Idox flags strong full-year performance
By Josh White
Date: Tuesday 26 Nov 2024
(Sharecast News) - Information management software and geospatial data specialist Idox flagged a strong full-year performance in an update on Tuesday, with revenue expected to rise by about 20% to £87.6m.
The AIM-traded firm put the growth down to its strengthened market position and high-quality customer base.
It said order intake for the 12 months ended 31 October increased 9% to £89m, compared to £82m in the prior year, underpinned by solid demand across its core public and asset-intensive sectors.
Recurring revenue also grew significantly, reaching £54m, up from £45.5m in the 2023 financial year.
Adjusted EBITDA was expected to grow 7% to £26.1m, with an adjusted EBITDA margin of around 30%, compared to 33% in the prior year.
While the margin declined slightly, the company said it continued to deliver strong cash flow, reducing its net debt to about £10m from £14.7m a year earlier.
Idox attributed its success to ongoing strategic execution, which it said was driving consistent growth and enhanced operational efficiency.
"We are pleased to have delivered a strong performance in 2024, featuring 20% growth in revenue," said chief executive officer David Meaden.
"Our most recent acquisition, Emapsite, has added significant scale and expertise to our existing geospatial data capabilities, and has performed well in the year.
"We continue to be excited by the growth opportunities available in this sector, adding to our existing market leading public software capabilities."
Meaden said the company was continuing to evaluate the opportunity for further acquisitions to enhance its offering, and was optimistic in the pipeline moving into 2025.
"Whilst aware of wider economic and geopolitical uncertainties, the group is well positioned and looks forward to reporting its 2024 results in January, and also providing an update on the early progress made in the 2025 financial year."
Idox said it was planning to release its audited full-year results in January.
At 1322 GMT, shares in Idox were down 1.58% at 62.4p.
Reporting by Josh White for Sharecast.com.
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