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£136M Market Cap Revenues around £60m but reliant on debt facilities for cashflow 'Organic revenue growth' only to the extent loans are available (new £40m facility agreed) EBITDA of £16m (25% of revenue not bad), PBT of £7.6m... overall £5.7m profit Earnings impacted by tax from previous years and total dividend for theyear 0.75p (around 2%) Net debt falling to £15.4m (approx £4m paid off over 12 months) Todays update suggests net debt has fallen by around £5m over a 6 month period, down to £9.7m. However not to get too excited as the same time a year ago the company reported " a significant reduction in net debt, from £19.8m at the year end 31 October 2013, to £8.7m on 30 April 2014" ... only for it to rise again in the second half of the year. Still despite the fluctuating net debt position, the company continues to purchase shares to Treasury whilst they remain cheap. There is no hurry to repay loans off especially with the company growth to date and the expected turnaround in the groups oil and gas assets (11% of the company).. The balance sheet looked healthy in January and in previous statements prior to that and weighting of profits normally comes in the first half of the year. Results are due out in three weeks
"The Company's election management team continues to be actively engaged in supporting local authority customers in preparation for the UK General Election in May."
two rns indicate large holdings by institutional investors . Should be positive for the results out soon
With about £21m in borrowings at the end of April but generating almost £10m cash every six months a £40m facility gives IDOX the resources to make more earnings enhancing acquisitions - Don't think they have ever offered significant numbers of shares when doing deals - so unlike many on AIM there has been no dilution of us shareholders who have been there for some years.
Its Engineering Information Management (EIM) Division has agreed to supply its McLaren Enterprise solution software suite and related services to an American multinational energy corporation. The contract, which includes the license, services and a multi-year managed, off-premise hosted solution, is worth $4.08m over its duration. The McLaren Enterprise solution software suite will be used to manage and optimise standard operating procedures (including safety) and engineering documentation and business processes for new capital projects and operations associated with upstream exploration and production. Richard Kellett-Clarke, CEO of Idox, commented: "This contract further consolidates McLaren's market leadership with the world's largest Oil & Gas companies, offering a "best in class" software solution to providers of asset intensive industries globally. With blue chip customers in unconventional gas, oil sands and offshore production, Idox's EIM Division has more than 20 years' experience helping its customers implement robust document control and management systems for both major capital projects and asset operations across the oil and gas industry."
Selftrade have priced IDOX at 4,350p -we are rich!!!
...And the little train keeps chuggin'.... GLA
trading update for the six months to 30 April 2014. The Company is pleased to report a very satisfactory trading performance in the first half of the year, with Group revenues from continuing operations up 12% and earnings substantially ahead of the first half of 2013. Strong cash generation in the period has also enabled a significant reduction in net debt, from £19.8m at the year end 31 October 2013, to £8.7m on 30 April 2014. The Public Sector Software Division (PSS) has delivered above trend revenue growth of close to 8% on the prior period, driven by an uptake of its managed services offering with five new contract wins, further market share gains, and a focus on add-on services to its existing customer base. The Engineering Information Management Division (EIM), where revenues have grown by 20% on H1 2013, has been the subject of a root and branch review and comprehensive reorganisation to focus on account management and improved levels of service in its core sectors of oil & gas, infrastructure and utilities. These customers are showing strong demand for our solutions which meet their current needs for improved efficiency and compliance. The first output of this new focus has been the issue of revised product roadmaps as well as improved consultation, to be followed by a major upgrade to the SaaS FusionLive offering, which will be launched in North America in Q3. Richard Kellett-Clarke, CEO of Idox said: "The excellent trading improvement across each of our two divisions has been the result of strengthening the management team, improvements in systems and operational disciplines and a focus on back-to-basics following our major acquisition programme up to 2013. We expect the changes made in the first half of the year to deliver a lower cost base in the second half and further trading improvements in 2015. The Board remains confident that market expectations for the full year will be achieved." The Group expects to announce interim results for the 6 months to 30 April 2014 on 12 June 2014.
Just what we needed: "Idox has enjoyed a much better start to 2014 with Group revenues growing by just over 10% in the first quarter compared to the same period last year. This was predominantly the result of a significant recovery in the Engineering Information Management Division, with revenues reflecting the upturn in new business since the start of the financial year, bolstered by a more disciplined and rigorous approach to our new business pipeline management. "In the Public Sector Software Division notable new business wins since the start of the year have included corporate land & property solutions at Trafford, Hindburn & Solihull, and election managed services at Fife, East Ayrshire, South Lanarkshire and Sheffield, leaving the Group's contracted deals ahead of the comparable period last year. The division, which now includes the Information Solutions business, has also completed a content services contract with the Welsh government. "We are encouraged by the positive start to the year, and the board expects that the changes made to the business, which began in 2013, will deliver further benefits in the second half of the current financial year. "We are also delighted to announce the appointment of Jane Mackie as Chief Financial Officer with immediate effect, details of which are contained in a separate announcement."
Things looking a bit better here. Think decline was overdone - but would be good to see some new positive guidance/analyst projections to keep the momentum going.
The worst seems to be behind us here. Last years issues appear to have been addressed, recent results were encouraging, and the plan going forward appears to be sound. We also have what appears to be the start of a decent uptrend since mid December last year, which should have more legs, and hopefully take us back to more a reasonable level. GLA.
I've bought some IDOX for the first time on the dip today. Today's results were evidently better than expected, and the outlook appears promising. Basically IDOX appear to have sorted themselves out, with a good H2. Adjusted EPS of 3.53p appears to be much better than forecasts, which ranged between 2.5p and 3.2p. Plus there's a 0.7p dividend. I note that Finncap have initiated coverage today with a Buy and a 44p price target: http://www.stockmarketwire.com/article/4735656/FLASH-Finncap-starts-IDOX-at-buy-target-44p.html
Anyone's take on the results ???
Results due tomorrow. Hoping for a better dividend.
When there is so much positive news about IDOX does the share price keep falling ... does ANYONE know what's going on ????
Bit of movement North at last ... anyone got any feelings for the potential results supposed to be announced in December ???
Oversold - results may be slightly worse than originally expected (as stated in latest RNS) but there is scope for a significant increase in the dividend which would be sensible as this is a maturing business. Cash flow is likely to be well over £10m and last years dividend was £2.2m. So a 50% dividend increase would not be reckless and would help cheer up the market
Large volume sales today. Does anybody have insight into what is happening here ?
When I posted this there was some huge buying volume; checked on this site to find some large director buys, when I looked again they had disappeared?
With results due mid December I would be surprised if directors were allowed to trade now.
How do you know that the directors are buying in today ?
Get in now; big director buys today
04 November 2013  4 November 2013 Idox plc Year End Trading Statement Idox plc (AIM: IDOX, "the Company") reports that despite a stronger second half to the year the Company is disappointed to have to announce today that it will fall short of its May 2013 EBITDA guidance for the full year by up to 20%. The Public Sector and Solutions divisions traded in line with expectations with the Public Sector division having a particularly strong end to the year. The Engineering Information Management (EIM) Division's performance, although much improved against H1, again fell short of expectations. The Company has carried out an internal review to identify areas in need of improvement and is in the process of taking remedial action. The Company anticipates it will appoint a new Chief Financial Officer shortly, and will report with him on the changes made with the final results in December.
see today's Trading Update expected to be 20% below EBITDA given in may my trading screen shows share price @ 33p down 13%. looks like chief financial officer got the boot, don't know what is going on but strange all the same.