IT as a service provider Adept4's revenues from continuing operations rose to £5.0m in the six months to the end of March - up from £0.8m last time/

The group said 71% of revenues were recurring.

Gross profits rose to £3.1m from £0.5m.

It said that on a like for like basis recurring revenue and gross profit increased by 10%.

The group posted a loss from continuing operations for the period £0.7m due to amortisation of intangibles (£0.4m) and finance costs (£0.5m, of which £0.3m were'fair value' finance costs related to BGF loan notes and deferred & contingent consideration).

Executive chairman Gavin Lyons said:"I am pleased to report upon the results of the Group for the six months ended 31 March 2017 which represent continued progress for the Group as it rebuilds from the complete divestment of the old Pinnacle Technology business completed in May 2016.

"The period under review has been one of consolidation (with no acquisitions or disposals) rather than the frenetic sequence of M&A activity which characterised the preceding 12 months as we established the Group in its current form.

"During the period we have continued to make good progress with our strategy of delivering IT as a Service to our customer base and in building out a business platform capable of future scaling both organically and through acquisition.

"We have built a business that has solid financial foundations with high levels of recurring revenues and gross profit.

"We have also continued to build strong relationships with a small number of key vendors, which enables us to execute against our approach of being an asset light IT business.

"Now that the fundamental turnaround of the Company is complete, it is now the right time for me to step down as Executive Chairman in order for someone else to come and guide the Group through its next phase of growth. We have commenced a process to find a suitable replacement and I remain committed and in situ until that process has been completed."

At 10:00am: (LON:AD4) Adept4 Plc share price was +0.5p at 5.75p