AdEPT Telecom plc, formerly AdEPT Telecom, is a United Kingdom-based company providing voice and data telecommunications services to both domestic and business customers. The Company provides fixed line calls, line rental, mobile and data connectivity products to thousands of business and residential customers across the United Kingdom. The Company offers a range of business telecom products for all sizes of business. AdEPT's Inbound Call Handling services offer a way to manage inbound calls, with online access enabling customers to implement changes instantly. AdEPT broadband products offer unlimited downloads and Internet speeds of up to 16 megabits, 50 megabits of Webspace. As at March 2010, AdEPT has completed the acquisition and integration of 16 telecom businesses, all of which have been integrated and trade under the AdEPT Telecom brand

http://www.adept-telecom.co.uk/data-connections/data-quote-tool

Award of Framework Agreement
RNS
RNS Number : 2420V
AdEPT Telecom plc
06 August 2015





AdEPT Telecom Plc

("AdEPT" or the "Company")

AdEPT Telecom awarded Network Services framework agreement



AdEPT Telecom plc is pleased to announce that it has been awarded a Network Services framework agreement by the Crown Commercial Service, the procurement arm of central government. The agreement covers Data Access services, Traditional Telephony services, IP Telephony services and Integrated Communications. The agreement is initially for 2 years with the option to extend for a further 2 years.

Ian Fishwick, Chief Executive said: "In May 2015 we announced that the acquisition of Centrix had given us an increased range of products and skills, in particular in IP Telephony and Unified Communications. Whilst winning a Crown Commercial Services Network Services framework agreement is no guarantee that we will win future Public Sector contracts, the important point is that we are now formally approved to be able to offer these services to Public Sector bodies across the UK. Our plans to offer a wider range of products to the Public Sector are proceeding well."

adept-telecom-ceo-eyes-more-public-sector-contracts.

Half Yearly Report
RNS
RNS Number : 0278F
AdEPT Telecom plc
10 November 2015



AdEPT Telecom plc



("AdEPT" or the "Company")



Interim results for the 6 months ended 30 September 2015



AdEPT, one of the UK's leading independent communications integrator and managed service providers, announces its results for the 6 months ended 30 September 2015.



Highlights



· Total revenue increased by 22.8% to £13.9 million (2014: £11.3 million)

· EBITDA increased by 24.8% to £2.9 million (2014: £2.4 million)

· EBITDA margin increased to 21.1% (2014: 20.8%)

· Adjusted profit before tax increased by 19.7% to £2.6 million (2014: £2.2 million)

· Adjusted EPS increased by 23.1% to 10.32p (2014: 8.38p)



· Interim dividend increased by 33.3% to 3.00p per share (2014: 2.25p)



· Operating cash flow before tax of £2.5 million (2014: £2.3 million)



· New £15 million Revolving Credit Facility with Barclays completed in April 2015

· Acquisition of Centrix Limited completed on 1 May 2015

· Net debt, after £7.2 million acquisition payments, of £7.6 million (2014: £3.2 million)



· Managed services revenue increased by 88.7% to £5.7 million (2014: £3.0 million)



Business review

Total revenue increased by 22.8% to £13.9 million with the increase being a reflection of the 5 month revenue contribution from Centrix Limited ("Centrix") following the completion of the acquisition on 1 May 2015. Centrix is a UK based specialist provider of complex unified communications, Avaya IP telephony, hosted IP solutions and managed services. With over 300 Avaya solutions in the UK and across the world Centrix has one of the largest customer bases backed by specialist knowledge of the Avaya Aura solution in particular, which has extended the Group's ability to provide a complete unified communications solution.



AdEPT has had continued success in the public sector and healthcare space during the period winning a number of new contracts with councils and other public sector bodies. Over the last 24 months AdEPT has been successful in gaining new contracts with public sector and healthcare organisations as a result of its various framework agreements. This has seen an increase to 28 councils from 18 in the comparative period. The acquisition of Centrix provided a complementary customer focus both in terms of size and sector. The continued targeting of larger contracts has seen the Premier Customer division now accounting for just over 70% of total revenue at 30 September 2015 (2014: 55%). The public and healthcare sector customer base has been extended and now accounts for 24.3% of total revenue at 30 September 2015 (2014: 13.3%).



In July 2015 AdEPT was awarded approved supplier status under the RM1045 Network Services Framework by the Crown Commercial Service and AdEPT has already been successful in winning new public sector customers under this framework by utilising its extended product portfolio acquired with Centrix. The Company holds additional framework agreements, including the Ja.Net framework agreement under which AdEPT is one of only a small number of companies approved to sell data connectivity and networks to UK universities and colleges, the Eastern Shires Purchasing Organisation sole supplier Telecom Framework to local government and charities for calls, lines, broadband, super-fast broadband (fibre), data connectivity and SIP trunks, and the G-Cloud 6 RM1557vi framework with Crown Commercial Service. Approved supplier status under these framework agreements gives the Company authority to provide services to both local and central government bodies.



