IDOX Idox Plc

 

TIDMIDOX 
 
RNS Number : 3798C 
IDOX PLC 
12 November 2009 
 

12 November 2009 
 
 
 
 
IDOX plc 
 
 
Year-end trading update 
 
 
IDOX plc (AIM: IDOX, 'the Group', 'IDOX'), the supplier of software and services 
to the UK public sector, announces a trading update for the year ended 31 
October 2009. 
 
 
Overall, the Group has performed strongly in the second half. However, the Board 
now anticipates that the Group's revenues for the financial year will be lower 
than its expectations and as a consequence EBITDA will be about 9% below market 
forecasts. As previously reported, IDOX has continued to see extended decision 
making and a shift towards longer term maintenance and managed service 
contracts. However, this has impacted 2009 revenue recognition, although it 
further strengthens the Group's future recurring revenue stream. 
 
 
In the local government markets where the Group specialises, demand remains 
strong. At the end of the financial year, the Group had an increased order 
backlog for delivery and its strongest qualified pipeline. 
 
 
The solutions business has grown revenues through a second half contribution 
from J4B and in the recruitment business permanent placements, as expected, 
suffered as a result of the recession. Contract recruitment remained broadly 
stable. There are now signs that permanent recruitment is beginning to recover. 
 
 
Continued improvements in operational performance have already generated 
annualised savings of GBP1.5m in 2009. 
 
 
The Group's cash position remains strong, even after the repayment of GBP3.0m 
debt, a maiden interim dividend and the acquisition of J4B for GBP0.8m cash. As 
at 31 October 2009, the Group had GBP7.0m cash, with net funds of GBP3.2m. 
 
 
Martin Brooks, Chairman, said: 
 
 
"We have built a record contracted order book and it is therefore frustrating to 
have experienced delays in customers' procurement at the end of the last 
financial year. We do not expect these delays to have any impact on the current 
financial year. 
 
 
"Looking forward, tender activity in our markets continues to be high as local 
authorities remain under pressure to reduce costs and improve services. 
 
 
"We have a substantial amount of contracted local authority revenue still to 
recognise and we are very confident of converting our large qualified pipeline 
into further sales. The business is in good shape and our balance sheet is 
strong with net cash." 
 
 
IDOX expects to publish its final results on 12 January 2010. 
 
 
Enquiries: 
 
 
 
 
+--------------------------------------+--------------+----------------------------+ 
| IDOX                                                | 020 7332 6000              | 
+-----------------------------------------------------+----------------------------+ 
| Martin Brooks, Chairman                             |                            | 
+-----------------------------------------------------+----------------------------+ 
| Richard Kellett-Clarke, Chief Executive             |                            | 
+-----------------------------------------------------+----------------------------+ 
| William Edmondson, Chief Financial Officer          |                            | 
+-----------------------------------------------------+----------------------------+ 
|                                                     |                            | 
+-----------------------------------------------------+----------------------------+ 
| Investec                                            | 020 7597 4000              | 
+-----------------------------------------------------+----------------------------+ 
| Andrew Pinder / Erik Anderson                                                    | 
+----------------------------------------------------------------------------------+ 
|                                      |                                           | 
+--------------------------------------+-------------------------------------------+ 
| College Hill                         | 020 7457 2020                             | 
+--------------------------------------+-------------------------------------------+ 
| Adrian Duffield / Carl Franklin      |                                           | 
+--------------------------------------+--------------+----------------------------+ 
 
 
 
 
About 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, Plantech 
and IDOX product range. Over 70% of UK local authorities are customers. 
 
The Group 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 and the recently acquired J4B business. 
 
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. 
 
For more information see www.idoxplc.com 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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