Half Year Results for the six months ended 30 April 2017
IDOX plc (AIM: IDOX, “Idox”, “the Company” or “the Group”), a leading supplier of specialist information management solutions and services, today announces its half year results for the six months ended 30 April 2017.
- Revenues up 19% to £44.2m (H1 2016: £37.2m), benefiting from first time half year contributions from three recent acquisitions
- Adjusted EBITDA* increased 2% to £10.3m (H1 2016: £10.1m)
- Profit before tax was £4.1m** (H1 2016: £6.5m)
- Basic EPS 0.87p (H1 2016 1.71p)
- Adjusted profit before tax*** £6.9m (H1 2016: £7.9m), reflecting increased investment and finance costs
- Adjusted EPS*** 1.46p (H1 2016: 1.97p)
- Cash generated from operating activities before tax as a percentage of Adjusted EBITDA was 116% (H1 2016: 145%)
- Net debt as at 30 April 2017 was £28.2m (H1 2016 £13.9m; 31 October 2016: £25.0m); including £5.4m cash paid to vendors in H2 2016 acquisitions and £11.6m bond from 6PM acquisition
- Interim dividend of 0.385p (2016: 0.350p) up 10%
- Solid progress in line with our expectations: on track for full year
- Strategic focus on, and continued investment in, public sector
- New digital services platform, enabled by recent acquisitions, underpinning public sector focus and future growth
- Initial contributions from recent acquisitions – integrations on track
- First time contribution from Idox Health (formerly 6PM), integration progressing and is trading in line with acquisition expectations
- Visibility of revenues from the UK General Election and a healthy pipeline and order book
- Full second half contributions from 2016-17 acquisitions (including Idox Health)
- Further progress with digital services platform now offering 30 citizen-centric services
- Recent contract wins and a strong pipeline of orders
* Adjusted EBITDA is defined as earnings before amortisation, depreciation, restructuring, acquisition, corporate finance and share option costs
** Includes £0.1m acquisition credit
*** Adjusted profit before tax and adjusted EPS excludes amortisation on acquired intangibles, restructuring and acquisition credit
Andrew Riley, Chief Executive of Idox, commented:
“We have made solid progress in the first half, in line with our expectations and slightly ahead of last year. We have continued to refocus the business on the public sector, with significant investment in our digital services platform for future growth.
“The outlook for the remainder of the year is encouraging and we have good visibility for our second half performance. This is expected to benefit from a number of positives, not least strong elections activity, the phasing of new contracts and the realisation of the benefits of acquisition and organic investment.”
IDOX plc +44 (0) 870 333 7101
Andrew Riley, Chief Executive Officer
Jane Mackie, Chief Financial Officer
N+1 Singer (NOMAD and Broker) +44 (0) 20 7496 3000
MHP Communications +44 (0) 20 3128 8100
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 894 staff located in the UK, North America, Europe, India and Australia.
For more information see www.idoxplc.com.
Information last updated: 26 March 2018