TIDMIDOX
RNS Number : 3086T
IDOX PLC
12 December 2012
12 December 2012
IDOX plc
Adjusted* pre-tax profits up 36% on acquisitions, organic growth
and further international expansion
IDOX plc (AIM: IDOX, 'IDOX' or the 'Group'), a leading supplier
of software and services, announces final results for the year
ended 31 October 2012.
Highlights
-- Revenues up 50% to GBP58m (2011: GBP39m); a combination of
strong organic growth and acquisition performance
o Engineering Information Management Division revenues reached
31% of total (2011: 12%)
o International revenues increased to 31% (2011:12%)
-- EBITDA** rose 44% to GBP16.7m (2011: GBP11.6m)
-- Adjusted profit before tax* up 36% to GBP14.8m (2011: GBP10.9m)
-- Profit before tax GBP6.9m (2011: GBP5.6m)
-- Adjusted EPS* increased 55% to 3.83p (2011: 2.47p), Basic EPS 1.94p (2011: 1.31p)
-- Final proposed dividend of 0.40p (2011: 0.36p), total for
year 0.675p (2011: 0.60p), 13% increase over last year
-- Completed and integrated GBP24m of acquisitions funded by
cash flow and a new acquisition debt facility resulting in year-end
net debt of GBP21.5m (2011:GBP2.4m), maintained within a prudent
multiple of EBITDA
* Adjusted profit before tax and adjusted EPS excludes
amortisation, impairment, restructuring, corporate finance and
share option costs
** EBITDA is defined as earnings before goodwill, impairment,
amortisation, depreciation, restructuring, corporate finance and
share option costs
Martin Brooks, Chairman, said:
"We have enjoyed further transformation in 2012, driven by
strong organic growth and our continuing acquisition programme in
both our major software divisions. We have implemented a strategy
of diversification for the future in order to increase our
geographic spread and work towards revenue parity between our
operations in the public and private sectors. This strategy is
progressing well, as we report 31% of revenue coming from our
Engineering Information Management business and 31% of revenue
being derived outside the UK; an impressive leap from the 12%
achieved in both measures in the previous year.
"We have started the new financial year well, with a business
pipeline across all divisions stronger than the previous year,
despite continuing wider economic headwinds. As well as
international diversification, our growing reputation for domain
expertise in both our public and private sector markets brings
further new opportunities."
Enquiries:
IDOX plc +44 (0) 20 7332 6000
Martin Brooks, Chairman
Richard Kellett-Clarke, Chief Executive
William Edmondson, Chief Financial
Officer
Investec Bank plc (NOMAD & Broker) +44 (0) 20 7597 5000
Andrew Pinder / Patrick Robb
FinnCap (Broker) +44 (0) 20 7600 1658
Stuart Andrews / Stephen Norcross
Leander (Financial PR) +44 (0) 7795 168 157
Christian Taylor-Wilkinson
About IDOX plc
Idox plc is a supplier of specialist document management
collaboration solutions and services to the UK public sector and
increasingly to highly regulated asset intensive industries around
the world in the wider corporate sector.
Its Public Sector Software Division is the leading applications
provider to UK 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, content, business processes and workflow as well as
connecting directly with the citizen via the web.
Through the Information Solutions Division Idox also supplies,
predominantly to the public sector, decision support content such
as grants and planning policy information as well as related
specialist services.
The Engineering Information Management Division delivers
engineering document control, project collaboration and facility
management applications to many leading companies in industries
such as oil & gas, architecture and construction, mining,
utilities, pharmaceuticals and transportation around the world.
In addition the Group provides knowledge and content management
skills to customers through its TFPL branded recruitment
division.
The Group employs over 500 staff located in the UK, the USA,
Europe, India and Australia.
For more information see www.idoxplc.com
Chairman's Statement
Idox has delivered an outstanding performance in this financial
year. We have not only consolidated our position as the market
leading Land and Property software specialist in the UK Public
Sector software local government market, but we have also now
established a strong foothold in the global Engineering Information
Management market.
We have enjoyed further transformation in 2012 and a greater
leap in profitability, driven not only by our continuing
acquisition programme, but also by a very encouraging uplift in
organic growth in both our major software divisions. Five
acquisitions were made in the financial year; CT Space Group,
Interactive Dialogues, Opt2Vote, Currency Connect and FMx. All are
performing well and as a result we have many new Idox employees in
the UK and around the world to welcome to our growing organisation.
This acquisition programme has been met from the high cash
conversion generated from operating activities, together with a
flexible debt facility, which is maintained well within a prudent
multiple of earnings.
As always, it is our senior management and all our employees who
drive this business forward in terms of capability and
profitability. We are also privileged to have the support and
engagement of many of our key shareholders on our journey as a
growing AIM listed company, as well as able professional advisers.
All have played a part in helping Idox progress well against the
continuing headwinds of great uncertainty in the wider economic
world.
Looking to the future, we have sought to diversify our core
software businesses, which are largely driven off a common
technology base, as well as achieving a greater geographical
spread. We have also sought to achieve a degree of parity in
revenues between our Public Sector business and our private sector
Engineering Information Management (EIM) business and between the
UK and the rest of the world.
Therefore it is pleasing to report that in this financial year
we show 31% of Group revenues coming from the EIM division
(2011:12%) and 31% coming from outside the UK (2011: 12%) with a
particular focus on non European markets such as the USA, our
largest market outside the UK, Australia and the BRIC countries
which, together, provided 69% of this international total.
As our Company grows, the board has developed its thinking on
governance and risk management. We are determined to protect our
small company heritage of rigorous attention to detail, cash and
cost control, combined with speedy execution, while recognising
that new scale and opportunities around the world bring new
challenges. Such potential issues include anticipating technology
shifts, ensuring revenue recognition policies remain appropriate as
business expands, multiple overseas jurisdictions and currencies,
different national cultures, as well as more complex product lines
and management skills. These all require more planning and
oversight by the board acting independently, as well as by senior
management.
In turn this also requires the composition and skill base of the
board to be progressively refreshed and as part of this process, we
were particularly pleased to welcome Professor Dame Wendy Hall FRS
as an additional non-executive director in October.
In line with our progressive dividend policy, the Board proposes
a final dividend of 0.40p, subject to shareholder approval, making
a total for the year of 0.675p, a 13% increase over 2011.
The new financial year has started well, building on our high
recurring revenues and strong qualified sales pipeline and we look
forward to another year of further development and growth at
Idox.
