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.
Browsing: Sbu Shabalala
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.
The JSE-listed software services group reported a rare slide in profitability for the year ended 30 June 2019 and has deferred a decision on a dividend payment to shareholders to the end of the year.
Listed software group Adapt IT has delayed publication of its annual results to mid-October and warned of a fall in headline earnings per share.
TechCentral’s interview with Brett and Mark Levy, the co-CEOs of Blue Label Telecoms, was by far TechCentral’s most popular podcast in September 2018, according to statistics from platform partner iono.fm.
Adapt IT will continue aggressively to buy back its own “undervalued” shares, CEO Sbu Shabalala said.