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AdEPT Technology Group PLC on Tuesday reported it widened its annual loss as restructuring costs increased while it posted a one-off acquisition fee.
For the year ended March 31, pretax loss widened to £3.0 million from £505,000 a year ago. Revenue however increased 18% to £68.1 million from £57.9 million.
AdEPT reinstated a final dividend payment of 1.0 pence per share which it plans to pay in October.
Acquisition fees stood at £1.4 million versus none the year prior, as AdEPT bought cybersecurity solutions firm Datrix Ltd for £9.0 million in April 2021. Restructuring costs doubled to £2.0 million from £974,000. Amortisation costs widened to £7.2 million from £5.8 million.
‘Our strategy of consolidation has created a powerful business, with the recent Datrix acquisition significantly extending our capability into leading edge software-defined networks and related security products. The group is now well positioned to capture increasing 'wallet share' in the ever-expanding information, communication and technology space,’ said Chair Ian Fishwick.
The London-based information technology provider sees a potential impact from semiconductor shortages, inflation and the war in Ukraine.
It added: ‘However, with 74% of our revenues from recurring contracts and a significant amount of re-occurring one-off revenues from existing customers the board is confident in the strength of its talented team and operations, which have shown resilience and continued to deliver growth.’
AdEPT Technology shares were virtually unchanged at 145.04 pence each in London on Tuesday morning.
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