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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Adept Technology Group Plc | LSE:ADT | London | Ordinary Share | GB00B0WY3Y47 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 200.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMADT
RNS Number : 8671J
AdEPT Telecom plc
05 April 2018
AdEPT Telecom PLC
("AdEPT" or the "Company")
Trading Update
AdEPT (AIM: ADT), one of the UK's leading independent providers of managed services for IT, unified communications, connectivity and voice solutions, today announces a trading update for the year ended 31 March 2018 (ahead of its final results which are expected to be announced in early July 2018).
-- Net senior debt of GBP18.05m was lower than market expectations
-- Underlying EBITDA increase will be slightly ahead of market expectation of a 23% rise year-on-year
-- Board recommendation of an increased final dividend of 4.50p per share (2017: final 4.00p)
-- Total dividends proposed for the year of 8.75p per share represents an increase of 13% over the prior period
Trading performance
The Company is pleased to announce that it anticipates that underlying EBITDA will be slightly ahead of the market consensus expectation of a 23% rise year-on-year. Turnover is also expected to be above market consensus expectation of a 29% rise year-on-year.
The deferred consideration period in relation to the acquisition of Our IT Department Limited ended on 31 January 2018 and we are pleased to announce that the results for the 12 month post-acquisition period exceeded the maximum consideration threshold. The deferred consideration for Our IT Department Limited of GBP3.65 million will be paid in early April 2018.
Cash flow and net debt
Net senior debt of GBP18.05m as at 31 March 2018 was lower than market expectations which arises largely from the timing of the payment of deferred consideration in relation to Our IT Department Limited being made after year end, combined with the impact of EBITDA being ahead of market expectation. AdEPT continues to generate consistently strong free cash flow conversion from EBITDA with a capital asset light model.
Cash flow generation in the year is after payment of (i) GBP12.14m aggregate initial consideration for the acquisition of Atomwide Limited, (ii) GBP3.46m deferred consideration for the acquisition of Comms Group (UK) Limited and (iii) a GBP0.38m increase in dividends paid in the year.
Dividends
AdEPT announced an interim dividend of 4.25p per share in its September 2017 interim statement, which will be paid to shareholders on 7 April 2018.
The Board today announces that as a result of strong free cash flow and trading results it recommends an increased final dividend of 4.50p (2016: 4.00p) per share which, subject to Shareholder approval at the Annual General Meeting later in the year, will be paid in October 2018. Total dividends proposed for the year ended 31 March 2018 of 8.75p per share represent a 13% increase year-on-year (2017: 7.75p).
This announcement contains inside information.
For more information please contact:
AdEPT Telecom Plc Roger Wilson, Chairman 07786 111 535 Ian Fishwick, Chief Executive 01892 550 225 John Swaite, Finance Director 01892 550 243 Northland Capital Partners Limited Nominated Adviser Edward Hutton/Tom Price Broking John Howes 020 3861 6625
About AdEPT Telecom plc:
AdEPT Telecom plc is one of the UK's leading independent providers of managed services for IT, unified communications, connectivity and voice solutions. The Company provides a complete communications portfolio of unified communications, IP telephony, IT services, equipment installation, managed services, Wi-Fi, IT and communications hardware and data connectivity products. AdEPT's tailored services are used by thousands of customers across the UK and are brought together through the strategic relationships with tier-1 suppliers such as Openreach, BT Wholesale, Virgin Media, Avaya, Microsoft, Dell and Apple.
AdEPT is listed on the London Stock Exchange (Ticker: ADT). For further information please visit: www.adept.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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April 05, 2018 02:00 ET (06:00 GMT)
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