Chief Executive Review
This year we have built on the improvements we have made in
previous years and laid the foundations for further growth and
prosperity of the business.
To achieve this we continue to evolve our internal processes,
develop further our product strategies, invest in new graduates,
encourage innovation in all parts of the organisation from product
to back office operations and importantly, focus on delivering
improved customer care. These continued efforts have delivered this
year's growth and we are committed to continuing this growth across
the Group.
The Public Sector Software Division has benefited from local
government responding to the current difficult economic environment
and we have actively engaged with them to look for ways to improve
services at a reduced cost through improvements in productivity,
vendor consolidation, automation and business change. The division
has won seventy-five individual new systems in the past twelve
months delivering significant improvements in productivity and
thereby cost savings. Although we are not always the cheapest
vendor we strive to demonstrate the benefits of our solutions and
our commitment to deliver improved services and support over the
long term.
Building on our successes in 2011 we have this year implemented
more shared, managed and hosted solutions and look forward to
growing this part of our business further in 2013.
The Engineering Information Management Division (EIM), which
previously just included McLaren Software, was expanded at the
start of the year through the acquisition of CTSpace and at the end
of the year with the extension of our capabilities into facilities
management software with the acquisition of FMx. This, together
with another year of double digit organic growth, has helped raise
EIM revenue from 12% in 2011 to 31% in 2012.
McLaren Software launched its new hosted "On-Air" offering in
Q4. This resulted in making Idox the only global supplier within
the Engineering Information Management market able to provide
enterprise-wide document management and collaboration solutions for
the construction and operation of large assets, offering a flexible
open standards cross platform package whether in the Cloud,
off-premise hosted or on-premise solution.
Our Information Solutions Division extended its content and web
capabilities through added-value consultancy and training services
outside the public sector with the acquisition of Currency Connect
and Interactive Dialogues. It is now able to offer a range of
content, hosting, e-learning and compliance solutions in the public
sector and in the private sector across Europe. The division has
improved its renewal rates, grown its training revenues in double
digits and successfully completed its first content and managed
services outsourcing contract for the Greater London Authority
(GLA), where it not only reduced the costs but also managed to
deliver an improved outcome through a combination of content,
domain expertise and technical capability.
Recruitment continued to make a contribution to the business and
has reorganised its approach to take account of the continued
difficult market and the internationalisation of its business.
Outlook
The Group will continue to build upon its previous financial
success and has again started this year well with a stronger
pipeline than the year before across all of the divisions.
We expect the shift in revenue mix to a higher percentage of
private sector revenues to work in our favour with higher top line
growth expected, whilst margins are expected to move closer to
those of the public sector business.
In 2013 we intend to accelerate the level of innovation in all
aspects of the business, not just development, and will continue to
look for areas of productivity improvement, improved processes and,
above all, improved quality in customer care.
We expect the geographic diversification of the revenue base to
help insulate the Group from challenging economic issues closer to
home and assist it in the ambition to grow in double digits
organically.
Management will continue its strategy of becoming domain experts
and partner of choice in the Public Sector and EIM markets through
suitable acquisitions which will extend its global and technical
reach.
Financial Review
Group revenues grew by 50% to GBP58m (2011: GBP39m) reflecting
not only the impact of the five acquisitions made in 2012 but also
accelerating organic growth across the business. The Group enjoyed
a significant diversification of its revenues geographically with
31% now generated outside of the UK (2011: 12%). Gross profit
earned was 54% higher at GBP51.4m (2011: GBP33.4m) and the Group
saw an increase in gross margin from 87% to 89% as a result of an
increased mix of higher margin software business. Earnings before
interest, taxation, depreciation and amortisation ("EBITDA")
increased by 44% to GBP16.7m (2011: GBP11.6m) with EBITDA margins
of 29% (2011: 30%).
Performance by segment
The Public Sector software business, which accounted for 52% of
Group revenues (2011: 68%), delivered revenues of GBP30.2m (2011:
GBP26.1m), a growth rate of 15%. Excluding Opt2Vote, the election
managed services business acquired in March 2012 which contributed
GBP2.4m, revenues grew by 6% organically on the previous year.
Recurring revenues within the Public Sector software business
were 57%, down from 66% in FY11 as a result of the strong growth of
new software and services revenue in the year and the
classification of Opt2Vote revenue as non-recurring resulting in a
change in product mix. Divisional EBITDA grew by 8% to GBP10.3m
(2011: GBP9.5m), delivering a 34% margin, a 2% drop on 2011 due to
the inclusion of the lower gross margin Opt2Vote business.
The Engineering Information Management ("EIM") business
accounted for 31% of Group revenues (2011: 12%) and more than
tripled revenues from GBP4.7m in 2011 to GBP17.8m in 2012. This was
achieved by organic growth of 46% in the McLaren business in
addition to the first year's contribution of CT Space which was
acquired in November 2011. Visibility of revenue in the EIM
business has also increased during the year with 48% (2011: 36%) of
revenues coming from recurring maintenance and
Software-as-a-Service ("SaaS") contracts. The business is also
becoming increasingly international with 60% of divisional revenues
coming from the USA, 9% from Australia and 9% from Europe and
Asia.
EBITDA for the EIM business increased five-fold to GBP5.3m
(2011: GBP1.1m), 32% of the Group total. Margins increased to 30%
(2011: 23%) which reflects both the increased scale of the business
and progress made during the year in rapidly integrating CTSpace to
achieve planned cost synergies.
The Information Solutions business increased revenues by 59% to
GBP7.5m (2011: GBP4.7m) as a result of the acquisitions of
e-learning provider, Interactive Dialogues and grants consultancy
business, Currency Connect during the year which contributed
GBP2.1m and GBP1.2m respectively. In 2011 the grants subscription
business faced headwinds during the first year of the public sector
spending cuts which impacted renewal rates and therefore revenue
recognition coming into 2012. However in the second half renewal
rates improved providing a solid platform for growth in 2013.
EBITDA for the Information Solutions business increased 70% to
GBP1m (2011: GBP0.6m).
The Recruitment business revenues declined by 19% to GBP2.5m
(2011: GBP3.1m) as a result of a decline in the low margin contract
recruitment business. However, gross margins were relatively stable
at GBP1.3m due to the shift in mix toward the higher margin
permanent recruitment business. EBITDA declined to GBP0.1m (2011:
GBP0.4m).
