IDOX PLC Year End Trading Update (4360U)
November 25 2019 - 2:00AM
UK Regulatory
TIDMIDOX
RNS Number : 4360U
IDOX PLC
25 November 2019
25 November 2019
Idox plc
('Idox' or the 'Group' or the 'Company')
Year End Trading Update
ldox plc (AIM: IDOX), a leading supplier of specialist
information management solutions and services, today is pleased to
issue a trading update for its financial year ended 31 October
2019.
The Group continues to make good strategic and commercial
progress across the business and expects to report results in line
with the Board's expectations:
-- revenues of GBP66.0m (2018: GBP67.4m).
-- revenue visibility significantly improved, with annualised
recurring revenue run rate at 31 October 2019 up 20% to GBP38.9m
following adoption of IFRS 15 (16% organic)
-- contracted software and services order book up 29% to GBP12.1m.
-- adjusted EBITDA GBP14.4m (2018: GBP14.4m).
-- net debt at 31 October 2019 down 17% at GBP26.4m (2018: GBP31.8m).
-- statutory profit before tax of GBP0.3m (2018: loss of GBP27.0m) for continuing operations.
The Group has made significant progress over the last year
following the appointment of a new Board, new senior management and
finance teams, with improved accounting practises, enhanced
employee, customer and shareholder engagement, and full integration
of prior period acquisitions. Idox continues to be focused on its
core of Public Sector software, supported by our valuable Content
and Engineering divisions.
Sustaining and improving levels of recurring revenues remains a
priority as the Group's products transition to cloud-based
technologies. The acquisition of Tascomi completed in August 2019,
enhances the Group's technological capabilities and market leading
positions as well as building the recurring SaaS revenue profile.
Tascomi is being integrated into the Group and is performing to
plan.
Further to the update provided in the half year results, we
anticipate announcing new multi-year committed borrowing facilities
prior to our FY2019 results announcement.
The Group expects to issue its FY2019 results announcement in
early February 2020.
Adjusted EBITDA is defined as earnings before amortisation,
depreciation, restructuring, acquisition, corporate finance and
share option costs.
David Meaden, Chief Executive of Idox, commented:
"Our 2019 financial year has seen extensive and positive changes
throughout the business as we have re-established how we organise,
measure and run operations across the Group.
"We continue to focus on driving full value from the Group's
assets and working intelligently to drive high margin and cash
generation.
"I am excited by the team we have assembled, and the
opportunities presented to us to build value for our employees,
customers and stakeholders. We remain excited and confident in the
ongoing prospects for the Group."
-Ends-
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 trading update described herein, and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
Enquiries:
Idox plc +44 (0) 870 333 7101
David Meaden, Chief Executive
Rob Grubb, Chief Financial Officer
N+1 Singer (NOMAD and Broker) +44 (0) 20 7496 3000
Shaun Dobson / Ben Farrow (Corporate
Finance)
Tom Salvesen (Corporate Broking)
About Idox plc
For more information see www.idoxplc.com @Idoxgroup
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTUUABRKVAAUAA
(END) Dow Jones Newswires
November 25, 2019 02:00 ET (07:00 GMT)
Idox (LSE:IDOX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Idox (LSE:IDOX)
Historical Stock Chart
From Jul 2023 to Jul 2024