AdEPT Technology Group shares were up 2.6% to 148.8p in late afternoon trading on Tuesday after the company announced a revenue increase of 18% to £68.1 million in FY 2022 against £57.9 million in FY 2021.
However, Adept Technology Group highlighted a pre-tax loss of £3 million from £500,000 in the previous year linked to restructuring costs, consisting of redundancy, settlement and salary expenses.
The company said the restructuring was set out to create a lower rate of operating costs which would benefit the group in future years.
The firm reported an underlying EBITDA rise of 21% to £11.9 million compared to £9.8 million the last year, alongside an adjusted fully-diluted EPS climb of 23% to 27.5p from 22.3p.
AdEPT Technology Group confirmed a gross profit increase of 17% to £32.4 million against £27.6 million year-on-year and an underlying EBITDA margin of 17%, which remained flat compared to the year before.
The company mentioned a series of operational highlights, including its acquisition of Datrix in April 2021, and the completion of Project Fusion creation of ONE AdEPT, providing a single set of financial and operational systems along with a scalable platform for growth.
The group also noted over 100 new customer wins, such as Multi-Academy Trust, the Co-op and TUC.
“The acquisition of Datrix, in April 2021, significantly extended the Group’s capabilities and enabled AdEPT to increase its potential ‘wallet share’ in the ever-expanding ICT space,” said AdEPT CEO Phil Race.
“The introduction of new partnerships and services that allow AdEPT to tap into the fast-growing markets of Software Defined Wide Area Networking (SD-WAN) and Secure Access Service Edge (SASE) is leading to significant sales successes.”
Heading into FY 2023, AdEPT Technology Group reported continued momentum from Q4 2022 with strong recurring order intake, alongside an expected growth in demand as a result of client long-term ICT requirements.
The firm added its board was optimistic for the future of the technology market and for the prospects of its AdEPT project.
“The Board is pleased with the progress achieved during the year under review and the Group’s performance in the face of the many, well-documented macro challenges. Given our focus on this aspect of our business the pro-forma organic growth in Cloud Centric Strategic Services is a particular highlight of the period,” said Race.
“During the Period this team secured significant projects with organisations, including Nottinghamshire County Council, the Royal Surrey County Hospital, Public Health England and Trident IP.”
“Our newly developed ONE AdEPT platform enabled the rapid integration of the Datrix business, ahead of plan, and has created a efficient business with a strong infrastructure for growth.”
AdEPT Technology Group reinstated its dividend with 1p per share for FY 2022.