In September 2015 Centrix was recognised by being awarded Avaya Partner in Customer Excellence based on independent customer feedback. Subsequently, in October 2015 Centrix was awarded Avaya Certified Gold Partner status, recognising the ability of the Company to deliver leading-edge and world-class communications solutions and support.



AdEPT continues to successfully make the transition from a traditional fixed line service provider to a complete communications integrator offering best of breed products from all major UK networks. Revenue from managed services, including data connectivity, hardware and cloud-based contact centre solutions, increased by 88.7% now accounting for 41.2% of total revenue for the six months ended 30 September 2015 (September 2014: 26.8%). The demand for faster data connectivity speeds continues, and this is being met through a wider data connectivity service offering, including up to 10Gb Optical Spectrum Services (OSA) data connectivity being provided to customers solutions under the Ja.Net framework for universities and colleges.



Financing and cash flow

Cash generated from operating activities before tax increased by 10.3% to £2.5 million (September 2014: £2.3 million), which equates to 99.2% reported EBITDA conversion (after £0.39m one-off acquisition fees). £0.6 million corporation tax instalments were paid during the period ended 30 September 2015 compared to £nil in the comparative period, due to a combination of share option relief and the timing of the instalment payments in the prior period.

Dividends paid in the period absorbed £0.5 million of funds (September 2014: £0.3 million), which is a reflection of the progressive dividend policy of the Company. The Company operates a capex-light model but after 12 years of operation, to ensure that the billing system remains fully supported, £0.2 million has been spent on essential upgrades during the period ended 30 September 2015.



£7.0 million of available funds (net of cash acquired) was used to fund the initial cash consideration for the acquisition of the entire issued share capital of Centrix on 1 May 2015. The interim results for the current period include a 5 month contribution from Centrix, further details of which are included in Note 6. £0.2 million was used to fund the deferred consideration in relation to the acquisition of the entire issued share capital of Bluecherry Telecom Limited on 1 April 2014.



Net debt and bank facilities

A new £15 million Revolving Credit Facility was agreed with Barclays Bank plc on 22 April 2015, part of which was used to fund the initial cash consideration for the acquisition of Centrix. The flexible structure of the new agreement has resulted in a facility which is larger, cheaper and of longer duration than the previous arrangement. The remaining debt facility will be used by the Company to fund the strategic acquisition of earnings-enhancing businesses within the fragmented telecoms and managed services market.

Net borrowings have been increased to £7.6 million at 30 September 2015 largely as a result of £7.2 million acquisition payments. Increased net borrowings following the acquisition resulted in increased gearing to 61% (September 2014: 29%). Net Debt:EBITDA (annualised) ratio remains low at 1.3x at 30 September 2015.



Profit before and after tax

Adjusted profit before tax (adding back non-cash amortisation and one-off acquisition related fees) increased by 19.7% to £2.6 million (September 2014: £2.2 million) arising entirely from the improved underlying operating profit. Reported profit before tax increased by 4.1% to £1.2 million (2014: £1.1 million) and reported profit after tax increased by 8.1% to £0.8 million (2014: £0.8 million).



Earnings per share

Adjusted (basic) earnings per share has increased 23.1% to 10.32p for the six months ended 30 September 2015 (September 2014: 8.38p) as a result of the £0.45 million increase to underlying EBITDA.



Dividends

The Directors have declared an interim dividend of 3.00p per Ordinary Share in respect of the period ended 30 September 2015, an increase of 33.3% over the interim dividend for the comparative period (September 2014: 2.25p). This will absorb approximately £0.67 million of shareholders' funds (September 2014: £0.50 million). It is proposed by the Directors that this dividend will be paid on 8 April 2016 to shareholders who are on the register of members on the record date of 18 March 2016. Subject to the audited results for the year ending 31 March 2016, it is the intention of the Board to propose a final dividend with the March 2016 final results.



Strong free cash flow generation has continued since the end of the period, and there continues to be considerable scope for the Board to continue its progressive future dividend policy.



Director change

The Company announces that after more than 10 years with AdEPT its Sales Director, Joe Murphy, has decided to pursue other opportunities. Joe was instrumental in the development of the partner sales channel for the Company, and the Board would like to take this opportunity to thank Joe for his valuable contribution to AdEPT. Joe will leave the Company with effect from 20 November 2015 with our best wishes for the future.



Outlook

This has been an excellent 6 months with improved results in all key areas and an extremely positive contribution from the Centrix acquisition. We continue to be highly cash generative with adequate debt facilities in place to enable to Board to continue to identify earnings-enhancing acquisitions whilst retaining scope for a progressive dividend policy.



Roger Wilson

Chairman

10 November 2015

10 Nov Northland... 285.00 Buy

wh-ireland-ups-forecasts-on-adept-telecom-after-strong-half-year-result

Comms Dealer.

Adept Telecom achieves fastest rising telecom share price on LSE

5 January, 2016 - 09:26


Adept Telecom's strong performance last year drove the fastest rising telecom share price on the London Stock Exchange in 2015 at +101.75%, followed by Gamma with +84.47% and KCom at +35.83% (source: Bloomberg 1st January 2016).

