Published: 27 November 2018
('Idox' or the 'Group' or the 'Company')
Year End Trading Update
ldox plc (AIM: IDOX), a leading supplier of specialist information management solutions and services, today issues a trading update for the twelve months ended 31 October 2018.
The Group continues the transition to fully consolidate prior year acquisitions and refocus operations on our core profitable and cash generative activities to maximise shareholder value. As announced on 2 November 2018, the Group took the strategic decision to dispose of its loss-making Digital business.
The Group expects to report:
The Group has appointed a new leadership team to drive value in the business with the appointment of Chris Stone as Non-Executive Chairman, Dave Meaden as Chief Executive Officer and Rob Grubb as Chief Financial Officer.
The Group has made progress with its core business in adjusting revenue profiles to align with the performance obligations of the services and solutions we deliver to our customers. The Group has also been focused on reducing the cost base to more appropriately match our business model to drive increased profitability and tightly manage working capital to ensure improved cash conversion.
The following provides an update on all these objectives, and excludes the Digital business to illustrate trends in the remaining core businesses of the Group going in to FY2019:
The Group expects to issue its FY2018 preliminary results announcement in February 2019.
† Adjusted EBITDA is defined as earnings before amortisation, depreciation, restructuring, acquisition, corporate finance and share option costs.
David Meaden, Chief Executive of Idox, commented:
"FY2018 has seen a number of changes in the Idox business, but we end the financial year in a stronger position than we entered it and I am confident in our new leadership and team to deliver success in FY2019.
We continue to work hard to fully integrate prior year acquisitions and refocusing operations on our intellectual property and profitable cash generative activities.
I am excited by the prospects for the business in FY2019 and future periods as we begin to reap the benefits of these ongoing efforts."
This announcement is released by Idox plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to the trading update described herein, and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Idox plc +44 (0) 870 333 7101
David Meaden, Chief Executive
Rob Grubb, Chief Financial Officer
N+1 Singer (NOMAD and Broker) +44 (0) 20 7496 3000
Shaun Dobson / Jen Boorer (Corporate Finance)
Tom Salvesen (Corporate Broking)
About Idox plc
For more information see www.idoxplc.com @Idoxgroup
Updated: 27 November 2018