- IT services provider Adept reported a sharp decline in profits as acquisitions ramped up costs.

For the year ended 31 March 2019, pre-tax profits declined to £2.44m from £4.35m, while revenues increased by 11% to £51.3m.

The fall in profits comes as acquisition fees increased to £495,000 from £229,000.

During the year AdEPT said it had continued to grow its managed services business.

Managed services product revenues increased by £6.1m to £38.5m for the year, reflecting the impact of the 8 month contribution from the acquisition of Shift F7, 5 month contribution from the acquisition of ETS, combined with an increased level of organic contract wins and a lower relative churn rate within the managed service customer base, the company said.

Revenue generated from managed services represented 75.0% of total revenue, up from 69.8% last year.

At 10:45am: [LON:ADT] AdEPT Telecom PLC share price was -22p at 340p

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