"We'd like to say a huge thank you to our investors for their support and also to everyone who has worked for us, or with us, to achieve the results that have underpinned this share price performance," said Adept's CEO Ian Fishwick.

Manx Telecom was ranked fourth with +26.56%, followed by BT at +20.23% and Maintel with +16.67%.

"All other telecom companies on the London Stock Exchange fell in value over the year," added Fishwick.

Trading Update

RNS


RNS Number : 1117U

AdEPT Telecom plc

05 April 2016




AdEPT Telecom PLC

("AdEPT" or the "Company")



Trading Update

AdEPT Telecom plc, one of the UK's leading independent providers of voice, data and unified telecommunications solutions, today announces a trading update for the year ended 31 March 2016 (ahead of its final results which are expected to be announced in early July 2016).

· Net borrowings of £6.2m were £0.8m lower than consensus market expectations

· Underlying EBITDA increase of around 33% will be ahead of market expectation of a 30% rise year-on-year

· Board recommendation of an increased final dividend of 3.50p (2015: final 2.50p)

· Total dividends for the year of 6.50p represents an increase of 37% over the prior period

Trading performance

The Company is pleased to announce that it anticipates that underlying EBITDA of around £6.15m will be around 33% ahead of the previous year (ahead of the market consensus expectation of a 30% rise year-on-year). Turnover is expected to be approximately 30% ahead of the previous year and above market consensus expectation.

Cash flow and net debt

Net borrowings reduction was £0.8m better than market expectations being reduced to £6.2m as at 31 March 2016. AdEPT continues to generate consistently strong free cash flow. This improved performance in debt reduction is after payment of (i) £7.0m initial consideration for the acquisition of Centrix Limited, (ii) £0.2m deferred consideration for the acquisition of Bluecherry Telecom Limited and (iii) a £0.4m increase in dividends paid in the year.

Dividends

AdEPT announced an interim dividend of 3.00p per share in its September 2015 interim statement, which will be paid to shareholders on 8 April 2016. The Board today announces that as a result of strong free cash flow and trading results it recommends an increased final dividend of 3.50p (2014: 2.50p) per Ordinary Share which, subject to Shareholder approval at the Annual General Meeting later in the year, will be paid in October 2016. Total dividends for the year ended 31 March 2016 of 6.50p per Ordinary Share represent a 37 % increase year-on-year (2015: 4.75p).

5 Apr Northland... 300.00

Acquisition

RNS


RNS Number : 7087X

AdEPT Telecom plc

10 May 2016




AdEPT Telecom plc

("AdEPT" or the "Company")



Acquisition of Comms Group UK Limited



The Board of AdEPT, one of the UK's leading independent providers of unified telecommunications solutions, today announces it has signed an agreement with effect from 1 May 2016 to acquire the entire issued share capital of Comms Group UK Limited ("Comms Group"), a well-established UK based specialist provider of unified communications, Avaya IP telephony, hosted IP solutions, IT and managed services.



Acquisition highlights:

· Initial consideration of £3.5m plus the surplus cash balance of Comms Group at completion

· Expected to be immediately earnings enhancing

· Long term relationships with SME customers

· Highly complementary product set

· Asset-light strategy

· Highly experienced senior management team to remain with Comms Group



Strategic rationale

Comms Group offers its clients the delivery of unified communications and managed service solutions specialising in the Avaya IP Office product, which is highly complementary to the existing specialism of AdEPT's Fleet office in the Avaya Aura product. The addition of a skilled team of Avaya IP Office experts, together with an experienced IT Installation and Support team, extends AdEPT's capability and enables it to address the whole market from small through to very large enterprise customers.



AdEPT and Comms Group have each adopted capital asset-light strategies and are dedicated to offering a full suite of flexible data and unified communication solutions.



Information on Comms Group

Comms Group was established in June 2008 by Matt Tarry and Paul Simmons. The company employs 25 people at its Northampton offices and is accredited by Avaya, Cisco and Gamma, supporting customers across the UK. Clients range from major, well known organisations to regional and local businesses, service organisations, entrepreneurs and online businesses in the public and private sectors.



Comms Group offers particular expertise in the provision, support and maintenance of Avaya IP Office product. Comms Group is recognised as a Partner in Customer Excellence by Avaya, its engineering team having achieved SME Expert status together with outstanding independent Customer Satisfaction survey results. In addition, Comms Group is a market leading provider of new and refurbished telecom hardware, providing a supply channel for customers to purchase new and high quality pre-owned equipment at an attractive price point backed up by a comprehensive warranty. At its Northampton offices, Comms Group holds stock from leading manufacturers including Avaya, Mitel, Cisco, Plantronics and Polycom which is used to fulfill direct and online sales orders.



Comms Group has an experienced team of IT professionals which are accredited with Microsoft, Cisco, GFI and Fujitsu in relation to IT services. It provides installation, maintenance and support for customer of all sizes, from a single PC to a virtual cluster, offering pro-active services which allow remote monitoring of customers IT equipment and remotely managed anti-virus software and mail services.



