Adept Technology hikes dividend after double-digit earnings growth

Telecoms and IT provider Adept Technology plans to increase its final dividend after seeing revenue and earnings move ahead in its recently wrapped up trading year.

Adept will hike its final dividend from 4.5p per share to 4.9p, giving shareholders a total annual dividend of 9.8p, a 12% year-on-year increase.

The AIM-listed outfit expects both revenues and earnings to increase 13% year-on-year, in line with expectations.

Net senior debt came in at £27.2m, lower than expected due to an £800,000 research and development tax credit from HMRC.

Adept also told investors on Wednesday that it had "grown substantially" during the year ended 31 March, expanding its financial results, extending its geographical reach into Yorkshire and developing its product range with enhanced back-up and disaster recovery services.

The Kent-based firm noted that the integration of its two recent acquisitions, Shift F7 and ETS Communications, had been successfully integrated into the business but would only make a small contribution to the 2018 trading year.

As of 1150 BST, Adept shares had crawled forward 1.06% to 333.50p.