Half Year Results for the six months ended 30 April 2016
IDOX plc (AIM: IDOX, “Idox”, “the Company” or “the Group”), a leading supplier of specialist information management solutions and services, today announces half year results for the six months ended 30 April 2016.
- Revenues up 26% to £37.2m (H1 2015: £29.6m) including 5% organic growth
- Adjusted EBITDA* increased 42% to £10.1m (H1 2015: £7.1m)
- Adjusted EBITDA* margin improved to 27% (H1 2015: 24%)
- Profit before tax was 110% higher at £6.5m** (H1 2015: £3.1m)
- Adjusted profit before tax*** was 36% up at £7.9m (H1 2015: £5.8m)
- Adjusted EPS*** 1.97p up 56% (H1 2015 restated: 1.26p)
- Cash generated from operating activities before tax as a percentage of Adjusted EBITDA was 145% (H12015: 149%)
- Net debt as at 30 April 2016 stood at £13.9m (H1 2015 £9.7m; 31 October 2015: £23.2m); £9.35m cost of the two acquisitions in H2 2015
- Interim dividend of 0.35p (2015: 0.325p) up 8%
- Strong performance from Public Sector Software (PSS):
- Organic growth – 81 new system wins
- Delivered local election solutions in May 2016
- Good progress with digital services platform
- Good first time contribution from Reading Room (acquired in H2 2015)
- Engineering Information Management (EIM) continued its recovery with 10% organic revenue growth and double digit margins
- Visibility of revenues from the European Referendum and a healthy pipeline and order book
* Adjusted EBITDA is defined as earnings before amortisation, depreciation, restructuring, acquisition, corporate finance and share option costs
** Includes £0.7m acquisition credit
*** Adjusted profit before tax and adjusted EPS excludes amortisation on acquired intangibles, restructuring and acquisition costs
Richard Kellett-Clarke, Chief Executive of Idox, commented:
“The Group is pleased to report excellent progress in line with expectations and its strategy. Our strong growth reflected the success of focusing on supporting our customers to deliver efficiency in key areas of our domain expertise; this growth was derived from a combination of solid organic growth and a good contribution from Reading Room.”
“Following the strong first half performance, we have additional visibility of revenues from the European Referendum and a healthy pipeline and order book. These together with full year contributions from last year’s acquisitions, means the Board is confident of at least meeting market expectations for the financial year as a whole.”
IDOX plc +44 (0) 870 333 7101
Richard Kellett-Clarke, Chief Executive
Jane Mackie, Chief Financial Officer
Andrew Riley, Chief Operations Officer
About Idox plc
Idox plc is a supplier of specialist information management solutions to the public sector and to highly regulated asset intensive industries around the world in the wider corporate sector.
Idox 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. Idox 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, and providing elections management solutions. It also supplies in the UK and internationally, decision support content such as grants and planning policy information and corporates compliance services. Idox 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 in North America and around the world.
The Group employs over 665 staff located in the UK, North America, Europe, India and Australia.
For more information see www.idoxplc.com.
Information last updated: 22 March 2018