Half year trading update (7842G)
May 18 2011 - 2:00AM
UK Regulatory
TIDMIDOX
RNS Number : 7842G
IDOX PLC
18 May 2011
18 May 2011
IDOX plc
Trading update for the six months ended 30 April 2011
IDOX plc (AIM: IDOX, 'IDOX' or the 'Company'), a leading
supplier of software and services to the UK public sector and major
corporates, announces a trading update for the six months to 30
April 2011.
Both revenue and normalised profits showed very significant
growth over the first half of 2010 with a continuation of the good
start to trading reported earlier in the year coupled with the
positive impact of acquisitions made over the past year. New
business sales from IDOX's core local authority business continue
to be encouraging and will support further revenue progression in
the second half of the trading year.
The integration of McLaren Software, acquired in December 2010,
has been swift and the business has returned to growth and
profitability ahead of schedule. Performance is expected to
accelerate as the Company invests in additional global sales
resource to capitalise on a growing pipeline of opportunities.
The Company's term loan has now been paid off in its entirety,
12 months early, and IDOX is now in a good net cash position after
funding all recent acquisitions - including LalPac, which completed
in early May following successful OFT clearance. This allows IDOX
to move ahead and execute on further earnings enhancing
acquisitions as and when the opportunities arise, as well as
supporting the Company's declared progressive dividend policy.
The Group will announce its interim results on 14 June 2011.
Richard Kellett-Clarke, Chief Executive Officer said:
"This was an excellent first half performance with growing
opportunities, in both the UK public sector and global engineering
document control business, coming through and driving revenue
growth and profits upwards, setting the Company up well for the
second half of the trading year.
"As the Company leverages its core technology skills of large
scale document and information management across a wider range of
activities in the UK and increasingly internationally as well, we
expect further new business and acquisition opportunities to open
up in the near future."
Enquiries:
IDOX plc +44 (0) 20 7332 6000
Martin Brooks, Chairman
Richard Kellett-Clarke, Chief Executive
William Edmondson, Chief Financial
Officer
Investec Investment Banking +44 (0) 20 7597 5000
Andrew Pinder
Patrick Robb
Cara Griffiths
FinnCap +44 (0) 20 7600 1658
Charles Cunningham (Corporate Finance)
Stephen Norcross (Corporate Broking)
College Hill +44 (0) 20 7457 2020
Adrian Duffield / Kay Larsen
About IDOX plc
IDOX plc is a supplier of software solutions and services to the
UK public sector and increasingly to the wider corporate sector. It
is the leading applications provider to 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.
The Group provides public sector organisations with tools to
manage information and knowledge, documents and content, business
processes and workflow as well as connecting directly with the
citizen via the web.
These capabilities have been recently extended via the
acquisition of McLaren Software into the related area of
engineering document management and control applications, serving
many leading international companies in industries such as oil
& gas, mining, utilities, pharmaceuticals and
transportation.
IDOX also supplies decision support content and additional
specialist services via the IDOX Information Solutions business, as
well as transforming approaches to knowledge and content management
via consultancy and training in the UK and internationally.
In addition, it provides these specialist skills to customers
through its TFPL branded 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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