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AdEPT profit dips in H1 as lockdown dents revenue
StockMarketWire.com
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IT services provider AdEPT reported a fall in first-half profit as the UK lockdown earlier this year dragged revenue lower.
For the six months ended 30 September 2020, pre-tax profit decreased to £0.02 million from £1.1 million year-on-year as revenue fell 7.6% to £28.5 million.
Revenue was impacted adversely due to the Covid-19 pandemic and related lockdown actions taken by the UK Government.
The lockdown hindered the ability of AdEPT technicians to attend site, disrupted the flow of new business due to reduced tendering for new work and had an impact on business confidence, the company said.
The company, citing research conducted in association with Dell, touted strong tailwinds for its business in 2021.
'The research found that 53% of respondents felt IT was very important to their organisation, but only 37% felt their comms infrastructure was well prepared for a crisis in the future, with 92% feeling it is important / very important to improve their data network,' the company said.
'We remain reticent to publish guidance for the full year given the ongoing uncertainty,' it added.
At 9:19am: (LON:ADT) AdEPT Telecom PLC share price was 0p at 232p
Story provided by StockMarketWire.com
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