Comms Group will retain its current presence and customer service operation in Northampton. The vendors of Comms Group are to be retained in their current roles within the business for a period of at least 12 months post-completion.



The last filed accounts of Comms Group for the year ended 31 March 2015 reported revenue, operating profit and profit before tax of £3.3 million, £0.5 million and £0.4m respectively. Capital expenditure in the year ended 31 March 2015 was insignificant. Net and gross assets at that date were £1.2 million and £1.8 million respectively.



The trading performance of Comms Group for the year ended 31 March 2016 was ahead of the historic results with the unaudited management accounts of Comms Group showing revenue and operating profit of approximately £3.7 million and £0.8 million respectively.



Consideration

Initial consideration of £3.5 million plus the surplus cash balance of Comms Group at completion is payable in cash. Further consideration of up to a maximum of £3.5 million in cash is payable dependent upon the trading performance of Comms Group post-completion. The total consideration will be funded out of AdEPT's existing bank facilities provided by Barclays.



Ian Fishwick, Chief Executive of AdEPT, commented:

"We are delighted to have acquired such a high quality and profitable business with a strong committed management team. Comms Group is an excellent fit because, like AdEPT, it is asset-light, complements and builds upon AdEPT's existing expertise and skills, particularly within the Avaya product set, and further extends its offering in the unified communications space through the addition of IT services. Following the acquisition, AdEPT is now in a position to provide a complete unified communications offering which can address the whole of the market, from small customers right through to very large enterprise clients. Comms Group has a well-developed customer base with long term relationships across a range of customers. The acquisition is expected to be earnings enhancing from completion."

09:40 10/05/2016
Broker Forecast - Northland Capital issues a broker note on AdEPT Telecom PLC

Northland Capital today reaffirms its buy investment rating on AdEPT Telecom PLC (LON:ADT) and raised its price target to 310p (from 300p). Story provided by StockMarketWire.com

Final Results

RNS


RNS Number : 2128D

AdEPT Telecom plc

05 July 2016




AdEPT Telecom plc

("AdEPT", the "Company" or together with its subsidiaries the "Group")

Final results for the year ended 31 March 2016

AdEPT (AIM: ADT), a leading UK independent provider of award-winning telecommunications services for business-to-business communications, announces its results for the year ended 31 March 2016.

Financial highlights

· 13th consecutive year of increased underlying EBITDA up 34.0% to £6.15m (2015: £4.59m)

· Revenue increased by 30.8% to £28.9m (2015: £22.1m)

· Underlying EBITDA margin % increased by 0.5% to 21.3% (2015: 20.8%)

· 28.7% increase to profit before tax to £2.8m (2015: £2.1m)

· 28.0% increase to profit after tax to £2.0m (2015: £1.5m)

· 27.2% increase to basic earnings per share of 8.78p (2015: 6.90p)

· 24.2% increase to adjusted earnings per share of 19.57p (2015: 15.76p)

· 36.8% increase to dividends declared to 6.50p (Interim 3.00p, Final 3.50p) (2015: 4.75p)

· Year-end net debt* of £6.0m (2015: £1.5m)

Operational highlights

· Managed services accounted for 44.3% of total revenue (2015: 27.4%)

· Acquisition of entire issued share capital of Centrix Limited completed in May 2015

· Acquisition of entire issued share capital of Comms Group UK Limited completed in May 2016



* Net debt is defined as cash and cash equivalents less short-term and long-term borrowings



Commenting upon these results Chairman Roger Wilson said:

"AdEPT has delivered its 13th consecutive year of increased underlying EBITDA through a combination of strategic acquisition and organic contract wins and the Group continues to deliver consistently high levels of free cash flow generation. The continued strong cash generation has funded a 37% increase to dividends declared during the year and the Board is confident that continued focus on underlying profitability and cash generation will support a progressive dividend policy.

Organically the Company has strengthened its position during the year through successfully gaining approved status on further public sector frameworks, which have been leveraged to increase the scale of its public and healthcare sector customer base. The new larger debt facility put in place in April 2015 was partially used by the Company to complete the acquisition of Centrix Limited in May 2015, which has been complemented by a further acquisition of another unified communications provider, Comms Group UK Limited post year end in May 2016. The Company has continued its transition towards a complete managed service provider, with revenue from managed services accounting for more than 44% of the total in the year ended 31 March 2016."



This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014

Director/PDMR Shareholding

RNS


RNS Number : 8755E

AdEPT Telecom plc

21 July 2016




AdEPT Telecom plc

("AdEPT" or the "Company")



Director/PDMR shareholding



AdEPT (AIM: ADT), one of the UK's leading independent communications integrators and managed service providers, today announces that Richard Burbage, Unified Communications Director, has purchased 125,000 shares at 240p per share.



Following the purchase, Richard Burbage is now interested in 125,000 ordinary shares (representing 0.56 per cent. of the issued ordinary share capital).

