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Idox pre-tax profits up 15%

By BFN News | 07:25 AM | Wednesday 14 December, 2016


Idox posts a 15% rise in pre-tax profits for the year to the end of October and announced it has made a conditional voluntary offer to acquire 6PM Holdings. This will be funded partly in cash and partly by the issue of Idox shares. The offer values the entire issued share capital of 6PM at £18.46 million. The company also announced it intends to conduct a placing to raise gross proceeds of up to c. £20.5 million (before expenses) through the issue of new ordinary shares. Full-year financial highlights: - Revenues up 23% to £76.7m (2015: £62.6m) - Adjusted EBITDA increased 18% to £21.5m (2015: £18.2m) - Adjusted EBITDA margin 28.0% (2015: 29.1%) - Adjusted profit before tax was £16.7m, up 15% (2015: £14.5m) - Adjusted EPS** 4.11p up 25% (2015: 3.28p) - Net debt as at 31 October 2016 stood at £25.0m (31 October 2015 £23.1m; £4.7m net cash outflow on two acquisitions in the second half of the financial year) - Proposed final dividend of 0.650p (2015: 0.525p) making a total of 1p (2015: 0.850p), an increase of 18% for the financial year Chief executive Andrew Riley said: "Idox has reported another year of strong progress, driven by organic growth complemented by contributions from acquisitions, underpinned by our strategy of positioning the Group as a key partner to enable its customers to achieve significant efficiencies through digital technologies. "We have started the new financial year strongly building on this good performance, have integrated recent acquisitions and have had early successes winning contracts. The Group is well positioned in its markets and has a strong revenue visibility, order book and pipeline. We are on track to achieve our target of £100m of revenues at sustainable margins in the short to medium term, through a combination of organic growth and acquisitions. "Overall, the outlook for Idox in the coming years is therefore very positive and our expectations for the Group's financial performance are unchanged." Story provided by StockMarketWire.com

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