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    Home » News » Adapt IT expects big leap in earnings

    Adapt IT expects big leap in earnings

    By Staff Reporter28 January 2016
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    Durban-headquartered technology services group Adapt IT expects headline earnings per share (Heps) to rise by as much as 47,4% in the six months ended 31 December 2015, it said in a statement issued on the JSE’s stock exchange news service on Thursday.

    The fast-growing group said Heps would likely rise by between 37,7% and 47,7% to between 23,12c/share and 24,8c/share compared to the same six-month period in 2014.

    It said it expected to publish its interim results on 8 February.

    In terms of the JSE’s listings requirements, companies must publish a trading statement as soon as they become reasonably certain that their financial results will differ by more than 20% from the previous corresponding period.

    At the same time, Adapt IT said it was restating its interim results from the prior period.

    “In accounting for the business combination of AspiviaUnison for the six-month period ended 31 December 2014 and the year ended 30 June 2015, no fair value was placed on intangible assets other than goodwill, as the valuation of these intangible assets … had not been determined,” it said.

    “The valuation of these intangible assets — namely customer relationships and internally generated software — has now been finalised. The 31 December 2014 results and 30 June 2015 results have been restated retrospectively in this regard, to increase the value of intangible assets acquired to R82,6m and to increase the related deferred tax liability to R23,1m, resulting in a decrease in goodwill of R59,5m.”

    Restated Heps for the 31 December 2014 results are 9,5% lower than originally reported, while for the 30 June 2015 results, the decline in Heps is 9,1%.

    Adapt IT was last trading at R12,90/share, up by 0,8% on the session. It has added 37% in the past 12 months.  — (c) 2016 NewsCentral Media



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