Half Yearly Report
RNS
RNS Number : 1261P
AdEPT Telecom plc
15 November 2016
 
AdEPT Telecom plc
 
("AdEPT" or the "Company")
 
Interim results for the 6 months ended 30 September 2016
 
AdEPT, one of the UK's leading independent communications integrator and managed service providers, announces its unaudited results for the 6 months ended 30 September 2016.
 
Highlights
Revenue and EBITDA
·      Total revenue increased by 19% to £16.5 million (2015: £13.9 million)
·      EBITDA increased by 20% to £3.5 million (2015: £2.9 million)
·      EBITDA margin increased to 21.4% (2015: 21.1%)
 
·      Managed service revenue accounted for 53% of total revenue (2015: 41%)
·      Managed services revenue increased by 53% to £8.8 million (2015: £5.7 million)
 
EPS and Dividends
·      Adjusted EPS increased by 12% to 11.1p (2015: 9.9p)
·      Interim dividend increased by 25% to 3.75p per share (2015: 3.00p)
 
Cash Flow and Debt
·      Operating cash flow before tax of £3.2 million (2015: £2.5 million)
·      Reported EBITDA to pre-tax cash from operating activities 98.9% (2015: 89.8%)
·      Net debt of £10.8 million (2015: £7.6 million), after £6.6 million acquisition payments
 
Acquisitions
·      Acquisition of Comms Group UK Limited completed in May 2016
·      Comms Groups UK Limited 5 month revenue contribution equating to 12% of revenue increase
·      Acquisition of CAT Communications Limited completed post period end in November 2016
 
Business review
Total revenue increased by 19% to £16.5 million with the increase being a reflection of the 5 month revenue contribution from Comms Group UK Limited ("Comms") following the completion of the acquisition in May 2016.  Comms is a UK based specialist provider of unified communications, Avaya IP telephony, hosted IP solutions, IT and managed services, which is an increasing requisite for AdEPT's existing and targeted enterprise and public sector customer base. Comm's technical skills and product set complement and enhance AdEPT's existing services, particularly in the Fleet office.  Comms is an Avaya specialist and the acquisition has enabled AdEPT to offer a complete suite of unified communications products and services to customers of all sizes, from small retail through to large enterprise customers.  Comms contributed 12% of the revenue increase in the interim period, which is in line with the expectation set at the date of acquisition.
 
AdEPT has had continued success in the public sector and healthcare space during the period, winning a number of new contracts with councils and other public sector bodies.  Over the last 36 months, AdEPT has been successful in gaining new contracts with public sector and healthcare organisations as a result of its various framework agreements. This has seen an increase in contracts with 40 councils at the end of the interim period from 28 as at 30 September 2015. The acquisition of Centrix provided a complementary customer focus both in terms of size and sector.  The Comms customer base was primarily small enterprise customers; however the continued targeting of larger contracts at Fleet and Tunbridge Wells has maintained the Premier Customer division (customers spending more than £5,000 per annum) proportion across the Group.  The Premier Customer division accounted for 72% of total recurring revenue at 30 September 2016 which is in line with the prior period (September 2015: 70%).  The contract success through AdEPT's frameworks resulted in the public and healthcare sector customer base being extended and accounted for 29% of total revenue at 30 September 2016 (September 2015: 24%).
 
AdEPT continues to transition successfully from a traditional fixed line service provider to a complete communications integrator offering best of breed products from all major UK networks.  Revenue from managed services, including data connectivity, hardware and cloud-based contact centre solutions, increased by 53% to £8.8 million and accounted for 53% of total revenue for the six months ended 30 September 2016 (September 2015: 41%).
 
Financing and cash flow
Cash generated from operating activities before tax increased by 39.5% to £3.2 million (September 2015: £2.3 million), which equates to a 98.9% reported EBITDA conversion (after £0.3 million acquisition fees).  This increase is driven by the improved profit before tax whilst maintaining working capital terms and therefore driving high cash flow conversion.
 
Dividends paid in the period absorbed £0.7 million of funds (September 2015: £0.5 million), which is a reflection of the progressive dividend policy of the Board. The Company operates a capex-light model and therefore capital expenditure was low at 0.6% of revenue.
 
£3.6 million of available funds (net of cash acquired) was used to fund the initial cash consideration for the acquisition of the entire issued share capital of Comms on 1 May 2016.  The interim results for the current period include a 5 month contribution from Comms, further details of which are included in Note 6.  Deferred consideration of £3.0 million in respect of the Centrix acquisition (in May 2015) was paid during the period, with no further amounts due.
 
Net borrowings have increased to £10.8 million at 30 September 2016, largely as a result of the £6.5 million acquisition payments.  Net Debt:EBITDA (annualised) ratio remained low at 1.5x at 30 September 2016.
 
Post-balance sheet events
On 1 November 2016 the Company acquired the entire issued share capital of CAT Communications Limited and Progressive Communications Limited (together referred to as 'CAT') for an initial consideration of £1.05m less the net debt of CAT at completion (approximately £0.07m), payable in cash. Further contingent consideration of between £0.2m and £0.95m will be payable, also in cash, dependent upon the performance of CAT post-acquisition.
 
