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Tuesday 19 May 2020

Idox enters H2 with optimism

Idox logoInformation management solutions and services provider, Idox, has provided an update on its performance for the six months ended 30 April 2020.

The business, which focuses on the public sector and asset intensive industries such as engineering, is continuing to make good progress after drawing a line under its legacy issues last year. Performance in H1 2020 was in line with management expectations, with group revenue expected to be up 13% to £35.1m (H1 2019: £31.0m); organic revenue growth was 10%.

Adjusted EBIDTA for the period is expected to come in up 138% to £9.6m (H1 2019: £4.1m), with EBIDTA margin standing at 27% (H1 2019: 13%). The company has further reduced its net debt, which stood at £14.3m (30 April 2019: £25.4m; 31 Oct 2019: £26.4m).

FY19 was a year of transition for Idox (see Idox moving away from legacy issues), but the company continues to improve operational efficiency and execution. It has streamlined activities and exited operations in Malta and the Republic of Ireland, which were considered sub-scale, and is in the process of consolidating its UK operations.

Idox has emerged from a challenging period and has performed well in the first half of FY20. Although it has been impacted by COVID-19, the company has proved resilient and has not needed to participate in any government job retention schemes. It will continue to manage exposures and support customers in H2, but management is cautiously optimistic about the future. 

Posted by: Dale Peters

Tags: results   publicsector   saas   software   H1   tradingupdate  

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