REG - IDOX PLC - Full Year 2024 Trading Update

IdoxAnnouncement

26/11/2024 07:00

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RNS Number : 5856N  IDOX PLC  26 November 2024

26 November 2024

Idox plc

('Idox', the 'Group' or the 'Company')

Full Year 2024 Trading Update

A strong performance with c.20% growth in revenue

 

Idox plc (AIM: IDOX), a leading supplier of specialist information management
software and geospatial data solutions to the public and asset-intensive
sectors, today issues a trading update for its financial year ended 31 October
2024 ('FY24').

 

Group trading performance

 

We are pleased to report that Idox has delivered strong growth for FY24. This
builds on the significant progress the Group has made over the past few years.

 

The Group delivered an order intake of c.£89m in FY24 (FY23: £82m), an
increase of c.9% on the prior year, reflecting our high-quality customer base
and strong market positions.

 

The Board expects to report (subject to external audit) revenue and adjusted
EBITDA(1) in line with expectations; revenue is expected to be up c.20% to
c.£87.6m (FY23: £73.3m), with recurring revenue also up over the period to
c.£54m (FY23: £45.5m), delivering a c.7% increase in full year adjusted
EBITDA to c.£26.1m (FY23: £24.5m) and an adjusted EBITDA margin of c.30%
(FY23: 33%).

 

The Group continued to generate good cash flow during the year and ended the
year with a net debt(2) position of c.£10.0m (£14.7m as at 31 October 2023).

 

Notice of results

 

The Group expects to report its FY24 results in late January 2025. Management
intends to host a results webinar on the day. Please contact MHP to register
your interest.

 

David Meaden, Chief Executive Officer of Idox commented:

 

"We are pleased to have delivered a strong performance in 2024, featuring a
c.20% growth in revenue.

 

Our most recent acquisition, Emapsite, has added significant scale and
expertise to our existing geospatial data capabilities, and has performed well
in the year. We continue to be excited by the growth opportunities available
in this sector, adding to our existing market leading public software
capabilities. We continue to evaluate the opportunity for further acquisitions
to enhance our offering and are optimistic on the pipeline as we move into
2025.

 

Whilst aware of wider economic and geopolitical uncertainties, the Group is
well positioned and looks forward to reporting its FY24 results in January
2025, and also providing an update on the early progress made in FY25."

 

Definitions

(1) Adjusted EBITDA is defined as earnings before amortisation, depreciation,
restructuring, acquisition costs, impairment, financing costs and share option
costs.

(2) Net debt is defined as the aggregation of cash, bank borrowings and
long-term bond. This differs from a similar measure under IFRS, which would
also include lease liabilities as debt. The definition used is consistent with
that used within the Group's banking arrangements.

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)                                                                                                                                                                                                                              +44 (0) 20 7418 8900

 Benjamin Cryer

 Kate Bannatyne

 Adam Telling

 MHP                                                                                                                                                                                                                                                           + 44 (0) 7831 406117

 Reg Hoare                                                                                                                                                                                                                                                     idox@mhpgroup.com

 Ollie Hoare

 Matthew Taylor

 About Idox plc

 For more information see www.idoxplc.com
 (https://protect.checkpoint.com/v2/___http:/www.idoxplc.com/___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzoyNjdlOGQwMWFlY2I5MTdiODk4MDc1OTcxYTUzY2FhNjo2OjA3ZTY6M2UxZTU0OWI0NzIyOTVmYmQ4YTg0ZjlmZjgyMDU0NjUzMTQ5ZmNhMWU4MmNhMDY1MjczMjBjMTgwZTRlMDhiNzpwOkY6Tg)
  @Idoxgroup

 

 

 

 

 

 

 

 

 

 

 

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