CAT, based in Pewsey, Wiltshire, is a well-established UK-based specialist provider of unified communications, Avaya IP telephony, hosted IP solutions and managed services. CAT offers the delivery of complex unified communications, managed service solutions and specialist inbound call centre management to its customer base across the UK, and further supporting customers with global deployment planning and solutionsin Europe. The support function of the CAT customer base is to be transferred and integrated into AdEPT's existing site in Fleet. CAT has a high level of recurring revenue and offers a well-developed customer base with which it enjoys long term relationships.  The Board believes that the CAT technical skills and product set, particularly in relation to Avaya Aura, will complement and enhance AdEPT's existing services already being provided from the Fleet office.  The acquisition is expected to be earnings accretive from completion.
 
The last filed accounts of CAT for the year ended 31 March 2015 reported turnover, operating profit and profit before tax of £1.3m, £0.3m and £0.3m respectively. Capital expenditure in the year ended 31 March 2015 was insignificant. Net and gross assets at that date were £0.2m and £0.7m respectively. Acquisition related costs of approximately £0.1m will be recognised as an expense in the statement of comprehensive income for the year ending 31 March 2017.
 
Profit before and after tax and earnings per share
Reported profit before tax increased by 26% to £1.5 million (2015: £1.2 million) and reported profit after tax increased by 23% to £1.0 million (2015: £0.8 million).  Both of these increases are a reflection of the improved operating profit over the prior period, less the movement in interest charges and tax liability respectively.
 
Adjusted (basic) earnings per share has increased 12% to 11.1p for the six months ended 30 September 2016 (September 2015: 9.9p) as a result of the £0.6 million increase to underlying EBITDA, less the additional tax liability.
 
Dividends
The Directors have declared an interim dividend of 3.75p per Ordinary Share in respect of the period ended 30 September 2016, an increase of 25% over the interim dividend for the comparative period (September 2015: 3.00p).  This will absorb approximately £0.8 million of shareholders' funds (September 2015: £0.5 million).  It is proposed by the Directors that this dividend will be paid on 7 April 2017 to shareholders who are on the register of members on the record date of 17 March 2017.  Subject to the audited results for the year ending 31 March 2017, it is the intention of the Board to propose a final dividend with the March 2017 final results.
 
Dividend cover for the interim period was 3.0x (September 2015: 3.3x).  Strong free cash flow generation has continued since the end of the period, and there continues to be considerable scope for the Board to continue its progressive dividend policy.
 
Outlook
This has been another excellent 6 months with completion of an earnings enhancing acquisition during the period. Improved results in all key areas have been achieved from the underlying business combined with a positive contribution from the Comms acquisition completed in the period.  Since the end of the interim period, the completion of the CAT Communications acquisition is expected to be earnings accretive from the date of completion and complements the existing skill set of the Fleet office to support enterprise customers.  We continue to be highly cash generative with adequate debt facilities in place to enable the Board to continue to identify earnings-enhancing acquisitions whilst retaining scope for a progressive dividend policy.
 
Roger Wilson
Chairman
14 November 2016

15 Nov
Northland...
310.00
Buy

New �30 million Banking Facility and Acquisition

RNS


RNS Number : 9284V

AdEPT Telecom plc

03 February 2017




AdEPT Telecom Plc



("AdEPT" or the "Company")

New £30m Banking Facility and Acquisition

NEW BANK FACILITY



· New £30 million 5 year debt facility

· Facility structure with increased flexibility

· Increased capacity to support acquisition growth strategy



AdEPT Telecom, one of the UK's leading independent providers of unified communications solutions, today announces that it has signed a £30 million 5 year revolving credit facility agreement.



The new larger facility is to be provided by Barclays Bank Plc ("Barclays") and The Royal Bank of Scotland Plc ("RBS) on an equal basis and will be used by the Company to fund the strategic acquisition of businesses to leverage benefits from increased scale and a wider product set.



Following the successful execution of the Company's acquisition strategy the Company had outgrown the previous £15 million revolving credit facility, provided by Barclays, relative to the profitability of the Company. The new syndicated debt facility provides increased scale and has a more flexible structure when compared to the Company's previous debt facility agreement.



Roger Wilson, Chairman of AdEPT, commented:

"We are delighted to have obtained the support of the team at RBS to work alongside our existing debt provider, Barclays, and provide a larger syndicated debt facility. This new bank facility provides the Company with a larger and more flexible structure to enable the Company continue with its strategy of acquiring earnings enhancing businesses for future growth."



ACQUISITION OF OUR IT DEPARTMENT LIMITED

The Board of AdEPT also announces that it has signed an agreement with effect from 1 February 2017 to acquire the entire issued share capital of Our IT Department Limited ("OurIT") and its trading subsidiary called Brightvisions Limited ("Brightvisions"), (together referred to as "OurIT Group") both well-established UK based specialist providers of IT Services.