Profit before tax
Within the income statement, we present both profit before tax
and adjusted profit before tax which is a performance measure that
is not defined by GAAP but which the directors believe provides a
reliable and consistent measure of the Group's underlying financial
performance. Adjusted profit before tax and adjusted EPS excludes
amortisation, impairment, restructuring, corporate finance and
share option costs.
Adjusted profit before tax increased 36% to GBP14.9m (2011:
GBP10.9m). Financing costs increased from GBP0.4m to GBP1.3m as a
result of the loan facilities which were taken out to fund the
acquisitions made during the year. Interest payable (including swap
costs) was GBP0.9m (2011: GBP0.1m), amortisation of the loan
facility fees GBP0.2m (2011: GBP0.2m) and foreign exchange
translation differences GBP0.1m (2011: GBP0.02m).
Reported profit before tax increased 23% to GBP6.9m (2011:
GBP5.6m). Amortisation of intangibles increased from GBP3.7m to
GBP4.6m as a result of acquisitions made during the year. An
impairment charge of GBP1m has been made against the carrying value
of goodwill in relation to the TFPL recruitment business based on
management's review of the future projections for the business.
Restructuring charges of GBP0.5m (2011: GBP0.2m) relate to the
integration of acquisitions made during the year and corporate
finance costs of GBP1.1m (2011: GBP0.3m) are all acquisition
related and include legal and due diligence fees in respect of the
five acquisitions completed during the course of the year and fees
incurred in respect of one large acquisition which was aborted.
Taxation
The Group's effective tax rate for the year was 3% compared to
19% in 2011. The reduction in the effective rate of tax is largely
related to both the recognition and utilisation of brought forward
tax losses acquired with the McLaren business. During the year,
GBP2.9m of unrecognised brought forward tax losses were utilised
against current year profits within the EIM business. After
utilising these losses, a further GBP4.1m of tax losses remain
available to utilise against future year profits. Based on EIM
trading performance during FY12 the board now consider it highly
probable that the Group will benefit from these tax losses in the
future and as a result a deferred tax asset of GBP4.1m has been
recognised on the balance sheet which has resulted in a GBP0.9m
reduction in the current year tax charge. The Group will continue
to derive a cash benefit from these tax losses in future years.
Excluding the effect of recognising this deferred tax asset the
effective tax rate was 17%.
Earnings per share and dividends
Adjusted earnings per share were up 55% to 3.83p (2011: 2.47p).
Diluted adjusted earnings per share increased by 51% to 3.63p
(2011: 2.41p).
Basic earnings per share were up 48% to 1.94p (2011: 1.31p).
Diluted earnings per share increased by 44% to 1.84p (2011:
1.28p).
The Board proposes a final dividend of 0.40p, to give a full
year dividend of 0.675p (2011: 0.60p). This 13% increase in
dividend reflects the Group's strong profitability growth whilst
also being mindful of maintaining balance sheet capability to
capitalise on future acquisition opportunities. Subject to approval
at the Annual General Meeting, the final dividend will be paid on
24 April 2013 to shareholders on the register at 19 April 2013.
Balance sheet and cashflows
Idox's balance sheet continued to strengthen during the year and
at 31 October 2012 net assets were GBP38.9m compared to GBP34.4m at
31 October 2011.
Cash generated from operating activities before tax as a
percentage of EBITDA was 75%, up from 56% in the previous year.
Trade receivables increased to GBP11.2m (2011: GBP6.0m) as a result
of acquisitions during the year and a strong finish to trading in
the year.
The Group ended the year with net debt of GBP21.5m (2011:
GBP2.4m) after making acquisition related payments (net of cash
acquired) of GBP23.6m and after total dividends and share buy backs
of GBP2.8m. The Group's total signed debt facilities at 31 October
2012 stood at GBP27.7m, a combination of a term loan and flexible
working capital and acquisition revolving credit facilities. The
acquisition facility was extended by a further GBP5m post year-end
however remains undrawn. The Group has enjoyed very significant
headroom against its banking covenants during the year.
Deferred income, representing invoiced maintenance and SaaS
contracts yet to be recognised in revenue stood at GBP13.5m at 31
October 2012 (2011: GBP10.9m), increasing visibility of revenue in
the new financial year.
Consolidated Statement of Comprehensive Income for the year
ended 31 October 2012
Note 2012 2011
GBP000 GBP000
Revenue 2 57,903 38,605
Cost of sales (6,544) (5,157)
--------- ---------
Gross profit 51,359 33,448
Staff costs (26,940) (17,400)
Other operating charges (7,716) (4,487)
--------- ---------
Earnings before goodwill
impairment, amortisation,
depreciation, restructuring,
corporate finance and share
option costs 16,703 11,561
Depreciation (597) (499)
Amortisation (4,618) (3,738)
Impairment of intangible
fixed assets (1,018) -
Restructuring costs (464) (211)
Corporate finance costs (1,109) (281)
Share option costs (731) (1,064)
--------- ---------
Operating profit 8,166 5,768
Finance income 18 247
Finance costs (1,278) (401)
Analysed as:
Adjusted profit before tax 14,846 10,908
Impairment of intangible
fixed assets (1,018) -
Amortisation of intangibles (4,618) (3,738)
Restructuring costs (464) (211)
Corporate finance costs (1,109) (281)
Share option costs (731) (1,064)
--------------------------------------------- --- ------ --------- ------- ---------
Profit before taxation 6,906 5,614
Income tax expense 3 (201) (1,089)
--------- ---------
Profit for the year 6,705 4,525
--------- ---------
Other comprehensive income
for the year Available-for-sale
financial assets
* transferred to profit for the year - (35)
Exchange gains on retranslation
of foreign operations 61 41
--------- ---------
Other comprehensive income
for the year, net of tax 61 6
--------- ---------
Total comprehensive income
for the year attributable
to owners of the parent 6,766 4,531
========= =========
Earnings per share
Basic 4 1.94p 1.31p
Diluted 4 1.84p 1.28p
Consolidated Balance Sheet
At 31 October 2012
2012 2011
GBP000 GBP000
ASSETS
Non-current assets
Property, plant and equipment 817 601
Intangible assets 71,371 48,611
Deferred tax assets 1,417 495
------ ------
Total non-current assets 73,605 49,707
Current assets
Trade and other receivables 16,913 8,843
Cash and cash equivalents 3,640 -
------ ------
Total current assets 20,553 8,843
------ ------
Total assets 94,158 58,550
------ ------
LIABILITIES
Current liabilities
Trade and other payables 5,460 2,304
Other liabilities 17,286 13,315
Provisions 76 117
