TIDMADT
AdEPT Technology Group PLC
10 September 2019
10 September 2019
AdEPT Technology Group plc
("AdEPT" or the "Company")
Shareholder Letter
AdEPT (AIM: ADT), one of the UK's leading independent providers
of managed services for IT, unified communications, connectivity,
voice and cloud services, has published its first Shareholder
Letter:
Shareholder Letter
2018 Update
Introduction
This is our first Shareholder Letter so we would welcome your
feedback. I have attempted to give you a potted history of the
company, how we have changed over time, and the rationale as to
why.
We are now a managed services company
Over the last 4 years we have completely transformed the Group.
Our original 'calls and lines' products are now our heritage. Our
managed services offerings now comprise more than 75% of our
revenue. We offer connectivity, unified communications and IT
managed services from the desktop to the cloud, managed remotely or
on-site. We have both public sector (42% sales) and commercial (58%
sales) customers.
10 Consecutive Years of Earnings Per Share Growth
An analysis of AIM (using Factset) shows that of the 948
companies on AIM only 3 have grown Adjusted Basic Earnings Per
Share for 10 consecutive years: AdEPT, iomart and Churchill
China.
Click here for the graph showing our growth in Adjusted Basic
Earnings Per Share (EPS).
http://www.rns-pdf.londonstockexchange.com/rns/7262L_1-2019-9-9.pdf
Integrating our companies into 'One AdEPT Group'
In the last year we have commenced the 2(nd) stage of
integrating the companies we have acquired.
The first stage, which is completed soon after the acquisition,
involves integrating their finance systems into our standardised
reporting format and moving them to Group supplier contracts.
We have made significant progress on Stage 2 and much more will
start to be visible mid-late 2019.
Stage 2 integration involves:-
-- All Group companies moving to a single AdEPT brand
-- All physical infrastructure supporting products moving to our
own 'Nebula' data centres and MPLS network
-- All CRM systems moving to Autotask
Strengthening the Team
At the end of 2018, after 16 years as CEO, I moved to become 2
day a week executive Chairman concentrating on overall strategy,
managing the Board and future acquisitions.
After a successful hand-over period in late 2018, Phil Race was
promoted from Group Managing Director to Group CEO. Phil is now
focused on organically growing the business and integrating the
acquisitions.
In April 2019 we strengthened the executive team further with
the appointment of Andy Lovett as Managing Director of AdEPT IT
Services and Group COO. Andy has worked previously with Phil
Race.
In July 2019 we strengthened the PLC Board with the appointment
of Richard Bligh as an independent Non-Executive Director. Richard
was previously COO at Gamma. Over a 13-year period he worked with
Bob Falconer, CEO, to turn Gamma from a small business into one of
the UK's greatest success stories with a market capitalisation of
over GBP1 billion.
Exciting times ahead
The Group is now stronger than ever both financially and from
the calibre of the people we employ. Our product range is our
widest ever and aimed at the growth in cloud and outsourcing of
complex IT managed services.
We have made great progress in the public sector with an
impressive rage of customers: Houses of Parliament, Cabinet Office,
other central government agencies, over 100 councils, over 30 NHS
Trusts, over 100 universities and colleges and over 3,000 schools.
We are the largest supplier of unified communications to private
hospitals in London with about 70% market share.
Our commercial customers include some well-known national brand
names and thousands of small businesses. We are proud to include,
as customers, such well-known names as Coca Cola, Citrix, ASOS,
Carluccios, Halfords, TalkSPORT, Sabre Insurance and many, many
more.
The Company has been transformed in the past few years, and now
finds itself in a position to grasp opportunities we couldn't have
contemplated five years ago. The work Phil Race and his team are
doing to build a unified brand and to strengthen our organic sales
machine, combined with our continued focus on incremental
acquisitions, provides us with a sound platform for future growth
and solid returns.
Thank you for your continued support for the company.
Click here to read the full letter:
https://www.adept-technology-group.co.uk/latest-news/
IAN FISHWICK,
Chairman
Enquiries:
AdEPT Technology Group plc
Ian Fishwick, Chairman 07720 555 050
Phil Race, Chief Executive 07798 575 338
John Swaite, Finance Director 01892 550 243
Cantor Fitzgerald Europe
Nominated Adviser & Broker
Phil Davies / Will Goode 020 7894 7000
Person responsible:
The person responsible for arranging the release of this
announcement on behalf of AdEPT is John Swaite.
About AdEPT Technology Group plc:
AdEPT Technology Group plc is one of the UK's leading
independent providers of managed services for IT, unified
communications, connectivity and voice solutions. 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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