ARCHIVE 2006

Adept Telecom Annual Profit Gains 61 Percent After Acquisitions

By Nicholas Larkin

July 3 (Bloomberg) -- Adept Telecom Plc, a U.K. telecommunications company, said full-year profit rose 61 percent after completing four acquisitions in the period.

Net income for the year ended March 31 rose to 184,802 pounds ($341,302), or 1.05 pence a share, from 114,660 pounds, or 0.71 pence, a year earlier, London-based Adept said today in a Regulatory News Service statement. Sales rose by a third to 11.5 million pounds.

The company, which provides fixed-line calls and line rental to business and residential customers, has purchased 13 companies since its inception. Adept plans to continue bolstering earnings through further acquisitions, it said in the statement.

"The current financial year has started well with line rental and call revenues significantly ahead of last year,'' the company said in the statement.

Shares of Adept were unchanged at 175.5 pence as of 3:50 p.m. in London. The stock has gained 17 percent since debuting on London's Alternative Investment Market in February, pushing the company's market value to 37 million pounds.