(Alliance News) - Idox PLC on Wednesday reported growth in half-year revenue, crediting the strength in its Public Sector Software business and an improved recurring revenue performance.
Idox is a Reading, England-based supplier of information management software for public and 'asset intensive' sectors.
In the six months ended April 30, pretax profit remained broadly flat, slipping 1.5% to GBP3.60 million from GBP3.66 million the previous year.
Revenue grew 6.7% in the half to GBP33.2 million from GBP31.1 million a year prior. Idox said this was driven by double-digit growth in the Public Sector Software segment.
Recurring revenue - which now accounts for 60% of total revenue - increased by 13% to GBP19.8 million from GBP17.6 million.
The company noted a weaker performance from its Engineering Information Management business, however, as a result of "continued global uncertainties". It expects a stronger performance from this business in the second half.
Looking to the remainder of 2022, the company said it has good revenue visibility thanks to recurring revenue and its strong order book. It added that the company is continuing to perform in line with expectations.
Shares in Idox were up 1.6% at 62.00 pence on Wednesday in London.
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Idox Group (IDOX)