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Tech company AdEPT announces higher revenue and cash generation in strong year

London's CEOs need to be paid on an international scale
The UK's service sector remained stuck in contraction in September for the second consecutive month.

AdEPT Technology Group reported an 18 per cent increase in revenue to £68.1m and strong cash generation after tax of £8.1m for the year ended 31 March 2022.

In a solid year for the IT and communications company, gross profit increased 17 per cent, £32.4m up from £27.6m the year before. Revenue was also lower at £57.9m in 2021 as was cash generation at £7.4m.

AdEPT acquired cloud solutions company Datrix in April 2021, and gained more than 100 new clients, including the Co-Op and TUC.

“The Board is pleased with the progress achieved during the year under review and the Group’s performance in the face of the many, well-documented macro challenges,” said AdEPT CEO Phil Race.

The company’s recurring revenues stayed strong at 73.6 per cent of revenue,  with strategic focus on organic growth and cutting senior debt.

The new financial year has started well, with the Group buiding on the momentum gained in Q4,” the CEO said. 

“This, combined with our comprehensive portfolio of capabilities, our extensive and strong industry partnership and numerous flagship references from across the public and private sectors, gives us confidence in prospects for the Group both in the year ahead and beyond.”