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12 Nov 2019 | 13:44

AdEPT profit falls 33% as acquisition costs offset revenue boost

IT and communications services provider AdEPT reported a fall in first-half profit, as rising revenue was offset by acquisition and restructuring costs.

Pre-tax profit for the six months through September fell 33% to £1.15m, down from £1.70m on-year.

Revenue rose 26% to £30.8m, while adjusted profit rose 4% to £3.9m.

The company declared an interim dividend of 5.10p, up 4% on-year.

'The results for the period demonstrate the strength of our capex-light highly cash generative business model which is focused on high levels of recurring revenue,' chief executive Ian Fishwick said.

'I am pleased to see the positive results of our efforts, as trading continues to be in line with management's expectations.'

'We have a fully supportive investor base and funding partners, and in this converging and fragmented marketplace we will continue to pursue our strategy to identify earnings-enhancing acquisitions whilst retaining the ability to continue with our progressive dividend.'

At 1:44pm: (LON:ADT) AdEPT Telecom PLC share price was -27p at 343p

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