Year End Update and Board Change
Idox plc (AIM: IDOX), a leading supplier of specialist information management solutions and services, today provides a further update on results for its financial year ended 31 October 2017 (further to the announcement dated 14 November 2017).
Following internal review in preparation for the full year audit, the Company has identified a small number of revenue items that it does not consider should be recognised in the FY2017 results, which are expected to reduce EBITDA for FY2017 to approximately £20m (compared to about £23m stated in the announcement of 14 November, and £21.5m in 2016). These matters were identified internally and have been brought to the attention of Idox’s auditors by the Company.
Clarification of these issues has been complicated by the sudden absence of Andrew Riley, Idox’s CEO, due to illness. Richard Kellett-Clarke, currently a non-Executive Director and former CEO of Idox, has agreed to stand in as Interim CEO pending Andrew’s return from sick leave.
As a result of the matters above, the Board expects that the Company’s final results for the 2017 financial year will be announced in February 2018.
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 update and board change described herein, and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Jane Mackie, Director.
Idox plc +44 (0) 870 333 7101
Laurence Vaughan, Non-Executive Chairman
Richard Kellett-Clarke, Interim Chief Executive
Jane Mackie, Chief Financial Officer
N+1 Singer (NOMAD and Broker) +44 (0) 20 7496 3000
MHP (Financial PR) +44 (0) 20 3128 8100
Information last updated: 26 March 2018