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UPDATE - AdEPT Telecom celebrates extension of council framework agreement

Published: 07:26 14 Oct 2014 EDT

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---ADDS BROKER COMMENT AND SHARE PRICE---

AdEPT Telecom (LON:ADT) has been awarded an extension to the public sector telecom framework it has with the Eastern Shires Purchasing Organisation (ESPO).

The telecom framework has been extended for a further two years until the end of October 2016.

Under this framework agreement AdEPT is the sole recommended supplier of landlines, broadband, session Internet protocol and Internet connectivity to the public sector and not for profit organisations nationwide.

Ian Fishwick, chief executive of AdEPT Telecom said that in the first two years of the ESPO agreement, 20 councils moved their service to AdEPT.

“This has made AdEPT one of the fastest growing suppliers in this part of the public sector market,” Fishwick said.

Picking up that theme, broker Northland Capital Partners said the public sector has been a good source of new business for AdEPT Telecom over the past few years and is likely to continue to provide further opportunities in the years to come.

“As well as ESPO, AdEPT was awarded approved supplier status to the Crown Commercial Services (central government bodies) in FY14 and is a long standing supplier under the Ja.net framework, whereby it can sell data connectivity and networks to UK Universities and Colleges,” the broker noted, adding that public sector revenue represented 11.9% of total revenue at the end of fiscal 2014, up from 4.5% a year earlier.

“We anticipate further growth this year as revenues ramp up in signed contracts and new contracts are secured,” AdEPT’s nominated adviser added, as it reiterated its ‘buy’ recommendation and 165p price target.

Shares in AdEPT were down 1.5p at 110p in lunchtime trading.

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