Current tax 1,020 975
Derivative financial instruments 136 -
Borrowings 2,300 2,408
------ ------
Total current liabilities 26,278 19,119
------ ------
Non-current liabilities
Deferred tax liabilities 6,101 5,060
Borrowings 22,879 -
------ ------
Total non-current liabilities 28,980 5,060
------ ------
Total liabilities 55,258 24,179
------ ------
Net assets 38,900 34,371
====== ======
EQUITY
Called up share capital 3,485 3,463
Capital redemption reserve 1,112 1,112
Share premium account 10,197 10,017
Treasury reserve (107) (204)
Share options reserve 1,825 1,366
Merger reserve 1,294 1,294
ESOP trust (95) (93)
Foreign currency retranslation
reserve 102 41
Retained earnings 21,087 17,375
------ ------
Total equity 38,900 34,371
====== ======
Consolidated Cash Flow Statement
For the year ended 31 October 2012
2011
As restated
2012 *
GBP000 GBP000
Cash flows from operating
activities
Profit for the period before
taxation 6,906 5,614
Adjustments for:
Depreciation 597 499
Amortisation 4,618 3,738
Impairment 1,018 -
Finance income (18) (247)
Finance costs 791 146
Interest rate swap liability 136 -
Debt issue costs amortisation 109 134
Share option costs 568 994
Exchange losses 60 (5)
Movement in receivables (2,571) (2,050)
Movement in payables 121 (2,288)
-------- ------------
Cash generated by operations 12,335 6,535
Tax on profit paid (2,600) (2,132)
Net cash from operating
activities 9,735 4,403
Cash flows from investing
activities
Acquisition of subsidiaries
net of cash acquired (23,266) (1,698)
Deferred consideration paid
relating to subsidiaries
acquired in prior period (320) (648)
Sale of available-for-sale
financial assets - 1,038
Purchase of property, plant
and equipment (523) (568)
Purchase of intangible assets (1,240) (668)
Finance income 18 29
-------- ------------
Net cash used in investing
activities (25,331) (2,515)
Cash flows from financing
activities
Interest paid (620) (134)
New loans 27,800 -
Loan related costs (430) -
Loan repayments (2,300) (4,000)
Equity dividends paid (2,196) (2,036)
Sale/purchase of shares (610) (130)
-------- ------------
Net cash flows from financing
activities 21,644 (6,300)
Net movement on cash and
cash equivalents 6,048 (4,412)
-------- ------------
Cash and cash equivalents
at the beginning of the
period (2,408) 2,004
-------- ------------
Cash and cash equivalents
at the end of the period 3,640 (2,408)
======== ============
*2011 cash flow has been restated to reallocate a cash outflow
of GBP1,000,000 from Investing activities - acquisition of
subsidiaries to Financing activities - loan repayments and to
reallocate a cash outflow of GBP917,000 from Investing activities -
acquisition of subsidiaries to Operating activities - movement in
payables.
Consolidated Statement of Changes in Equity
At 31 October 2012
Called Capital Share Treasury Share Merger ESOP Foreign Retained Total
up redemption Premium reserve options reserve Trust currency earnings
share reserve account reserve retranslation
capital reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
GBP000
Balance at 1
November
2010 3,442 1,112 9,903 (455) 630 1,294 (93) - 15,179 31,012
Issue of share
capital 21 - 114 - - - - - - 135
Transfer on
exercise of
share options - - - - (258) - - - 243 (15)
Sale of treasury
shares - - - 972 - - - - (501) 471
Purchase of
treasury shares - - - (721) - - - - - (721)
Share options
granted - - - - 994 - - - - 994
Equity dividends
paid - - - - - - - - (2,036) (2,036)
Transactions with
owners 21 - 114 251 736 - - - (2,294) (1,172)
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Profit for the
period - - - - - - - - 4,525 4,525
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Other comprehensive
income
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Exchange gains on
retranslation
of foreign
operations - - - - - - - 41 - 41
Available-for-sale
financial
assets - transfer
to profit
for year - - - - - - - - (35) (35)
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Total comprehensive
income
for the period - - - - - - - 41 4,490 4,531
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Balance at 31
October
2011 3,463 1,112 10,017 (204) 1,366 1,294 (93) 41 17,375 34,371
======== =========== ======== ========= ======== ======== ======= ============== ========= ========
Issue of share
capital 22 - 180 - - - - - - 202
Transfer on
exercise of
share options - - - 134 (109) - - - (797) (772)
Purchase of
treasury shares - - - (37) - - - - - (37)
Share options
granted - - - - 568 - - - - 568
ESOP trust - - - - - - (2) - - (2)
Equity dividends
paid - - - - - - - - (2,196) (2,196)
Transactions with
owners 22 - 180 97 459 - (2) - (2,993) (2,237)
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Profit for the
period - - - - - - - - 6,705 6,705
Other comprehensive
income
Exchange gains on
retranslation
of foreign
operations - - - - - - - 61 - 61
Total comprehensive
income
for the period - - - - - - - 61 6,705 6,766
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
At 31 October 2012 3,485 1,112 10,197 (107) 1,825 1,294 (95) 102 21,087 38,900
-------- ----------- -------- --------- -------- -------- ------- -------------- --------- --------
Notes to the announcement
For the year ended 31 October 2012
1 Basis of preparation
These financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union (EU) and the Companies Act 2006 applicable to
companies reporting under IFRS.
The financial statements have been prepared under the historical
cost convention as modified by the revaluation of certain financial
assets and liabilities, being derivatives at fair value through
profit or loss.
The financial information set out in the announcement does not
constitute the Group's statutory accounts for the year ended 31
October 2012 within the meaning of section 434 of the Companies Act
2006. The financial information for the year ended 31 October 2011
is derived from the statutory accounts for that year which have
been delivered to the Registrar of Companies. The auditors reported
on those accounts; their report was unqualified and did not contain
a statement under Section 498(2) or (3) of the Companies Act 2006.
The statutory accounts for the year ended 31 October 2012 are
expected to be finalised on the basis of the financial information
presented by the directors in this preliminary announcement.
2 Segmental Analysis
In previous periods, the Group was organised into three main
operating segments. Following the acquisition and integration of
McLaren Software Group and CT Space Group, the Group now includes
an Engineering Information Management (EIM) segment. As at 31
October 2012, the Group is primarily organised into four main
operating segments, which are detailed below. Segmental analysis
for the comparative period to 31 October 2011 has been restated to
show results for all four business segments.
