REG - IDOX PLC - Half Year 2024 Trading Update

IdoxAnnouncement

22/05/2024 07:00

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RNS Number : 3478P  IDOX PLC  22 May 2024

22 May 2024

Idox plc

('Idox' or the 'Group' or the 'Company')

Half Year 2024 Trading Update

Strong first half performance with 20% revenue growth

 

Idox plc (AIM: IDOX), a leading supplier of specialist information management
software and geospatial data solutions to the public and asset-intensive
sectors, today issues a trading update for its financial half year ended 30
April 2024 ('FY24 H1').

 

Group trading performance

 

We are pleased to report that the Group has delivered strong growth during the
first six months of the year, generating revenue of c.£43m, representing
year-on-year growth of over 20% and an increase in adjusted EBITDA(1) to over
£13m, in line with management expectations.

 

The Group recorded a good order intake during the period of c.£54m providing
increasing levels of recurring revenue visibility for the remainder of FY24
and into FY25.

 

The Group continued to generate strong cash flow during the period and ended
the half with a net debt(2) position of c.£6.6m compared to a net debt
position of £14.7m as at 31 October 2023.

 

David Meaden, Chief Executive of Idox commented:

 

"The Group has once again delivered a positive performance during the first
half in line with the Board's expectations. We are pleased with the
performance of our recent acquisition, Emapsite, which has contributed to the
Group delivering over 20% growth in revenue for the half year.

 

We have reduced our net debt since the end of FY23 by over 50% through a
strong focus on cash generation throughout the business.

 

Our M&A pipeline is very healthy, and we remain confident that we can
continue to make use of our significant financial resources to deliver
profitable organic and inorganic growth in order to maximise shareholder
value.

 

We are pleased with our progress and momentum and are on track to deliver on
our plans for the remainder of 2024."

 

Notice of half year results

 

The Group expects to report its FY24 H1 results on Tuesday 11 June 2024.
Management will host a results webinar on the day. Please contact MHP to
register your interest.

 

Definitions

 

(1) Adjusted EBITDA is defined as earnings before amortisation, depreciation,
restructuring, acquisition costs, impairment, financing costs and share option
costs.

 

(2) 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
 Chris Stone, Non-Executive Chairman  investorrelations@idoxgroup.com
 David Meaden, Chief Executive
 Anoop Kang, Chief Financial Officer

 Peel Hunt LLP (NOMAD and Broker)     +44 (0) 20 7418 8900
 Paul Gillam
 Kate Bannatyne
 Adam Telling

 MHP                                  + 44 (0) 20 3128 8100
 Reg Hoare                             idox@mhpgroup.com (mailto:idox@mhpgroup.com)
 Ollie Hoare
 Matthew Taylor

 

About Idox plc

For more information see www.idoxplc.com (http://www.idoxplc.com/) @Idoxgroup

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