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Overview

AdEPT Technology Group plc (AIM: ADT) 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 offers services on-premise, in the cloud or in our private cloud via its own ‘Nebula’ solution. Nebula is a highly adaptable, secure, unified platform that brings together data centres, a national MPLS network and unified communications – to help simplify the increasingly complex world of its clients. With market specialisms in education and the public sector AdEPT delivers tailored services to hundreds of councils and hospitals, and thousands of schools.

The firm is highly profitable – AdEPT is one of only 3 AIM companies to have grown Earnings Per Share for 11 consecutive
yearsand maintains a progressive dividend policy. In 2019 the total dividend is 9.8p per share

www.adept.co.uk

Directors

  • Ian Fishwick (Chairman): Ian is the original founder of AdEPT and was previously CEO & MD
  • Phil Race (CEO): 20 yr career at the likes of CSC, SSP, Sirius, Logica (formerly CMG) and ICL (now Fujitsu). 
  • Roger Wilson (Dep Chair): 20 years experience in the telecom industry.
  • John Swaite (FD): Appointed in 2009.Previously with Crowe Clark Whitehill LLP (CCW)
  • Richard Burbage (United Comms Director): Founder Centrix Limited, acquired in 2015 by  AdEPT.
  • NED’s: Richard Bligh & Dusko Lukic

Financials

P&L2018
GBP £~m
2019
GBP £~m
Revenue46.451.3
EBITDA9.810.8
Profit before tax4.522.44
Dividend per share8.75p9.8p
Balance Sheet2018
GBP £~000
2019
GBP £~000
Cash & cash equivalents7,1277,650
Total Assets64,99477,033
Total Liabilities48,94961,124
Total Assets16,04515,819

 

Peer Group

  • Redcentric (AIM:RCN): – A UK IT managed services provider
  • SDL PLC (LSE: SDL): – Cloud based customer service solutions
  • Servelec Group Plc (AIM:SERV): – Software services to the healthcare sector
  • SQS plc (AIM:SQS): – Specialists in software quality

Major Shareholders

Management

  • Ian Fishwick (& Family) – 18.11%
  • Roger Wilson – 4.67%
  • Richard Burbage – 0.92%

Others

  • Kingsman C. Esq – 22.02%
  • Downing LLP – 11.67%
  • Fiske – 4.23%
  • Hargreave Lansdown – 3.56%
  • Octopus – 3.32%
  • BGF Investments – 2.99%
  • River & Mercantile – 2.95%

Macro Indicators

 

Media Coverage

Thisismoney.co.uk (November 2018)

SMALL CAP SHARE IDEAS: “Adept Technology shows its mettle as it adapts to new cloud era”
Few companies on AIM have performed as consistently as AdEPT Technology.It is one of just three companies listed on AIM that have increased earnings in each of the past nine years says Ian Fishwick…It’s an impressive record and likely to be further enhanced in the current year.”

Morningstar (April 2019): “Adept Technology Buys ACS For Up To GBP7.5 Million; Extends Facility

“IT services firm Adept Technology Group PLC said Friday it has acquired Advanced Computer Systems Group Ltd for up to GBP7.5 million, and also extended its bank facility by £5m. Adept will buy education IT-focused ACS for an initial £5.2m in cash. A further £2.3m would be payable depending on performance over the following 12 months.”

Broker Coverage

 

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