Acquisition highlights

· Initial consideration of £4.75m less the net debt plus working capital of OurIT Group at 31 January 2017

· Expected to be earnings enhancing from completion

· AdEPT group revenue run rate anticipated to increase by approximately 15%

· Long term relationships with medium to large enterprise customers

· Highly complementary product set for telecommunication and IT convergence

· Well-matched customer base with London and South-East focus

· Asset-light strategy

· Highly experienced senior management team to remain with OurIT



Strategic rationale

OurIT Group offers its clients the delivery of outsourced IT services and managed service solutions. The convergence of telecommunications and IT is an increasing requirement for AdEPT's existing and targeted enterprise and public sector customer base. The highly skilled team and product set at OurIT Group will complement and enhance AdEPT's existing services, allowing AdEPT to provide a full managed service to customers, incorporating unified communications and IT.



AdEPT and OurIT Group have both adopted capital asset light strategies which are highly cash generative and are dedicated to offering a full suite of flexible IT, data and unified communication strategies.



Information on OurIT

OurIT, founded in 1993, is is a highly accredited IT services provider with over 20 years' experience, offering award winning 24 hour IT support services and technology solutions. OurIT and Brightvisions have a directly employed team of highly skilled certified professionals, including Microsoft Gold Partner and Business Specialist, Apple Specialist, Cisco Certified Partner, Dell Preferred Partner, and is focused on providing outsourced IT services to customers in London and the South East.



OurIT operates from premises in Chingford, East London and Bevis Marks. Brightvisions is based in St Neots, near Cambridge. OurIT and Brightvisions will retain their current presence and customer service operations in Chingford, Bevis Marks and St Neots. The vendor of OurIT Group is to be retained in his current capacity within the business for a period of at least 12 months post-acquisition.



The statutory accounts of OurIT for the year ended 31 December 2015 reported turnover, operating profit and profit before tax of £3.71 million, £0.286 million and £0.259m respectively. Capital expenditure in the year ended 31 December 2015 was insignificant. Net and gross assets at that date were £0.49 million and £1.07 million respectively.



The statutory accounts of Brightvisions for the year ended 31 December 2015 reported turnover, operating profit and profit before tax of £1.46 million, £0.165 million and £0.167m respectively. Capital expenditure in the year ended 31 December 2015 was insignificant. Net and gross assets at that date were £0.32 million and £0.53 million respectively.



Consideration

Initial consideration of £4.75 million less the net debt plus working capital of OurIT Group at 31 January 2017 ("Net Debt") is payable in cash. Further consideration of up to £3.75 million, less the Net Debt plus working capital, may be payable in cash dependent upon the trading performance of OurIT Group post-acquisition. The total consideration will be funded out of AdEPT's new bank facility, with headroom in the facility to support further acquisitive growth.



Ian Fishwick, Chief Executive of AdEPT, commented:

"We are delighted to have acquired such a high quality, well-run and profitable business with a strong management team. OurIT Group is an excellent fit because, like AdEPT, it is asset-light, complements and builds upon AdEPT's existing expertise and skills, and further extends the product and service portfolio by adding IT services. With the increasing convergence between telecoms and IT, this is an important step forward in our strategy to become a fully managed service provider. OurIT Group has a well-developed customer base with long term relationships across a range of medium and large enterprises. The acquisition is expected to be earnings enhancing from completion."

Transaction in Own Shares
RNS
RNS Number : 8912Y
AdEPT Telecom plc
08 March 2017
 
AdEPT Telecom plc
("AdEPT" or the "Company")
 
Transaction in own shares
 
The Company announces that on 8 March 2017 it purchased 3,909 Shares on the London Stock Exchange for cancellation at a price of 340p per Share (the "Purchase") pursuant to the general authority given to it at the Company's 2016 Annual General Meeting held on 28 September 2016 ("the 2016 BuyBack Authority").
 
Further details regarding the 2016 BuyBack Authority are set out at the end of this announcement.    
 
Total voting rights
 
Following the Purchase and cancellation, the Company's issued share capital is 22,497,115 Shares. The Company does not hold any Shares in treasury. Therefore, the total number of voting rights in the Company is 22,497,115. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Trading Update
RNS
RNS Number : 4346B
AdEPT Telecom plc
04 April 2017
 
AdEPT Telecom PLC
("AdEPT" or the "Company")
 