Financial information is reported to the chief operating
decision maker, which comprises the Chief Executive Officer and the
Chief Financial Officer, monthly on a business unit basis with
revenue and operating profits split by business unit. Each business
unit is deemed an operating segment as each offers different
products and services.
-- Public Sector Software - delivering software service
solutions to mainly local government customers across a broad range
of departments
-- Engineering Information Management - delivering engineering
document management and control solutions to asset intensive
industry sectors
-- Information Solutions - delivering both an information
service and consultancy services to a diverse range of customers
across both private and public sectors
-- Recruitment - providing personnel with information,
knowledge, records and content management expertise to a diverse
range of customers
Segment revenue comprises of sales to external customers and
excludes gains arising on the disposal of assets and finance
income. Segment profit reported to the chief operating decision
maker represents the profit earned by each segment before the
allocation of taxation and Group related interest payments and
Group corporate finance costs. The assets and liabilities of the
Group are not reviewed by the chief operating decision maker on a
segment basis.
The Group does not place reliance on any specific customer and
has no individual customer that generates 10% or more of its total
Group revenue.
The segment revenues by geographic location for the year ended
31 October 2012 are as follows:
2012 2011
GBP000 GBP000
Revenues from external
customers
United Kingdom 39,688 33,786
USA 10,635 1,884
Europe 5,732 1,551
Australia 1,603 1,255
Rest of World 245 129
------ ------
57,903 38,605
====== ======
Revenues are attributed to individual countries on the basis of
the location of the customer.
The segment results by business Public
unit for the year ended 31 October Sector Information
2012 are as follows: Software EIM Solutions Recruitment Total
GBP000 GBP000 GBP000 GBP000 GBP000
Revenues from external customers 30,172 17,740 7,470 2,521 57,903
Cost of sales (3,493) (1,347) (495) (1,209) (6,544)
--------- -------- ------------- ----------- --------
Gross profit 26,679 16,393 6,975 1,312 51,359
Operating costs (16,409) (11,070) (5,952) (1,225) (34,656)
--------- -------- ------------- ----------- --------
Profit before interest, tax,
depreciation, amortisation,
impairment, share option costs,
corporate finance costs and
restructuring costs 10,270 5,323 1,023 87 16,703
Depreciation (345) (126) (119) (7) (597)
Amortisation (2,776) (964) (869) (9) (4,618)
Impairment of goodwill - - - (1,018) (1,018)
Share option costs (570) (102) (35) (24) (731)
Restructuring (188) (41) (176) (59) (464)
Corporate finance costs (59) (815) (195) - (1,069)
--------- -------- ------------- ----------- --------
Profit before interest and taxation 6,332 3,275 (371) (1,030) 8,206
Interest receivable - 1 3 - 4
Finance costs 9 (129) (21) (4) (145)
--------- -------- ------------- ----------- --------
Segment profit (see reconciliation
below) 6,341 3,147 (389) (1,034) 8,065
--------- -------- ------------- ----------- --------
The segment results by business Public
unit for the year ended 31 October Sector Information
2011 (restated) are as follows: Software EIM Solutions Recruitment Total
GBP000 GBP000 GBP000 GBP000 GBP000
Revenues from external customers 26,132 4,655 4,707 3,111 38,605
Cost of sales (2,809) (296) (310) (1,742) (5,157)
--------- ------- ------------- ----------- --------
Gross profit 23,323 4,359 4,397 1,369 33,448
Operating costs (13,806) (3,287) (3,794) (1,000) (21,887)
--------- ------- ------------- ----------- --------
Profit before interest, tax,
depreciation, amortisation,
impairment, share option costs,
corporate finance costs and
restructuring costs 9,517 1,072 603 369 11,561
Depreciation (387) (15) (90) (7) (499)
Amortisation (2,984) (23) (722) (9) (3,738)
Share option costs (857) (105) (102) - (1,064)
Restructuring (21) (173) (17) - (211)
Corporate finance costs (121) (160) - - (281)
--------- ------- ------------- ----------- --------
Profit before interest and taxation 5,147 596 (328) 353 5,768
Interest receivable 1 2 - - 3
--------- ------- ------------- ----------- --------
Segment profit (see reconciliation
below) 5,148 598 (328) 353 5,771
--------- ------- ------------- ----------- --------
Reconciliations of reportable profit
2012 2011
GBP000 GBP000
Profit
Total profit for reportable segments 8,065 5,771
Corporate finance costs (40) -
Net financial costs (1,119) (157)
------- ------
Profit before taxation 6,906 5,614
======= ======
Corporate finance costs comprise legal fees in relation to
arrangement of Group working capital facilities. Net financial
costs relate to Group bank loan interest, bank facility fee
amortisation and fair value loss on financial derivatives which
have not been included in reportable segments.
3 Taxation
The tax charge is made up as follows:
2012 2011
GBP000 GBP000
Current tax
UK corporation tax on profits for the period 1,455 2,046
Foreign tax on overseas companies 1,108 8
Under/(over) provision in respect of prior
periods (70) 3
------- ------
Total current tax 2,493 2,057
-------
Deferred tax
Origination and reversal of temporary differences (1,712) (715)
Amortisation of intangibles difference in
tax rate (580) (120)
Adjustments in respect of prior periods - (133)
------- ------
Total deferred tax (2,292) (968)
------- ------
Total tax charge 201 1,089
======= ======
Factors affecting the tax charge in the period:
2012 2011
GBP000 GBP000
Profit before taxation 6,906 5,614
======= ======
Profit on ordinary activities multiplied
by the standard
rate of corporation tax in the UK of 24%
(2011: 27%) 1,657 1,516
Effects of:
Tax losses utilised (689) (491)
Non taxable income (3) -
Expenses not deductible for tax purposes 718 205
Capital allowances in excess of depreciation 17 50
Other timing differences 864 104
R&D enhanced relief (10) (60)
Deferred tax - trading losses (941) -
Deferred tax - intangible assets (1,373) (991)
Deferred tax - other movements 23 753
Foreign tax withheld 13 -
Adjustments to tax charge in respect of
prior year (75) 3
201 1,089
======= ======
Movement on trading losses during 2012 are as follows:
UK unrelieved Foreign Total unrelieved
trading unrelieved trading
losses trading losses
losses Tax effect
Recognised trading losses GBP000 GBP000 GBP000 GBP000
As at 1 November 2011 - - - -
Recognised during the year 6,960 6,960 1,879
Utilised during the year (2,871) - (2,871) (689)
Adjustment for reduction in standard
rate of corporation tax from 27%
to 24% - - - (209)
Adjustment for difference between
standard rate of tax at 24%
and deferred tax rate at 23% - - - (40)
------------- ----------- ---------------- ----------
4,089 - 4,089 941
============= =========== ================ ==========
Unrecognised trading losses
As at 1 November 2011 6,960 50 7,010 1,886
Recognised during year (6,960) - (6,960) (1,879)
Utilised during the year - (29) (29) (4)
- 21 21 3
============= =========== ================ ==========
The foreign losses arise in the US and are
subject to IRC s382 limitation.
