10 September 2019
AdEPT Technology Group plc
("AdEPT" or the "Company")
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:
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).
Integrating our companies into 'One AdEPT Group'
In the last year we have commenced the 2nd 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 £1 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:
AdEPT Technology Group plc
Ian Fishwick, Chairman
Phil Race, Chief Executive
John Swaite, Finance Director
07720 555 050
07798 575 338
01892 550 243
Cantor Fitzgerald Europe
Nominated Adviser & Broker
Phil Davies / Will Goode
020 7894 7000
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
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