TIDMIDOX
RNS Number : 4453S
IDOX PLC
16 November 2021
16 November 2021
Idox plc
( 'Idox' or the 'Group' or the 'Company')
Year End Trading Update
A year of strong financial and operational execution
Idox plc (AIM: IDOX), a leading supplier of specialist
information management software and solutions to the public and
asset intensive sectors, today issues a trading update for its
financial year ended 31 October 2021 ('FY21').
Financial highlights
During the year the Group continued to sharpen its strategic
focus and disposed of its Content division in two separate
transactions. 'Continuing operations' exclude these disposed
Content businesses.
The Group expects to report the following results for the year,
in line with the Board's expectations (continuing operations except
where stated):
-- Revenue increased by 8% to GBP62.0m (2020: GBP57.3m).
-- Recurring revenue increased by 2% to GBP36.4m (2020: GBP35.7m).
-- Adjusted EBITDA* increased by 12% to GBP19.3m (2020: GBP17.2m).
-- Total operations (including a contribution from the disposed
Content businesses for 5 months in FY21) recorded revenues of
GBP65.9m (2020: GBP68.0m) and adjusted EBITDA* of GBP19.6m (2020:
GBP19.6m).
-- A material reduction in net debt at 31 October 2021 to GBP8.1m (2020: GBP16.1m):
o A net debt to Adjusted EBITDA ratio of 0.4x (2020: 0.8x), with
available liquidity of GBP38m.
o Includes impact of disposal proceeds of GBP12.6m from the sale
of the Content businesses and initial consideration of GBP12.9m for
acquisitions of Aligned Assets and exeGesIS.
o Completed extension of bank facilities by another 18 months to
June 2024.
-- Following payment of our reinstated dividend in April 2021,
we intend to propose a final dividend for the financial year just
ended on the release of our final results.
Operational highlights
FY21 has seen continued delivery of the Group's strategic goals
following the Group's transformation over the previous two
financial years.
Highlights include:
-- Good progress with our M&A strategy to focus capital on
core, high margin operations with good growth potential:
o Disposal of Content businesses, in line with our continued
simplification and focus on software operations.
o Acquisition of Aligned Assets, thinkWhere and exeGesIS, which
enhance our Public Sector offering and provide greater focus and
depth of expertise in the GIS market.
o Further development of our M&A ambitions in both sourcing
and managing pipeline opportunities.
-- Continued improvements to our sales and marketing activity;
now fully managed and reported in our new CRM platform (implemented
in 2020).
-- Enhanced focus on innovation and consolidation of our product
portfolio, including continuing our journey to cloud.
-- Further investment in our people and our commitment to
environmental, social and governance initiatives.
David Meaden, Chief Executive of Idox commented:
"We have had another strong year, reshaping the Group to focus
on our public sector and engineering software core, alongside
delivering an excellent financial and non-financial
performance.
We exited our Content businesses in March this year and acquired
three excellent Public Sector software businesses, whilst improving
our balance sheet strength.
We have made good progress in the year improving operational
cadence within our four pillars of improving revenue, margin,
communication and simplicity. We have emphasised investments in our
people and leadership; and in systems and process to drive both
efficiency and scalability in our operations as we continue to
expand both organically and inorganically.
The outlook for the business remains positive and we are now
firmly in our 'fly' stage of growth. We have entered the new
financial year with good momentum and look forward to the
contribution of our new acquisitions."
Notice of results
The Group expects to report its FY21 results in early February
2022. Management intends to host a results webinar on the day.
Please contact MHP Communications to register your interest.
* Adjusted EBITDA is defined as earnings before amortisation,
depreciation, restructuring, acquisition costs, impairment,
financing costs and share option costs.
** Net debt is defined as the aggregation of cash, bank
borrowings and long-term bond.
For further information please contact :
Idox plc +44 (0) 870 333 7101
David Meaden, Chief Executive
Rob Grubb, Chief Financial Officer
Peel Hunt LLP (NOMAD and Broker) +44 (0) 20 7418 8900
Edward Knight
Paul Gillam
MHP Communications + 44 (0) 203 128 8170
Reg Hoare idox@mhpc.com
James Bavister
About Idox plc
For more information see www.idoxplc.com @Idoxgroup
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