IDOX Idox Plc

 

TIDMIDOX 
 
RNS Number : 5478S 
IDOX PLC 
20 May 2009 
 

20 May 2009 
 
 
IDOX plc 
Order book ahead of expectations, early repayment of some debt and intention to 
pay a maiden interim dividend 
 
 
IDOX plc (AIM: IDOX), the supplier of software and services to the UK public 
sector, announces a trading update for the six months to 30 April 2009. 
The first-half contracted order book is ahead of the Board's expectations, IDOX 
having bid successfully on a number of larger and more complex contracts from 
new unitary authorities created by the Local Government Review. 
 
 
Since the period end, IDOX has announced contracts totalling GBP1.65 million 
with the new authorities of Cornwall and Central Bedfordshire. 
 
 
As indicated at the AGM in February, the delivery schedule of contracts and 
recognition of their revenues will be weighted to the second half of the 
financial year. 
 
 
IDOX's contracted work in progress, awaiting revenue recognition on delivery, 
has increased by GBP1.8 million since the start of the financial year. Despite 
uncertainties in the wider economy, local authorities are continuing to invest 
in service improvements and internal efficiencies, prompting the Board to 
maintain its expectations for the full year. 
 
 
Costs have been tightly controlled and after good management of working capital, 
IDOX ended the first half of 2009 with a strong cash position, even after a 
one-off charge related to further acquisition restructuring, the purchase of J4B 
for GBP0.8 million and the early repayment of GBP2.5 million of debt. 
 
 
As a result, IDOX plans to pay a maiden interim dividend that reflects the 
Board's confidence in trading. 
 
 
J4B, whose acquisition was announced on 23 April 2009, has made an encouraging 
start, having signed its largest contract - for GBP0.9 million - in the month 
before it was acquired. The Board continues to look for larger acquisition 
opportunities that will enhance shareholder value by adding new capabilities to 
IDOX's already strong product and service portfolio in the local authority 
market. 
 
 
Martin Brooks, IDOX Chairman, said: 
 
 
"Our order book is ahead of expectations and we are delighted to be in a 
financially strong position allowing for a maiden interim dividend distribution 
to be made. The business has done especially well in winning large open tenders 
from new authorities that faced the challenges of migrating and integrating data 
from their predecessors. 
 
 
"I am pleased to report that IDOX's project management and integration skills 
have recently been demonstrated in the successful launch of the Scottish 
Executive's hosted E-planning system, which was delivered on time in April." 
 
 
For further information, call: 
 
+-------------------------------------------------------------+---------------------------+ 
| IDOX plc                                                    |                           | 
+-------------------------------------------------------------+---------------------------+ 
| Martin Brooks, Chairman                                     | 020 7332 6000             | 
+-------------------------------------------------------------+---------------------------+ 
| Richard Kellett-Clarke, CEO                                 |                           | 
| William Edmondson, CFO                                      |                           | 
|                                                             |                           | 
+-------------------------------------------------------------+---------------------------+ 
| Noble & Company Limited                                     |                           | 
+-------------------------------------------------------------+---------------------------+ 
| JohnLlewellyn-Lloyd                                         | 020 7763 2200             | 
| Sam Reynolds                                                |                           | 
+-------------------------------------------------------------+---------------------------+ 
|                                                             |                           | 
| College Hill                                                |                           | 
| Adrian Duffield                                             | 020 7457 2020             | 
| Carl Franklin                                               |                           | 
+-------------------------------------------------------------+---------------------------+ 
 
 
 
 
Notes for Editors 
 
IDOX plc 
 
IDOX plc is a supplier of software solutions and services principally to the UK 
public sector and the leading applications provider to local government for core 
functions relating to land, people and property through its UNI-form and IDOX 
product range. Some 70% of UK local authorities are customers. 
 
The Company gives public-sector organisations the tools to manage information 
and knowledge, documents and content, business processes and workflow as well as 
connecting directly with the citizen via the web. 
 
It also supplies decision support content and additional specialist services via 
the IDOX Information Service. 
 
Under the TFPL brand the company is transforming approaches to knowledge and 
content management via consultancy and training, as well as providing these 
specialist skills to customers through its recruitment division. 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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