TIDMIDOX
RNS Number : 5282G
IDOX PLC
16 November 2022
16 November 2022
Idox plc
( 'Idox', the 'Group' or the 'Company')
Year End Trading Update
A resilient performance
Idox plc (AIM: IDOX), a leading supplier of specialist
information management software and solutions to the public and
asset intensive sectors, today issues a trading update for its
financial year ended 31 October 2022 ('FY22').
Group trading performance
We are pleased to report Idox has delivered a resilient
performance for FY22 against a backdrop of economic uncertainty. We
have continued to make progress towards a number of our medium-term
strategic goals, putting the Group on a strong footing for the
future.
Our focus on winning and retaining long-term recurring revenue
contracts with high quality customers has resulted in record full
year order intake in excess of c. GBP74m, up 19% on FY21, providing
good visibility into FY23.
The Board expects to report (subject to audit) a c. 15% increase
in full year adjusted EBITDA to c. GBP22.5m, in line with
management's expectations. Revenue is expected to be up 6% to c.
GBP66m, and recurring revenue is anticipated to be up c. 12% over
the period to c. GBP40.5m. As a result, the Group expects to
deliver an improved adjusted EBITDA margin of c. 34% (FY21:
31%).
The Group's net debt at year-end was GBP6.7m, a reduction since
31 October 2021 (GBP8.1m net debt). The Group continues to maintain
significant balance sheet flexibility and strength, including a
GBP35m revolving credit facility and a GBP10m accordion.
As reported in early October, Idox acquired Landhawk, a land
mapping and GIS data business, for GBP1.5m, including an initial
cash consideration of GBP1.1m. Landhawk further strengthens the
Group's GIS capabilities following the acquisitions of Aligned
Assets, thinkWhere and exeGesIS in FY21. We continue to pursue a
number of acquisition opportunities but remain focussed on ensuring
strategic alignment whilst maintaining a disciplined approach to
valuations.
We have started FY23 with strong recurring revenue and good
levels of contract renewals, a solid order book and a healthy
pipeline. As a result, our expectations for FY23 remain unchanged,
albeit we remain cognisant of the current economic environment.
David Meaden, Chief Executive Officer of Idox commented:
"We have laid the foundations for sustained success at Idox, and
against a challenging macro-economic backdrop, we have delivered a
robust set of results.
With recurring revenue and order intake up, we are well
positioned to continue our success over the coming years, supported
by a strong balance sheet.
Pleasingly, we have seen significant success in areas of
strategic focus, notably with Idox Cloud where we have seen 15 new
sales during the period, which bodes well for our future
performance.
The integration of recent acquisitions into the Group has
progressed well and we have made several adjustments to our
operating business, building capacity for future growth. I am
pleased that our leadership development programme has ensured that
all new senior appointees have been internal candidates.
We have a strong balance sheet position, leaving us well placed
for an accretive buy and build programme. This, alongside our
accelerating organic growth, will create significant value for
shareholders and wider stakeholders going forward."
Notice of results
The Group expects to report its FY22 results in late January
2023. Management intends to host a results webinar on the day.
Please contact MHP Communications to register your interest.
Definitions
Adjusted EBITDA is defined as earnings before amortisation,
depreciation, restructuring, acquisition costs, impairment,
financing costs and share option costs.
Net 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
Chris Stone, Non-Executive Chairman investorrelations@idoxgroup.com
David Meaden, Chief Executive
Officer
Anoop Kang, Chief Financial
Officer
Peel Hunt LLP (NOMAD and Broker)
Paul Gillam
Michael Burke
James Smith +44 (0) 20 7418 8900
MHP Communications + 44 (0) 20 3128 8276
Reg Hoare idox@mhpc.com
Ollie Hoare
Matthew Taylor
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END
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