The effective tax rate was 3% (2011: 19%). The decrease is due
to the recognition of a deferred tax asset in relation to brought
forward losses of GBP6,960,000 and the utilisation of GBP2,871,000
of those losses in the current year. The tax effect of the
utilisation of losses was a credit of GBP689,000 in the tax
charge.
The unrelieved trading losses of GBP4,089,000 arising in the UK
remain available to offset against future taxable trading profits.
A deferred tax asset of GBP941,000 was recognised during the year
in relation to these losses. The losses were acquired during the
prior year and were not previously recognised as a deferred tax
asset. Given the high probability that the Group will benefit from
these tax losses in the future, the deferred tax asset was
recognised during the year.
4 Earnings per Share
The earnings per ordinary share is calculated by reference to
the earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during each period, as
follows:
2012 2011
GBP000 GBP000
Profit for the year 6,705 4,525
------------- -------------
Basic earnings per share
Weighted average number of shares in issue 346,231,724 344,267,741
------------- -------------
Basic earnings per share 1.94p 1.31p
============= =============
Weighted average number of shares in issue 346,231,724 344,267,741
Add back:
Treasury shares 432,000 230,000
ESOP shares 128,618 178,494
------------- -------------
Weighted average allotted, called up and
fully paid share capital 346,792,342 344,676,235
------------- -------------
Diluted earnings per share
Weighted average number of shares in issue
used in basic earnings per share calculation 346,231,724 344,267,741
Dilutive share options 18,852,529 9,096,287
------------- -------------
Weighted average number of shares in issue
used in dilutive earnings per share calculation 365,084,253 353,364,028
Diluted earnings per share 1.84p 1.28p
============= =============
Adjusted earnings per share
Profit for the year 6,705 4,525
Add back:
Amortisation 4,618 3,738
Impairment 1,018 -
Share option costs 731 1,064
Corporate finance costs 1,109 281
Restructuring costs 464 211
Tax effect (1,395) (1,303)
Adjusted profit for year 13,250 8,516
------------- -------------
Weighted average number of shares in issue 346,231,724 344,267,741
Adjusted earnings per share 3.83p 2.47p
============= =============
Adjusted diluted earnings per share 3.63p 2.41p
============= =============
5 Acquisitions
Interactive Dialogues Limited
On 7 November 2011, the Group acquired the entire share capital
of Interactive Dialogues Limited and Interactive Dialogues NV
("ID") for a total considerationof EUR2.2m (GBP1.9m) in cash.
Control passed on the date of acquisition. ID is a leading supplier
of e-learning and information solutions in Europe enabling
organisations to conduct 'dialogues' with employees, customers and
suppliers to achieve legislative compliance in areas such as
Competition Law and the UK Bribery Act. The acquisition of ID
extends the range of solutions available within the Idox
Information Solutions business and provides Idox with an e-learning
platform that will be used to support customers across the
Group.
An initial payment of EUR2m has been made on completion and a
further EUR0.2m is payable one year after completion subject to the
fulfilment of certain conditions. ID had revenues of EUR2.4m for
the year ended 31 May 2011.
Goodwill arising on the acquisition of ID has been capitalised
and consists largely of the workforce value, synergies and
economies of scale expected from combining the operations of ID
with Idox. None of the goodwill recognised is expected to be
deductible for income tax purposes. The purchase of ID has been
accounted for using the acquisition method of accounting.
Fair value
Book value adjustments Fair value
GBP000 GBP000 GBP000
Intangible assets 8 962 970
Property, plant and equipment 17 - 17
Trade receivables 349 - 349
Other receivables 283 - 283
Cash at bank 199 - 199
-------------------- ---------------- -------------
TOTAL ASSETS 856 962 1,818
Trade payables (59) - (59)
Other creditors (263) - (263)
Accruals (179) - (179)
Deferred tax liability - (233) (233)
-------------------- ----------------
TOTAL LIABILITIES (501) (233) (734)
-------------------- ----------------
NET ASSETS 1,084
Purchased goodwill capitalised 832
-------------
Total consideration 1,916
-------------
Satisfied by:
Cash to vendor 1,742
Contingent consideration 174
------
Total consideration 1,916
------
The fair value adjustment for the intangible assets relates to
customer relationships, trade names and software. A related
deferred tax liability has also been recorded as a fair value
adjustment.
The fair value of trade receivables is equal to the gross
contractual amounts receivable. All debts have been reviewed and
are considered recoverable.
The revenue included in the consolidated statement of
comprehensive income since 7 November 2011, contributed by ID was
GBP2,083k . ID also contributed a profit after tax of GBP281k for
the same period. If ID had been included from 1 November, it would
have contributed revenue of GBP2,083k and a profit after tax of
GBP256k.
The earn out period is 1 November 2011 to 31 October 2012. The
earn out arrangements require the Group to pay the former owners of
ID EUR1 for every EUR1 the revenue in the earn out period exceeds
EUR2,200,000 up to a maximum consideration of EUR200,000. The
maximum consideration has been recognised at the date of
acquisition, which represents the fair value of the contingent
consideration.
Acquisition costs of GBP82k have been charged to profit or loss
within corporate finance costs in the consolidated statement of
comprehensive income.
CTSpace
On 15 November 2011, the Group acquired CTSpace, an engineering
and construction sector document management and control business,
for GBP11.6m in cash from Sword Group. The Group acquired the
entire share capital of CT Space Limited, Buildonline Global
Limited, Buildonline Ireland Limited, CT Space SARL, CT Space Gmbh,
CT Space Technologies Pty, CT Space Inc and Citadon Inc. Control
passed on the date of acquisition.
