REG - IDOX PLC - Half Year 2023 Trading Update

IdoxAnnouncement

18/05/2023 07:00

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RNS Number : 7856Z  IDOX PLC  18 May 2023

18 May 2023

Idox plc

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

Half Year 2023 Trading Update

Good first half performance, positive momentum and continued cash generation

 

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 half year ended 30 April 2023 ('FY23 H1').

 

 

Group trading performance

 

We are pleased to report that the Group has delivered a good performance
during the first six months of the year with year-on-year adjusted EBITDA
growth of c.10%. Operating under a new tripartite divisional structure of
Land, Property & Public Protection, Communities and Assets, the Group
continues to make encouraging progress in its chosen markets.

 

The Group delivered a significant increase in order intake during the period
of c.£52m (up 23% from FY22 H1) providing good levels of recurring revenue
visibility for the remainder of FY23 and into FY24.

 

The Board expects to report a c.10% increase in adjusted EBITDA to c.£12m, in
line with management expectations. Revenue was up c.8% to c.£36m, within
which recurring revenue was up c.7% over the period to c.£21m.

 

The Group continued to generate strong cash flow during the period and ended
the half with a net cash position of c.£1m compared to a net debt position of
£6.7m as at 31 October 2022 (net debt of £3.8m as at 30 April 2022).

 

 

David Meaden, Chief Executive of Idox commented:

 

"The Group has delivered a good performance for the period in a challenging
macro-economic environment.

 

We have continued to secure both new clients and new contracts with key
customers, which has resulted in significantly higher order intake, providing
good visibility into the future. As anticipated, the Group has delivered
double digit profit growth in the period.

 

Our focus on cash generation has ensured we ended the period with net cash,
compared to net debt at the year end. Combined with our available debt
facilities, this enables us to continue to pursue attractive acquisition
targets that we believe will generate value for all shareholders.

 

We are pleased with our progress and momentum and are on track to deliver on
our plans for the remainder of 2023."

 

 

Notice of half year results

 

The Group expects to report its FY23 H1 results on Thursday 8 June 2023.
Management will host a results webinar on the day. Please contact MHP to
register your interest.

 

 

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

 

(2) 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
 Chris Stone, Non-Executive Chairman   investorrelations@idoxgroup.com

 David Meaden, Chief Executive

 Anoop Kang, Chief Financial Officer

 Peel Hunt LLP (NOMAD and Broker)      +44 (0) 20 7418 8900
 Paul Gillam

 Michael Burke

 James Smith

 MHP                                   + 44 (0) 20 3128 8170
 Reg Hoare                             idox@mhpgroup.com (mailto:idox@mhpgroup.com)

 Ollie Hoare

 Matthew Taylor

 

 

About Idox plc

For more information see www.idoxgroup.com (http://www.idoxgroup.com)
@Idoxgroup

 

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