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(Sharecast News) - Software and solutions specialist Idox said on Friday that it had delivered a "continued robust financial performance" in its continuing operations during the first quarter, in line with the internal expectations.
Idox said it had recorded year-on-year growth in underlying revenues and earnings as it experienced "no significant impact" from the UK's third lockdown.
The AIM-listed group stated it had also registered a further "material reduction" in its closing net debt, which was £18.0m on 31 Jan, down from £27.1m a year earlier.
As a result of strong cash generation from continuing operations and the proceeds of its recent disposals of Idox Content, the firm currently expects to be net cash positive by 30 April.
Idox, which also confirmed that it will pay a final dividend of 0.3p for the 2020 trading year on 9 April, stated it was "progressing well" against its plans for 2021, with the board confident in the future prospects of the business.
Chief executive David Meaden said: "We have performed well in the first quarter of the year. Expansion within our existing client base alongside new customer wins has translated to underlying revenue growth. As we further simplify the group, we expect to continue improving revenue visibility, earnings and cash generation."
As of 0845 GMT, Idox shares were up 0.84% at 62.52p.
13 Jun 2023 13:46
IN BRIEF: Idox issues third earn-out for Aligned Assets acquisition
Idox PLC - Reading, England-based supplier of information management software for public and "asset intensive" sectors - Issues 814,336 new shares at one penny each as part of the third earn-out consideration regarding its acquisition of Aligned Assets Ltd, originally announced back in June 2021. Says the earn-out consists of GBP500,000 in cash, which will be paid in full on June 14. The total consideration of the acquisition was GBP10.5 million, of which GBP7.5 million was paid in cash. The total earn-out consideration was made up of a payment of GBP1.5 million in cash and 2.4 million shares, payable over a 24-month period.
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