CTSpace provides document management and collaboration workflow
applications for the global construction and engineering industry
and will complement the McLaren Software business that IDOX
acquired in December 2010. CTSpace provides both Software as a
Service ('SaaS') and on-premise enterprise solutions, the latter of
which leverage an organisation's existing investment in leading
enterprise content management ('ECM') platforms such as IBM
FileNet(R), EMC Documentum(R) or Microsoft SharePoint(R). When
deployed with leading enterprise content management platforms,
CTSpace's products provide an integrated, best practice environment
that supports a project's entire lifecycle.
Goodwill arising on the acquisition of CTSpace has been
capitalised and consists largely of the workforce value, synergies
and economies of scale expected from combining the operations of
CTSpace with Idox. None of the goodwill recognised is expected to
be deductible for income tax purposes. The purchase of CTSpace has
been accounted for using the acquisition method of accounting.
Fair value
Book value adjustments Fair value
GBP000 GBP000 GBP000
Intangible assets 6,065 (2,555) 3,510
Property, plant and equipment 360 (243) 117
Trade receivables 2,390 (78) 2,312
Other receivables 758 (71) 687
Corporation tax 590 - 590
Cash at bank 239 - 239
--------------- ---------------- -------------
TOTAL ASSETS 10,402 (2,947) 7,455
Trade payables (350) 3 (347)
Deferred revenue (2,768) 50 (2,718)
Other creditors (587) (18) (605)
Corporation tax (502) (215) (717)
Deferred tax liability - (804) (804)
--------------- ----------------
TOTAL LIABILITIES (4,207) (984) (5,191)
--------------- ----------------
NET ASSETS 2,264
Purchased goodwill capitalised 9,323
-------------
Total consideration satisfied by
cash to vendor 11,587
-------------
The fair value adjustment for the intangible assets relates to
customer relationships, trade names and software. A related
deferred tax liability has also been recorded as a fair value
adjustment. Other adjustments relate to depreciation, bad debt
provision and accrued income to bring these in line with Idox Group
policies.
The fair value of assets acquired includes trade receivables of
GBP2,312k. The gross amount due under contracts is GBP2,726k of
which GBP414k is expected to be uncollectible. Other receivables
are considered to be fully recoverable.
The revenue included in the consolidated statement of
comprehensive income since 15 November 2011, contributed by CTSpace
was GBP8,996k. CTSpace also contributed a profit after tax of
GBP1,098k for the same period. If CTSpace had been included from 1
November, it would have contributed revenue of GBP9,398k and a
profit after tax of GBP965k.
Acquisition costs of GBP488k have been charged to profit or loss
within corporate finance costs in the consolidated statement of
comprehensive income.
Opt2Vote
On 27 March 2012, the Group acquired the entire share capital of
Opt2Vote Ltd, one of the UK's leading providers of electoral
managed services and innovative democracy solutions, for a maximum
cash consideration of GBP3.5m. Control passed on the date of
acquisition.
Opt2Vote provides expertise and knowledge across all areas of
election management and specialises in the provision of managed
services solutions and innovation in areas such as e-Counting and
Early Voting. Opt2Vote supplies electronic vote counting solutions
to the 32 Scottish local authorities as well as managed print
services to UK councils. It is based in Londonderry, Northern
Ireland. Opt2Vote products and services will complement solutions
provided by Strand Electoral Software, acquired by IDOX in 2010 and
will enable the Group to deliver a comprehensive range of
democratic solutions and managed services.
Goodwill arising on the acquisition of Opt2Vote has been
capitalised and consists largely of the workforce value, synergies
and economies of scale expected from combining the operations of
Opt2Vote with Idox. None of the goodwill recognised is expected to
be deductible for income tax purposes. The purchase of Opt2Vote has
been accounted for using the acquisition method of accounting.
Provisional
Book value fair Fair value
GBP000 value adjustments GBP000
GBP000
Intangible assets - 1,996 1,996
Property, plant and equipment 44 (24) 20
Trade receivables 181 - 181
Corporation tax 103 - 103
Other receivables 51 5 56
Cash at bank 633 - 633
------------- -------------------- -------------
TOTAL ASSETS 1,012 1,977 2,989
Trade payables (81) - (81)
Other creditors (73) - (73)
Accruals (307) 3 (304)
Deferred tax liability - (478) (478)
TOTAL LIABILITIES (461) (475) (936)
------------- --------------------
NET ASSETS 2,053
Purchased goodwill capitalised 1,447
-------------
Total consideration 3,500
-------------
Satisfied by:
Cash to vendor 2,700
Contingent consideration 800
------
Total consideration 3,500
------
The fair values stated above for trade receivables, other
receivables, trade payables, other creditors and accruals remain
provisional. The fair value adjustment for the intangible assets
relates to customer relationships, trade names and software. A
related deferred tax liability has also been recorded as a fair
value adjustment. The fair value of trade receivables is equal to
gross contractual amounts receivable.
The revenue included in the consolidated statement of
comprehensive income since 27 March 2012, contributed by Opt2Vote
was GBP2,484k . Opt2Vote also contributed a profit after tax of
GBP665k for the same period. If Opt2Vote had been included from 1
November, it would have contributed revenue of GBP2,993k and a
profit after tax of GBP320k.
The earn out period is 1 July 2012 to 30 June 2013. The earn out
arrangements require the Group to pay the former owners of Opt2Vote
an amount to be determined by Revenue less associated direct costs
in the earn out period, up to a maximum consideration of GBP800k
less direct costs. The potential undiscounted amount of all future
payments that the Group could be required to make is between GBPnil
and GBP800k. GBP800k has been recognised at the date of
acquisition, which represents the fair value of the contingent
consideration.
Acquisition costs of GBP58k have been charged to profit or loss
within corporate finance costs in the consolidated statement of
comprehensive income.
Currency Connect
On 3 May 2012 the Group acquired the entire share capital
Currency Connect Holdings BV ('Currency Connect'), a significant
Dutch based grants advisory business, for a maximum cash
consideration of EUR4.7m (GBP3.8m). Control passed on the date of
acquisition.
Currency Connect provides expertise and knowledge that helps
clients obtain funding for innovation projects through grant-based
subsidies and research & development tax credits. It monitors
and informs customers of innovation subsidies, prepares grant
applications and administers the end-to-end process. In addition,
Currency Connect provides grants management software and advises
clients on process change to enable them to accelerate their
innovation and consequent eligibility for related grants. The
Currency Connect acquisition extends the current Idox Solutions
grants offering, particularly in the growing innovation funding
space.
