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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