AdEPT Technology chairman hails resilience during pandemic

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AdEPT Technology Group PLC‘s (LON:ADT) chairman Ian Fishwick has hailed the company’s “resilience” during the coronavirus pandemic, saying that the company’s order intake has performed better than anticipated with cash collection improving since the end of April.

In a statement to be made at the company’s annual general meeting on Wednesday, the IT, connectivity and communications solution provider said in recent months it has provided services to entities including schools, doctor’s practices and employers to allow remote communication and home working by employees.

WATCH: AdEPT Technology puts in ‘resilient’ performance and continues to close substantial orders

Fishwick also said that the company has onboarded a new partner, 8×8, to round out its voice portfolio, while also achieving platinum partner status by Gamma and the launching its AdEPT consulting initiative.

“I remain convinced that COVID-19, whilst impacting the business in the short term, will, in many instances, accelerate the fundamental need for companies to invest in information and communications technology (ICT), as companies look to embrace the digitally empowered future in what is increasingly becoming the ‘4th utility'”, the chairman said in a statement.

“Whilst it remains too early to re-instate guidance for the year, considering the constantly changing landscape of the pandemic and the imminent removal of the furlough scheme from the economy, we are heartened by the excellent performance of the AdEPT team. Our key indicators of new order intake, project delivery, cash collection and operational effectiveness provide encouragement during these challenging times”, he added.

The company also said it expects to publish its interim results for the half-year to September 30 on November 17, and while it anticipated “encouraging progress” in the results, it said the uncertainty caused by the pandemic justified a “cautious approach” to cash distribution and as a result they did not anticipate the declaration of an interim dividend.

Shares in AdEPT were 0.8% higher at 241p in mid-morning trading on Wednesday.

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