“Alongside the pivot to faster growth managed services as a key feature of the investment case, we believe AdEPT will continue to add significant value via M&A,” Cantor Fitzgerald said

AEPT has appointed Phil Race as its new chief executive in a move which will allow founder and current boss Ian Fishwick to become chairman and focus more heavily on acquisitions

"The results for the period demonstrate the strength of our capex light model and our organic and acquisitive growth strategy," said AdEPT's chairman, Roger Wilson

The telecoms firm said the £2.5mln acquisition was expected to improve its revenue run rate by around 5%

"I am pleased to report that, in the six months to the 30 September 2018, AdEPT made considerable progress in its strategy of further expanding its managed service and IT capability, with continuing geographical focus on London and the South East," said Roger Wilson, the chairman of AdEPT

The acquisition further expands AdEPT’s commercial IT capability and customer base, whilst maintaining the geographical focus on London and the south east

"The excellent result for this year was delivered through a combination of strategic acquisition and organic contract wins, maintaining margins on customer contracts and maintaining high levels of operational efficiency."