IDOX (IDOX)

Sector:

IT Services

Index:

FTSE AIM 50

62.60p
   
  • Change Today:
      1.00p
  • 52 Week High: 71.00
  • 52 Week Low: 60.60
  • Currency: UK Pounds
  • Shares Issued: 459.30m
  • Volume: 2,062,031
  • Market Cap: £287.52m
  • RiskGrade: 278

Idox ends year in solid position

By Josh White

Date: Wednesday 16 Nov 2022

LONDON (ShareCast) - (Sharecast News) - Information management software company Idox reported a "resilient performance" in a trading update on Wednesday, against a backdrop of economic uncertainty.
The AIM-traded firm said it made progress towards a number of its medium-term strategic goals in the 12 months ended 31 October, putting it on a "strong footing" for the future.

It said its focus on winning and retaining long-term recurring revenue contracts with "high-quality" customers resulted in record full year order intake of at least £74m, up 19% on the 2021 financial year and providing "good visibility" into the 2023 period.

The board said it expected to report a 15% increase in full-year adjusted EBITDA to £22.5m, in line with expectations.

Revenue was expected to be up 6% to £66m, and recurring revenue was anticipated to be up 12% over the period to £40.5m.

As a result, the group said it expected to deliver an improved adjusted EBITDA margin of 34%, compared to the 31% it recorded in the 2021 financial year.

The group said its net debt at year-end totalled £6.7m, making for a reduction over the year from the £8.1m it reported at the end of October last year.

It said it was maintaining "significant" balance sheet flexibility and strength, including a £35m revolving credit facility and a £10m accordion.

As it reported in early October, Idox acquired land mapping and GIS company Landhawk for £1.5m, including an initial cash consideration of £1.1m.

The board said Landhawk further strengthened its GIS capabilities following the acquisitions of Aligned Assets, thinkWhere and exeGesIS in the 2021 period.

It said it was continuing to pursue a number of acquisition opportunities, but remained focussed on ensuring strategic alignment while maintaining a "disciplined approach" to valuations.

Idox said it started the 2023 financial year with "strong" recurring revenue and "good levels" of contract renewals, a "solid" order book and a "healthy" pipeline.

As a result, its expectations for 2023 were unchanged, although it was cognisant of the current economic environment.

"We have laid the foundations for sustained success at Idox, and against a challenging macroeconomic backdrop, we have delivered a robust set of results," said chief executive officer David Meaden.

"With recurring revenue and order intake up, we are well positioned to continue our success over the coming years, supported by a strong balance sheet.

"Pleasingly, we have seen significant success in areas of strategic focus, notably with Idox Cloud where we have seen 15 new sales during the period, which bodes well for our future performance."

Meaden said the integration of recent acquisitions had progressed well, adding that Idox had made several adjustments to its operating business, building capacity for future growth.

"I am pleased that our leadership development programme has ensured that all new senior appointees have been internal candidates.

"We have a strong balance sheet position, leaving us well placed for an accretive buy and build programme.

"This, alongside our accelerating organic growth, will create significant value for shareholders and wider stakeholders going forward."

At 0937 GMT, shares in Idox were flat at 60.7p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

IDOX Market Data

Currency UK Pounds
Share Price 62.60p
Change Today 1.00p
% Change 1.62 %
52 Week High 71.00
52 Week Low 60.60
Volume 2,062,031
Shares Issued 459.30m
Market Cap £287.52m
RiskGrade 278

IDOX Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
97.35% below the market average97.35% below the market average97.35% below the market average97.35% below the market average97.35% below the market average
90.59% below the sector average90.59% below the sector average90.59% below the sector average90.59% below the sector average90.59% below the sector average
Price Trend
11.89% above the market average11.89% above the market average11.89% above the market average11.89% above the market average11.89% above the market average
2.13% above the sector average2.13% above the sector average2.13% above the sector average2.13% above the sector average2.13% above the sector average
Income
91.93% below the market average91.93% below the market average91.93% below the market average91.93% below the market average91.93% below the market average
64.29% below the sector average64.29% below the sector average64.29% below the sector average64.29% below the sector average64.29% below the sector average
Growth
4.04% below the market average4.04% below the market average4.04% below the market average4.04% below the market average4.04% below the market average
9.09% below the sector average9.09% below the sector average9.09% below the sector average9.09% below the sector average9.09% below the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

IDOX Dividends

  Latest Previous
  Final Final
Ex-Div 28-Mar-24 30-Mar-23
Paid 12-Apr-24 14-Apr-23
Amount 0.60p 0.50p

Trades for 28-Mar-2024

Time Volume / Share Price
13:59 640,000 @ 62.40p
13:47 721,000 @ 62.40p
16:35 9,705 @ 62.60p
16:35 173 @ 62.60p
16:35 61 @ 62.60p

IDOX Key Personnel

CEO David Meaden

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