By TINTSWALO BALOYI
JOHANNESBURG – ADAPT IT, the Johannesburg Stock Exchange-listed provider of specialised software solutions and services,
is on track to reach its 2020 growth target.
The company is aiming for annualised turnover of R3 billion (US$231 million) by that year.
On Monday, Adapt IT reported a turnover increase of 25 percent to R994 million for the year, increasing annuity turnover to a healthy 66 percent.
Adapt IT derives 76 percent of turnover from the South African market and it is not surprising that organic growth contributed 6 percent (2016: 9 percent), as its primary market continued to be under pressure.
Adapt IT Chief Executive Officer, Sbu Shabalala, said they had been consistent in pursuing diversification through an organic and acquisitive growth strategy, which has contributed to the positive set of results in the face of challenging market conditions.
“While the current market conditions are challenging, our outlook remains positive as we continue to pursue a diversified growth strategy aimed at creating a global specialised software business that has annualised turnover of R3 billion by 2020 through a combination of organic revenue
growth and strategic acquisitions.”
– Technoafrica