17 May 2016
Idox plc
("Idox" or the "the Group")
Half Year Trading Update
Notice of Half Year Results
Market share gains and strong growth in revenue and profitability
Idox plc (AIM: IDOX), a leading supplier of software and services to the public and private sectors, provides an update on trading for the six months ended 30 April 2016.
The Group is pleased to report excellent progress in line with expectations and its strategy. Group revenues grew by approximately 26% with underlying organic revenue growth of 5% and good first time contributions from the acquisitions completed in the second half of last year.
The Group's Public Sector Software (PSS) division, which represents more than three quarters of Group revenues, continued to make further market share gains with 81 new system wins in the six months. These wins included good business in the run up to the recent UK local elections and ahead of the forthcoming EU referendum as well as good progress with iApply, our sophisticated solution for planning and building control. Engineering Information Management (EIM) traded in line with expectations of an improved performance. Cloud Amber (acquired July 2015) and Reading Room (acquired October 2015) have been successfully integrated to plan and both continue to perform well.
Good cash generation during the period left net debt as at 30 April 2016 at £13.9m, 0.6x 2016 EBITDA and £9.2m lower than October 2015 (£23.1m).
As a result of good growth in PSS, EIM's improved performance and good contributions from acquisitions the Board expects half year EBITDA will be substantially ahead of the same period last year. This performance is consistent with at least meeting the Board's expectations for the financial year as whole.
Notice of half year results
The Board expects to report the Group's half year results on 7 June 2016.
Richard Kellett-Clarke, Chief Executive of Idox, said:
"Idox has made excellent progress in the first half of our financial year, reflecting our diversified business model and sources of earnings. As a result we are confident in the outlook and opportunities for the year as whole."
For further information please contact:
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Idox plc |
+44 (0) 870 333 7101 |
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Richard Kellett-Clarke, Chief Executive Jane Mackie, Chief Financial Officer Andrew Riley, Chief Operations Officer |
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N+1 Singer (Nominated adviser and Broker) |
+44 (0) 20 7496 3000 |
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Shaun Dobson Liz Yong |
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MHP Communications |
+44 (0) 20 3128 8100 |
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Reg Hoare/Andrew Leach/Charlie Barker |
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About Idox plc
Idox plc is a supplier of specialist document management collaboration solutions and services to the public sector and increasingly to highly regulated asset intensive industries around the world in the wider corporate sector.
Its Public Sector Software Division is the leading applications provider to UK local government for core functions relating to land, people and property, such as its market leading planning systems and election management software. Over 90% of UK local authorities are now customers. The Division provides public sector organisations with tools to manage information and knowledge, documents, content, business processes and workflow as well as connecting directly with the citizen via the web, and providing elections management solutions. It also supplies in the UK and internationally, decision support content such as grants and planning policy information and corporates compliance services.
The Engineering Information Management Division delivers engineering document control, project collaboration and facility management applications to many leading companies in industries such as oil & gas, architecture and construction, mining, utilities, pharmaceuticals and transportation in North America and around the world.
The Group employs over 660 staff located in the UK, the USA, Canada, Europe, India and Australia.