LONDON (Alliance News) - AdEPT Telecom PLC on Tuesday said pretax profit and revenue grew in its recent financial year, buoyed by acquisition contributions and contract wins, prompting the telecommunications services company to hike its dividend by more than third.
AdEPT said its pretax profit grew to GBP2.8 million for the year to March 31 from GBP2.1 million the year prior, helped by 31% growth in revenue to GBP28.9 million from GBP22.1 million.
The rise in revenue was helped by the contribution from Centrix, the UK communications services provider AdEPT acquired in May 2015, which increased AdEPT's public and private sector customer base.
AdEPT also benefited from framework agreements secured over the year, notably winning a framework agreement with the Crown Commercial Service in the UK which has resulted in a number of new public sector contracts flowing through.
Thanks to the strong performance, AdEPT declared a final dividend of 3.5 pence, which will drive its total payout up 37% to 6.50p from 4.75p the year before.
Chairman Roger Wilson said the company was confident it will be able to maintain a progressive dividend policy thanks to its strong free cash flow generation and continued focus on the underlying profitability of the business.
AdEPT also said Chief Operating Officer Amanda Woodruffe has decided to retire and will step down as a director of the company. He responsibilities will be taken on by the senior management teams at the firm's Tunbridge Wells and Fleet offices.
AdEPT also said Richard Burbage, one of the founders of Centrix, has joined the board as unified communications director.
AdEPT shares were down 0.4% to 251.50p Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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