Adept Telecom share price leaps nearly 12 per cent on news of better than expected trading

Oliver Gill
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Adept was founded in 2003 and bought Centrix in 2015 (Source: Getty)

Shares in internet service provider Adept Telecom leapt nearly 12 per cent this morning after it surprised investors with better-than-expected trading news.

Underlying earnings for the year to the end of March will increase by 26 per cent, the firm said, well ahead of expectations of a 18 per cent rise.

Turnover will be up by 16 per cent, also higher than expected.

Adept Telecom provides software and hardware solutions across fixed line and wireless platforms. Its client include BT Openreach, Vodafone, Virgin Media, Avaya, Microsoft, Dell and Apple.

Read more: Telecoms firm squeezes £1,000 from every Manxman

Shareholders benefited from Adept's final dividend being hiked from 3.5p to 4.0p per share. This meant total payouts for the year will be 19 per cent higher at 7.75p per share.

Meanwhile net borrowing was much lower than anticipated, standing at £15.8m, around £1.3m less than the £84m market cap firm had expected.

The improved cash position was despite Adept shelling out £9.7m for Comms Group and £3m in a deferred consideration for its purchase of Centrix.

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