IDOX -significant growth 1st half18 May 2011 08:21
IDOX plc (AIM: IDOX, 'IDOX' or the 'Company'), a leading supplier of software and services to the UK public sector and major corporates, announces a trading update for the six months to 30 April 2011.
Both revenue and normalised profits showed very significant growth over the first half of 2010 with a continuation of the good start to trading reported earlier in the year coupled with the positive impact of acquisitions made over the past year. New business sales from IDOX's core local authority business continue to be encouraging and will support further revenue progression in the second half of the trading year.
The integration of McLaren Software, acquired in December 2010, has been swift and the business has returned to growth and profitability ahead of schedule. Performance is expected to accelerate as the Company invests in additional global sales resource to capitalise on a growing pipeline of opportunities.
The Company's term loan has now been paid off in its entirety, 12 months early, and IDOX is now in a good net cash position after funding all recent acquisitions - including LalPac, which completed in early May following successful OFT clearance. This allows IDOX to move ahead and execute on further earnings enhancing acquisitions as and when the opportunities arise, as well as supporting the Company's declared progressive dividend policy.