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Adept4's 'challenging' year sees losses widen as revenues stutter

Fri, 15th Feb 2019 08:40

(Sharecast News) - Adept4 shares dipped on Friday after the company reported a widened loss on the back of reduced revenue, increased cost of sales and administrative expenses.For the year ended 30 September the IT services provider reported a loss before tax of £3.98m, up from £0.83m at the same point the year before, as revenue crept 1.1% lower to £10.19m and cost of sales increased by 8.3% to £4.48m.Meanwhile, administrative expenses remained flat at £5.60m but further damage was done to profits by an impairment charge of £2.6m.Simon Duckworth, chairman of Adept4, said: "Despite it being a challenging year for the business, we have made progress against each of our key areas of strategic development including the strengthening of our senior operational management team and development of our technology partnerships."A mixed year saw the AIM-traded company bring a warranty claim against vendors of the MIT business, subsequently winning the legal case and agreeing a settlement in the sum of £1.6m payable post-period end, while the investments made into the new sales team have so far failed to deliver results.At the end of the period the company had cash and cash equivalents of £1.43m, down from £2.91m at the same point the year before."We have improved our levels of service delivery leading to high levels of customer satisfaction, though the investment made in the new sales team has not yet delivered the results we had hoped for. Maintaining our strong relationships with existing customers, together with protecting the group's cash balances and shareholder value are our key objectives while we explore the strategic options for the group," said Duckworth.Adept4's shares were down 4.76% at 1.00p at 0922 GMT.
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4 Nov 2019 17:30

DIRECTOR DEALINGS: Adept4 Chair Simon Duckworth Buys Shares

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21 Oct 2019 18:30

Adept4 Completes Acquisition Of CloudCoCo, Plans Name Change

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2 Oct 2019 12:39

Adept4 To Become CloudCoCo After All-Paper Takeover; Restructures Debt

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23 Aug 2019 16:55

LONDON MARKET CLOSE: Choppy End On US-China Tariff Fear, Powell Speech

(Alliance News) - Stock prices in London closed mixed on Friday amid choppy trading ahead of the long Bank Holiday weekend as China responded in kind to fresh US tariffs announced earlier in the a

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23 Aug 2019 10:47

Adept4 confirms possible acquisition of CloudCoCo

(Sharecast News) - Adept4, an AIM-listed provider of IT as a service, confirmed on Friday that it has provisionally agreed to buy cloud and related technology solutions provider CloudCoCo.

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23 Aug 2019 10:31

WINNERS & LOSERS SUMMARY: Adept4 Surges On Potential Acquisition

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23 Aug 2019 09:48

Adept4 Shares Take Off On News Of Possible Cloudcoco Buy

(Alliance News) - Adept4 PLC on Friday said it has signed non-binding heads of terms to acquire cloud technology firm Cloudcoco Ltd in an all-share deal.The announcement was made in part as

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2 Aug 2019 12:29

Adept4 Confirms Acquisition, Debt Cutting Talks Amid Share Price Surge

(Alliance News) - IT services provider Adept4 PLC confirmed it was in talks to undertake an acquisition, responding to it shares price more than doubling on Friday.Shares in Adept4 almost a

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8 Apr 2019 14:07

Adept4 warns on earnings after client terminates contract

(Sharecast News) - Information technology service provider Adept4 has received notice of termination of a customer contract, it announced on Monday.

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8 Apr 2019 10:28

WINNERS & LOSERS SUMMARY: Energean Rises On Epsilon Field Production

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------FTSE 100 - up 0.6%. The Mexican gold miner was tracking

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8 Apr 2019 09:40

Adept4 Warns On Full-Year Outlook As Customer Cancels Big Contract

LONDON (Alliance News) - Shares in IT firm Adept4 PLC slipped Tuesday as the firm said a customer has cancelled a contract worth GBP700,000 a year, more than its entire earnings last stock was 35%

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8 Apr 2019 07:47

LONDON MARKET PRE-OPEN: Sports Direct Offers To Rescue Debenhams

LONDON (Alliance News) - Stock prices in London are seen opening in the red on Monday tracking Asian equity markets lower despite better-than-expected jobs data in the US on Friday and a report of

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15 Feb 2019 11:04

"Challenging Year" For Adept4 As Loss Multiplies On Warranty Dispute

LONDON (Alliance News) - Adept4 PLC on Friday said its loss quadrupled in its most recent financial year due to a warranty dispute with the vendors of a 2016 acquisition.Shares in Adept4 at

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