Adapt IT, the South African software provider which listed on the JSE in 2007, released interim group results which shows a 46% increase in turnover owing to a growth strategy that the group's buoyant CEO Sbu Shabalala says will see the business reach the R3 billion mark in annual sales in 2020.

"We did 600 million rand in six months so we are certainly on our way to reporting double what we are now at the end of this financial year. The target for the first ten years has been met and we now have a vision as a business which includes a target of 3 billion rand for 2020. At the end of our financial year in 2020 we want to have built a three billion rand business."

Shabalala believes much of the growth towards the ambitious target Adapt IT has set for itself will come from opportunities in the African market although it serves customers in 40 countries globally.

"We are going to do it by ensuring that we have our software sales are second to none. We are looking at cracking the Africa market which is automating quicker than most. We are already applying artificial intelligence in our software and Africa is a playground for tech entrepreneurs. We are across most countries in Africa including South Africa, Botswana, Mauritius as well as Nigeria."

Shabalala also reveals that there are plans to make more acquisitions as part of a growth strategy for the next three to four years. Adapt IT achieved organic growth from continuing operations of 17% and acquisitive growth of 35% for the six months ended 31 December 2017. The acquisitive growth contribution of 35% comprised mainly of the Micros South Africa hospitality group acquisition, which was consolidated with effect from 1 July 2017. Micros provides software solutions in eighteen countries.

"The consistent pursuit of both our organic and acquisitive growth strategy has contributed to excellent turnover growth in the interim reporting period,"

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 29% to R116 million, while profit before interest and tax (PBIT) grew 24% to R86 million. Profit attributable to equity shareholders grew 34% while the weighted average number of shares in issue grew 10% over the prior period.

"The outlook is positive as Adapt IT continues to build a software business that enables both our employees and our customers to achieve more. We have built a strong well-diversified foundation needed to create a sizeable leading software business that delivers above sector average growth and returns in line with our 2020 revenue target of R3bn," Shabalala concludes.