Half year trading update

RNS Number : 7842G

IDOX PLC

18 May 2011

 



18 May 2011

IDOX plc

Trading update for the six months ended 30 April 2011

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.

The Group will announce its interim results on 14 June 2011.

Richard Kellett-Clarke, Chief Executive Officer said:

"This was an excellent first half performance with growing opportunities, in both the UK public sector and global engineering document control business, coming through and driving revenue growth and profits upwards, setting the Company up well for the second half of the trading year.

"As the Company leverages its core technology skills of large scale document and information management across a wider range of activities in the UK and increasingly internationally as well, we expect further new business and acquisition opportunities to open up in the near future."

Enquiries:

IDOX plc	[phone]
Martin Brooks, Chairman
Richard Kellett-Clarke, Chief Executive
William Edmondson, Chief Financial Officer
Investec Investment Banking	[phone]
Andrew Pinder Patrick Robb Cara Griffiths
FinnCap	[phone]
Charles Cunningham (Corporate Finance)
Stephen Norcross (Corporate Broking)
College Hill	[phone]
Adrian Duffield / Kay Larsen

About IDOX plc

IDOX plc is a supplier of software solutions and services to the UK public sector and increasingly to the wider corporate sector. It is the leading applications provider to 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 Group provides public sector organisations with tools to manage information and knowledge, documents and content, business processes and workflow as well as connecting directly with the citizen via the web.

These capabilities have been recently extended via the acquisition of McLaren Software into the related area of engineering document management and control applications, serving many leading international companies in industries such as oil & gas, mining, utilities, pharmaceuticals and transportation.

IDOX also supplies decision support content and additional specialist services via the IDOX Information Solutions business, as well as transforming approaches to knowledge and content management via consultancy and training in the UK and internationally.

In addition, it provides these specialist skills to customers through its TFPL branded recruitment division.

For more information see www.idoxplc.com

 

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