The shares of IT services company Adapt IT, once billed as a "mini-EOH", have suffered the contagion of association with its larger peer, with its stock losing 60% since January 31 2018. This week, it released full-year results to June, showing a 29% fall in EPS. Like EOH in its heyday, Adapt IT used its equity to buy companies. Those days are over; now it’s using debt. We asked CEO Sbu Shabalala whether its borrowings are under control.

You’ve got to see it in the context of the past financial year: making acquisitions became a bit of a challenge and the main contributing factor to that was our share price, which was not valued at levels that would have allowed us to do acquisitions we wanted...

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