Adept Technology reinstates guidance following 'resilient' Q3

(Sharecast News) - IT managed services provider Adept Technology reinstated its full-year guidance on Wednesday amid some resilient third-quarter trading.
Adept said it had "remained resilient" and traded in line with management expectations during the final three months of 2020, with revenues higher than the average achieved in the six months ended 30 September 30 and a "healthy level" of new sales orders as business call volumes began to return following summer.

The AIM-listed group also reported further improvements in customer credit collection in the quarter and stated it had been able to utilise positive cash flow to cut senior borrowings by £1.0m during the period.

Adept highlighted that it did not make use of the Coronavirus Job Retention Scheme due to sustained customer demand and said it has no intention of using the scheme during the current quarter.

While Adept noted a number of challenges remained, the resilience of its business model was maintained and moved to reinstate guidance for the current year.

As of 1335 GMT, Adept shares were up 1.56% at 261.0p.