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Annual Results

AdEPT underlying earnings up for 14th year in a row

13 July 2017 07:24

AdEPT, a leading UK independent provider of award-winning unified communications and IT services, has reported its 14th consecutive year of increased underlying EBITDA - up 27.2% to £7.83m.

Revenue increased by 19.2% to £34.4m and gross margins rose to 42.3% from 40.3%.

Other highlights: - 20.3% increase to adjusted earnings per share to 23.09p (2016: 19.19p)

- 19.2% increase to dividends declared to 7.75p (Interim 3.75p, Final 4.00p) (2016: 6.50p)

- Year-end net debt of £15.5m (2016: £6.0m)

- New 5 year £30m revolving credit facility in place with Barclays and RBS

Chairman Roger Wilson said: "AdEPT has delivered a 27% increase to underlying EBITDA for the year ended 31 March 2017 and the Group continues to deliver consistently high levels of free cash flow generation.

"The continued strong cash generation has funded a 19% 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.

"Free cash flow generated combined with the new larger debt facility put in place in February 2017 was used by the Company to complete three earnings enhancing acquisitions during the current period.

"Following these acquisitions, the Group is able to offer its existing and targeted customer base a fully converged unified communications and IT service.

"The acquisitions completed during the year combined with organic sales have increased the rate of transition of the Group towards a complete managed service provider, with revenue from managed services accounting for more than 55% of the total in the year ended 31 March 2017."

Story provided by StockMarketWire.com

Related Company: ADT

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