LONDON (ShareCast) - Despite setbacks over the year, investors in software and services supplier IDOX appeared happy overall with the results for the 12 months ended October 31st.

Pre-tax profit slipped to £7.5m from £7.9m a year earlier, on revenues of £57.3m, which had climbed from £55.4m the previous year.

Profits declined in part as a result of climbing admin expenses, which were up £3.5m year-on-year, as well as an increase in amortisation.

Martin Brooks, Chairman of Idox, said: "Despite the disappointments in 2013, the group has continued to develop its market leading positions in its two technically linked chosen markets of Public Sector Software and Engineering Information Management.

"Operational and managerial issues were identified earlier in the year and an ongoing corrective programme is underway, already resulting in a good recovery in the second half of the year. The group's portfolio of businesses has also been simplified with a greater focus on our higher margin activities going forward."

The final dividend was proposed at 0.4p, flat on the prior year, giving a total dividend for the year of 0.7p (2012: 0.675p).

Cash and equivalents at the year-end totalled £3.4m, down from £3.6m 12 months earlier.

Looking ahead, Brooks added that the group had started the new financial year in an improved position in terms of capability, reliability and revenue visibility.

NR

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