Software services group Adapt IT on Monday published full-year financial results to 30 June 2020 that showed remarkable resilience in the face of the Covid-19 pandemic and lockdown.
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Shares in Adapt IT, a software group listed on the JSE, have leapt by 165.5% in the past fortnight, demonstrating there are still ways for investors to profit from the local market, even in a depressed economic environment.
JSE-listed software services company Adapt IT saw a massive jump in its share price on Wednesday after it issued a surprisingly upbeat trading statement.
JSE-listed software services group Adapt IT said on Wednesday that it is not contemplating a rights issue “at this stage” as it moves to reduce its net debt to a more comfortable level.
While big technology shares in the US have continued to hit new highs in 2020 – among them, Microsoft, Apple, Amazon, Google and Nvidia – JSE-listed IT companies have had a torrid start to the new decade.
Adapt IT, pressured by a collapsing share price and a sub-optimal balance sheet, is reviewing its capital structure with a view to reducing its gearing – or the proportion of its debt to equity.
JSE-listed software services group Adapt IT has reported a 35% decline in headline earnings per share despite a 10% increase in revenue for the six months to 31 December 2019.
It’s been a grim start to 2020 for some South African-listed technology companies, which have seen their shares battered on weak earnings updates and negative investor sentiment.