http://www.adaptit.com from 26 October 2020. 

Notice is hereby given that the 21st annual general meeting of shareholders of Adapt IT will be held 
at 09:00 on Friday, 27 November 2020. This meeting will be conducted entirely by electronic 
communication as contemplated in section 63(2)(a) of the Companies Act, 2008 (Act 71 of 2008), as amended.

Shareholders are advised that Adapt IT's annual compliance report in terms of Section 13G(2) of the 
Broad-Based Black Economic Empowerment Amendment Act No. 46 of 2013, is available on the Company's website, 
https://www.adaptit.com. 

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://www.adaptit.com/hubfs/investor/2020 annual results announcement.pdf 
on 26 October 2020 and accordingly does not contain full or complete details. The full 
announcement can also be accessed online at https://senspdf.jse.co.za/documents/2020/jse/isse/adi/ye20.pdf 

The information in this announcement has been extracted from the Abridged Summarised 
Consolidated Audited Financial 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 2020 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. 

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 
26 October 2020 to 2 November 2020, 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: Lydia@statucor.co.za. 

For and on behalf of the board 

Craig Chambers                                     Sbu Shabalala 
Independent non-executive Chairman                 Chief Executive Officer 

26 October 2020 

Directors 
Craig Chambers* (Chairman) 
Oliver Fortuin* (Lead Independent Director) 
Sbu Shabalala (Chief Executive Officer) 
Tiffany Dunsdon (Chief Commercial Officer) 
Nombali Mbambo (Chief Financial 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: 26-10-2020 07:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.