Idox describes 'robust' first-half performance

Information software provider Idox described a “robust” operational and financial performance in its first half on Thursday, in line with expectations.

The AIM-traded firm said it expected to report revenues of £33m for the six months ended 30 April, up 7% year-on-year, while adjusted EBITDA was set to have risen 8% to £11m.

Net debt at period end totalled £4m, representing a more-than-halving since the £8.1m it reported as at 31 October.

On the operational front, Idox said its order intake rose 7% year-on-year, with a “strong pipeline” underpinning its medium-term confidence.

“Following the disposal of the content businesses in 2021, Idox entered 2022 as a focussed software and related services business,” said chief executive officer David Meaden.

“As a result of the focus on our core strengths and attention to operational excellence, we have delivered another solid financial performance for the first half of our financial year.

“Idox benefits from an extensive customer base, a healthy orderbook, and a strong pipeline.”

In addition, Meaden said the company was exploring a number of “attractive” merger and acquisition opportunities, and maintained a “strong” balance sheet to execute on the “fly phase of our journey”.

“Whilst we continue to be cognisant of ongoing challenges in the wider macro environment, we remain focused on, and are on track to deliver on our plans for the remainder of 2022.”

At 1045 BST, shares in Idox were down 0.64% at 62p.

Reporting by Josh White at Sharecast.com.