Accounting changes also weigh on technology group, with headline earnings per share falling 35%
Adapt IT, which on Monday reported a fall in earnings, is looking for growth outside SA and in the public sector, says its group CEO, Sbu Shabalala.
Despite business with the public sector having resulted in corporate governance issues at competitors such as EOH and Altron, the company sees a lot of opportunity for their public-sector unit, which accounts for less than 5% of their total business, said Shabalala, adding that he hopes to grow it to about 15%.
Revenue increased 10% to R721m, with the company benefiting from acquisitions, including of Melbourne-based Wisenet Group, which provides education software. He said the company needs to tackle the underperformance in these segments as this is overshadowing some decent performance from its other segments, which “have either grown earnings or managed to keep them flat”.
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