Goodwill arising on the acquisition of Currency Connect has been
capitalised and consists largely of the workforce value, synergies
and economies of scale expected from combining the operations of
Currency Connect with Idox. None of the goodwill recognised is
expected to be deductible for income tax purposes. The purchase of
Currency Connect has been accounted for using the acquisition
method of accounting.
Provisional
Book value fair Fair value
GBP000 value adjustments GBP000
GBP000
Intangible assets - 2,513 2,513
Property, plant and equipment 80 - 80
Trade receivables 513 (18) 495
Other receivables 259 - 259
Cash at bank 118 - 118
------------- -------------------- -------------
TOTAL ASSETS 970 2,495 3,465
Trade payables (36) - (36)
Corporation tax (82) - (82)
Other creditors (131) - (131)
Accruals (65) - (65)
Deferred tax liability - (603) (603)
TOTAL LIABILITIES (314) (603) (917)
------------- --------------------
NET ASSETS 2,548
Purchased goodwill capitalised 1,304
-------------
Total consideration 3,852
-------------
Satisfied by:
Cash to vendor 3,524
Contingent consideration 328
------
Total consideration 3,852
------
Due to the timing of the acquisition, all fair values stated
above are provisional. The fair value adjustment for the intangible
assets relates to customer relationships, trade names and software.
A related deferred tax liability has also been recorded as a fair
value adjustment.
The fair value of assets acquired includes trade receivables of
GBP514k. The gross amount due under contracts is GBP624k of which
GBP110k is expected to be uncollectible. Other receivables are
considered to be fully recoverable.
The revenue included in the consolidated statement of
comprehensive income since 3 May 2012, contributed by Currency
Connect was GBP1,185k . Currency Connect also contributed a profit
after tax of GBP148k for the same period. If Currency Connect had
been included from 1 November, it would have contributed revenue of
GBP2,603k and a profit after tax of GBP657k.
The earn out period is 1 January 2012 to 31 December 2012. The
earn out arrangement requires the Group to pay the former owners of
Currency Connect an amount to be determined by gross revenue in the
earn out period, up to a maximum of EUR400k. The potential
undiscounted amount of all future payments that the Group could be
required to make is estimated at EUR400k. EUR400k has been
recognised at the date of acquisition, which represents the fair
value of contingent consideration.
Acquisition costs of GBP109k have been charged to profit or loss
within corporate finance costs in the consolidated statement of
comprehensive income.
FMx
On 18 October 2012 the Group acquired the entire share capital
of FMx Limited ('FMx'), a leading supplier of computer-aided
facilities management ('CAFM') software, for a cash consideration
of GBP5.6m. Control passed on the date of acquisition.
FMx, through its CAFM Explorer product, provides facilities
management software solutions to corporate, public and commercial
real estate customers in over 30 countries. CAFM Explorer is a
comprehensive solution to manage all aspects of an operational
facility including building management, maintenance, asset tracking
and cost control. The addition of CAFM Explorer to the Idox EIM
product range extends the division's existing project collaboration
solution, now enabling it to encompass the lifecycle of a building,
campus or facility. CAFM Explorer also provides the EIM division
with a comprehensive solution for the estates departments of its
existing asset intensive customers in Oil & Gas, Energy &
Utilities and Process Manufacturing sectors. In addition, CAFM
Explorer adds to the Group's offering of information and estate
solutions to its local government customer base.
Goodwill arising on the acquisition of FMx has been capitalised
and consists largely of the workforce value, synergies and
economies of scale expected from combining the operations of FMx
with Idox. None of the goodwill recognised is expected to be
deductible for income tax purposes. The purchase of FMx has been
accounted for using the acquisition method of accounting.
Provisional
Book value fair Fair value
GBP000 value adjustments GBP000
GBP000
Intangible assets - 1,231 1,231
Property, plant and equipment 56 - 56
Trade receivables 150 - 150
Other receivables 709 - 709
Cash at bank 666 - 666
------------- -------------------- -------------
TOTAL ASSETS 1,581 1,231 2,812
Trade payables (33) - (33)
Corporation tax (45) - (45)
Other creditors (728) (15) (743)
Accruals (158) - (158)
Deferred tax liability - (295) (295)
TOTAL LIABILITIES (964) (310) (1,274)
------------- --------------------
NET ASSETS 1,538
Purchased goodwill capitalised 4,030
-------------
Total consideration satisfied by cash
to vendor 5,568
-------------
Due to the timing of the acquisition, all fair values stated
above are provisional. The fair value adjustment for the intangible
assets relates to customer relationships, trade names and software.
A related deferred tax liability has also been recorded as a fair
value adjustment.
The fair value of trade receivables is equal to the gross
contractual amounts receivable. All other receivables are
considered to be fully recoverable.
The revenue included in the consolidated statement of
comprehensive income since 18 October 2012, contributed by FMx was
GBP86k . FMx also contributed a profit after tax of GBP25k for the
same period. If FMx had been included from 1 November, it would
have contributed revenue of GBP2,918k and a loss after tax of
GBP41k.
Acquisition costs of GBP28k have been charged to profit or loss
within corporate finance costs in the consolidated interim
statement of comprehensive income.
Acquisition cash flows
Acquisition cash flows in the year are as follows:
Net cash
Subsidiaries acquired during outflow
the year: GBP000
Interactive Dialogues 1,543
CT Space 11,348
Opt2Vote 2,067
Currency Connect 3,406
FMx 4,902
--------
23,266
========
Deferred consideration paid relating to previous GBP000
year acquisitions
Grantfinder Limited 68
Lalpac Limited 252
320
========
No fair value adjustments have been made in the year in respect
of prior year acquisitions.
6 Post Balance Sheet Events
On 1 November 2012 the Group increased the acquisition Revolving
Credit Facility from GBP10m to GBP15m.
7 Further Copies
Copies of this announcement and, on finalisation, the full
annual report and accounts will be available, free of charge, for a
period of one month from the Company's Nominated Adviser and Broker
Investec Bank plc, 2 Gresham Street, London EC2V 7QP, Tel: 020 7597
5970 or from IDOX plc, 2nd floor, Chancery Exchange, London, EC4A
1AB, Tel: 0870 333 7101. Copies of the full financial statements
will be made available to shareholders in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UAUURUKAUAUA
Idox (LSE:IDOX)
Historical Stock Chart
From Sep 2024 to Oct 2024
Idox (LSE:IDOX)
Historical Stock Chart
From Oct 2023 to Oct 2024
