AdEPT Technology reinstates guidance amid resilient trading

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AdEPT Technology Group PLC (LON:ADT) said it is reinstating its guidance for the current year and for the year to March 31, 2022, following what it said was the “incredible resilience” of its business despite headwinds and challenges caused by the coronavirus (COVID-19) pandemic.

The AIM-listed IT services firm also reported a trading update for the third quarter of its current year, saying that business had “remained resilient” and in line with management expectations during the final three months of the 2020 calendar year.

AdEPT said its third-quarter revenues were higher than the average achieved in the two quarters to September 30, while new sales order volumes had remained “at a healthy level” as business call volumes began to return after the summer.

The group also reported a further improvement in customer credit collection in the third quarter and that it has been able to utilise positive cash flow to cut its senior borrowings by £1mln in the period.

Over the period, AdEPT said it has made “further progress” on its ‘One AdEPT’ project to bring together its sales, marketing, financial control and operating systems segments, while it had also supported the UK Department for Education in helping schools migrate to the cloud platforms of both Google and Microsoft as well as helping the NHS with a major technology transformation.

The firm also said Christopher Kingsman, a former non-executive director, will be rejoining the board from March 1.

Shares in AdEPT rose 2% to 262p in early deals on Wednesday.

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