Last checked at 8 May 2014 07:00
8 May 2014
Idox plc
Trading Update
Idox plc (AIM: IDOX, "Idox", "the Group" or "the Company"), a leading independent supplier of software and services to the UK public sector and global engineering information markets, announces a 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.
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Enquiries:
Idox plc +44 (0) 870 333 7101
Martin Brooks, Chairman
Richard Kellett-Clarke, Chief Executive
Jane Mackie, Chief Financial Officer
N+1 Singer (NOMAD and Broker) +44 (0) 20 7496 3000
Shaun Dobson / Nick Donovan
Leander (Financial PR) +44 (0) 7795 168 157
Christian Taylor-Wilkinson
About Idox plc
Idox plc is a supplier of specialist document management collaboration solutions and services to the UK public sector and increasingly to highly regulated asset intensive industries around the world in the wider corporate sector.
Its Public Sector Software Division is the leading applications provider to UK local government for core functions relating to land, people and property, such as its market leading planning systems and election management software. Over 90% of UK local authorities are now customers. The Division provides public sector organisations with tools to manage information and knowledge, documents, content, business processes and workflow as well as connecting directly with the citizen via the web. It also supplies, predominantly to the public sector, decision support content such as grants and planning policy information as well as related specialist services.
The Engineering Information Management Division delivers engineering document control, project collaboration and facility management applications to many leading companies in industries such as oil & gas, architecture and construction, mining, utilities, pharmaceuticals and transportation around the world.
The Group employs over 500 staff located in the UK, the USA, Europe, India and Australia.For more information see www.idoxplc.com