Published: 19 May 2015
Idox plc (AIM: IDOX), a leading supplier of specialist information management solutions through its two divisions, Public Sector Software and Engineering Information Management ("EIM"), announces a trading update for the six months to 30 April 2015.
Public sector sales, which accounts for three quarters of Group revenues, were up 14%, but EIM revenues were down 28%, resulting in Group revenues being flat when compared to the first half of 2014. Net debt was £9.7m compared to £15.8m at 31 October 2014.
The Public Sector division has continued to grow its managed services and hosting offering with two significant contract wins; Pendle and Watford, and has made further market share gains replacing 24 competitor systems. Over £2m in revenues have been achieved from outsourced service delivery for the UK General Election. The public sector team has embarked on a new national initiative to be launched in July which will open up new revenue opportunities. The Digital Spirit acquisition has been successfully integrated and will deliver its synergies as planned in the second half.
In response to the downturn in market conditions in the engineering business, the division was restructured at the turn of the year, resulting in approximately £3.0m in annualised saving across the Group.
Richard Kellett-Clarke, CEO of Idox said: "The Group has continued to advance on all fronts, apart from new EIM sales, but because of the efficiencies achieved we are confident of achieving a full year result in line with management expectations."
The Group expects to announce interim results for the 6 months ended 30 April 2015 on 8 June 2015.
Idox plc +44 (0) 870 333 7101
Martin Brooks, Chairman
Richard Kellett-Clarke, Chief Executive
Jane Mackie, Chief Financial Officer
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Leander (Financial PR) +44 (0) 7795 168 157
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 560 staff located in the UK, the USA, Canada, Europe, India and Australia.
Updated: 21 March 2018