Trading Update
AdEPT Telecom plc, one of the UK's leading independent providers of unified telecommunications and IT solutions, today announces a trading update for the year ended 31 March 2017 (ahead of its final results which are expected to be announced in early July 2017).
·      Net borrowings of £15.8m were £1.3m lower than consensus market expectations
·      Underlying EBITDA increase of around 26% will be ahead of market expectation of a 18% rise year-on-year
·      Board recommendation of an increased final dividend of 4.00p (2016: final 3.50p)
·      Total dividends proposed for the year of 7.75p represents an increase of 19% over the prior period
Trading performance
The Company is pleased to announce that it anticipates that underlying EBITDA will be around 26% ahead of the previous year (ahead of the market consensus expectation of an 18% rise year-on-year). Turnover is expected to be approximately 16% ahead of the previous year and above market consensus expectation.
Cash flow and net debt
Net borrowings of £15.8m as at 31 March 2017 were £1.3m lower than market expectations.  AdEPT continues to generate consistently strong free cash flow.  This improved performance in debt reduction is after payment of (i) £9.7m aggregate initial consideration for the acquisitions of Comms Group UK Limited, CAT Communications Limited and OurIT Department Limited, (ii) £3.0m deferred consideration for the acquisition of Centrix Limited and (iii) a £0.4m increase in dividends paid in the year.
Dividends
AdEPT announced an interim dividend of 3.75p per share in its September 2016 interim statement, which will be paid to shareholders on 7 April 2017.  The Board today announces that as a result of strong free cash flow and trading results it recommends an increased final dividend of 4.00p (2016: 3.50p) per Ordinary Share which, subject to Shareholder approval at the Annual General Meeting later in the year, will be paid in October 2017. Total dividends proposed for the year ended 31 March 2017 of 7.75p per Ordinary Share represent a 19% increase year-on-year (2016: 6.50p

AGM Statement, Interim Dividend, Notice of Results
RNS
RNS Number : 6124S
AdEPT Telecom plc
04 October 2017
 
 
 
 
 
AdEPT Telecom PLC
("AdEPT" or the "Company")
 
AGM Statement
13.3% increase to Interim Dividend
Notice of Results
 
AdEPT Telecom plc, one of the UK's leading independent providers of managed services for IT, unified communications, connectivity and voice solutions, is holding its 2017 annual general meeting at 10.00am today at 77 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS. At the meeting, the Chairman, Roger Wilson, will make the following statement:-
 
"I am pleased to report that, in the 6 months to the 30 September 2017, the AdEPT Group continued to make considerable progress in transforming itself from our original Telecoms background into Unified Communications and then into IT, a journey we embarked on in 2015. AdEPT provides a full suite of managed services and is now in an excellent position to take advantage of the continuing convergence between IT and Telecoms.
 
Although our interim results for the 6 months ended 30 September 2017 are not expected to be published until 14 November 2017, the Board is confident that they will support its progressive dividend growth policy. Therefore, the Directors have declared an interim dividend of 4.25p per Ordinary Share in respect of the 6 months ended 30 September 2017, an increase of 13.3% over the interim dividend of 3.75p for the comparative period.
 
This dividend will absorb approximately £1.0 million of shareholders' funds (September 2016: £0.8 million).  It is proposed by the Directors that this dividend will be paid on 9 April 2018 to shareholders who are on the register of members on the record date of 16 March 2018.
I look forward to reporting in more detail on the progress being made in integrating our acquisitions at the time of the interim results as well as the other progress which they are achieving. In this context, I am delighted to announce that Comms Group; an Avaya IP Office specialist for smaller customers which we acquired in May 2016, met its performance targets in the 12-month performance-based earn-out period to 31 May 2017. As a result, the vendors hit the maximum earn-out of £3.5 million which was paid in July 2017.
 
We made our most recent acquisition, Atomwide, in August 2017. Atomwide is a highly accredited IT services provider with over 30 years' experience, offering highly specialised IT support services and technology solutions to approximately 2 million users in over 4,000 schools. The statutory accounts of Atomwide for the year ended 31 March 2017 reported turnover, operating profit and profit before tax of £7.5 million, £1.9 million and £1.9m respectively.  As this acquisition was made part-way through the current financial year, it will therefore be sometime before the positive impact of this acquisition on our run-rate revenues and EBITDA will show in our reported numbers."
 

Half yearly report

Highlights
Revenue and EBITDA
·      Total revenue increased by 36% to £22.6 million (2016: £16.5 million)
·      EBITDA increased by 34% to £4.7 million (2016: £3.5 million)
·      EBITDA margin 21.0% (2016: 21.4%)
 
·      Managed services revenue accounted for 68% of total revenue (2016: 53%)
·      Managed services revenue increased by 75% to £15.3 million (2016: £8.8 million)
 
PBT, EPS and Dividends
·      Profit before tax increased by 36% to £2.1 million (2016: £1.5 million)
·      Adjusted profit before tax increased by 29% to £3.9 million (2016: £3.0 million)
·      Adjusted EPS increased by 20% to 13.3p (2016: 11.1p)
·      Interim dividend increased by 13% to 4.25p per share (2016: 3.75p)
 
Cash Flow and Debt
·      Operating cash flow before tax of £3.8 million (2016: £3.2 million)
·      Reported EBITDA to pre-tax cash from operating activities 86% (2016: 99%)
·      Net senior debt of £20.8 million (2016: £10.8 million)
·      BGF convertible loan note of £7.3 million used to fund Atomwide Limited acquisition
 
Acquisitions
·      CAT Communications earnout settled in June 2017
·      Comms Group earnout settled in full in July 2017
·      Acquisition of Atomwide Limited completed in August 2017

Top Director Buys
Adept Telecom (ADT)
Director name: Kingsman ,Christopher
Amount purchased: 129,537 @ 305.12p
Value: £395,249.77