TIDMIDOX
RNS Number : 1986Z
IDOX PLC
20 May 2021
Idox plc
( 'Idox' or the 'Group' or the 'Company')
FY21 H1 trading update
Strong performance building on last year's improvements
Idox plc (AIM: IDOX), a leading supplier of specialist
information management software and solutions to the public and
asset intensive sectors, is pleased to issue a trading update in
respect of the first half of its financial year, the six months
ended 30 April 2021 ("FY21 H1").
Financial highlights
The Group expects to report the following results for FY21
H1:
-- Continuing operations (excluding disposed Content businesses):
o Revenue increased by 4% to GBP31.1m (FY20 H1: GBP30.0m);
and
o Adjusted EBITDA* increased by 17% to GBP10.1m (FY20 H1:
GBP8.7m).
-- On a reported basis (including disposed Content businesses),
Group revenue decreased by 0.3% to GBP35.0m (FY20 H1: GBP35.1m) and
Group Adjusted EBITDA* increased by 8% to GBP10.4m (FY20 H1:
GBP9.6m).
-- Net cash** at 30 April 2021 of GBP7.6m (30 April 2020: net
debt GBP14.3m, 31 October 2020: net debt GBP16.1m), a significant
improvement resulting from continued strong cash generation and
proceeds of GBP12.6m from the disposal of our Content
businesses.
Operational highlights
The first half of FY21 has seen continued delivery of the
Company's strategic goals following the transformation across the
Group over the previous two financial years.
Operational highlights include:
-- The disposal of Content businesses, in line with our
continued corporate simplification and focus on software
operations.
-- Good progress with our sales and marketing initiatives implemented during FY20; we are seeing significantly increased levels of customer engagement and improved revenues as a direct consequence of these efforts.
-- Order book visibility remains strong, underpinning our confidence in full year expectations.
-- Ongoing people development initiatives, and an increased
focus on our collective environmental, social and governance
projects.
-- Continued progress on M&A prospecting, with a number of
active conversations with potential targets, alongside a growing
pipeline.
David Meaden, Chief Executive of Idox commented:
"Idox expects to report another strong financial performance in
our first half, driven by our focus on software, and in particular
our local authority markets.
It has been a busy period, with two separate disposals that
previously comprised the Content division whilst also developing
our M&A pipeline. Our operational execution has remained
focused and we continue to pursue opportunities to grow quality
revenues, improve margins and increase cash as well as remaining
cognisant of our responsibilities to the communities and
stakeholders we impact.
Following the disposals, the Group reports a net cash position
for the first time in over a decade, and at a level that represents
the highest in its trading history even after payment during the
period of the reinstated final dividend. In addition, the Group
retains good facilities to fund its selective bolt-on acquisition
strategy.
We are pleased with our performance, which has met the Board's
expectations, and are excited about the organic and inorganic
opportunities to provide more solutions to our chosen markets. We
remain focused on delivering the best performance we can for our
customers, our people and investors."
Notice of results
The Group expects to report its FY21 H1 results on Tuesday 15
June 2021. Management intends to host a results webinar on the day.
Please contact MHP Communications to register your interest.
* Adjusted EBITDA is defined as earnings before amortisation,
depreciation, restructuring, acquisition costs, impairment,
financing costs and share option costs.
** Net cash / (debt) is defined as the aggregation of cash, bank borrowings and long-term bond.
For further information please contact :
Idox plc +44 (0) 870 333 7101
David Meaden, Chief Executive
Rob Grubb, Chief Financial Officer
Peel Hunt LLP (NOMAD and Broker) +44 (0) 20 7418 8900
Edward Knight
Paul Gillam
Nick Prowting
MHP Communications + 44 (0) 203 128 8170
Reg Hoare idox@mhpc.com
James Bavister
Amy O'Sullivan
About Idox plc
For more information see www.idoxplc.com @Idoxgroup
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END
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