Idox trading in line after recent reorganisation

Information management software provider Idox said in an update on Thursday that its recent operational and financial performance had been in line with the board's expectations.

The AIM-traded firm, which was holding its annual general meeting, said it now operated under a new divisional structure, consisting of land, property and public protection, and communities and assets divisions.

It said the reorganisation had led to “encouraging” organic growth in its target markets.

Idox also confirmed that recent developments involving Silicon Valley Bank had not materially impacted the group.

The board reported high levels of recurring revenue, contract renewals, and a strong order book and pipeline.

As a result, it said it was well-positioned for double-digit growth in the 2023 financial year.

“We remain confident that Idox is well positioned for growth in the 2023 financial year and beyond,” said chief executive officer David Meaden.

“The group has made an encouraging start to the year and continues to trade in line with the board's expectations.

“We have an attractive acquisition pipeline and our high quality recurring revenue and order book, coupled with our financial resources, will enable us to maximise the opportunities for profitable growth whilst remaining resilient to the current macroeconomic challenges.”

Idox said it would issue a further trading update after the end of the first half on 30 April.

At 1235 GMT, shares in Idox were up 0.51% at 62.92p.

Reporting by Josh White for Sharecast.com.