Education takes a beating
Adapt IT had to pull out “normalised HEPS” (headline earnings per share) in an attempt to make its results look decent. But I ignore those figures and focus on HEPS, which is up only 2%. Its education business was struggling as universities across the country face budget pressure amid fee protests. It remains to be seen how quickly education bounces back; management is optimistic but I would be a lot more cautious, the protests will likely happen again this year. On the results the stock was sold off, trading well below 1 400c at points. At those levels this stock looks attractive for those who have missed it in the past.