Adapt IT reports 16% drop in FY HEPS

Technology Group Adapt IT, the takeover target of Canada's Volaris, reported a 16 per cent drop in headline earnings per share, attributing it to the ongoing negative effects of the Covid-19 pandemic. Despite facing challenges such as limited revenue growth, Adapt IT managed to significantly reduce its net debt from 45% to 17%. The CEO of Adapt IT, Tiffany Datsun, sat down with CNBC Africa to discuss the impact of the pandemic on the company's operations and future outlook. Datsun highlighted the resilience of the business during the pandemic, emphasizing its diversified market segments and the importance of digital business platforms. She mentioned that some projects were deferred by clients, but as confidence returns, customers are once again willing to invest in technology to ensure business resilience and growth. When questioned about the recent internal matters at Adapt IT, specifically involving the former CEO, Datsun reiterated the strength of the management team and the continued support from customers. She expressed excitement for the future and the company's focus on core operations, products, and markets. Regarding the pending acquisition by Volaris, Datsun provided an update on the process, stating that they are awaiting regulatory approvals before finalizing the deal. She also mentioned that the former CEO's involvement in the future of the company would be his personal decision. Despite challenges faced in the boardroom, Volaris remained committed to the deal, showcasing confidence in Adapt IT's management team and investment case. Overall, Adapt IT remains optimistic about the future and looks forward to closing the deal with Volaris and pursuing new opportunities.