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Idox sees 2015 financials in line after strong performance

Published: 19:09 17 Nov 2015 AEDT

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The software group releases its financial results on December 16

Software systems provider Idox (LON:IDOX) told investors that it had a strong performance in the year to October 31, and as such it expects to announce results in line with market expectations.

Idox said it performed well despite continued headwinds for its Engineering Information Management (EIM) business unit, which is exposed to the energy market.

EIM made a “reasonable contribution”, Idox said, while it also highlighted that the Public Sector Software (PSS) division grew revenues by 13% and it now accounted for 78% of group revenue.

The company added that new acquisitions Cloud Amber and Reading Room are performing in line with expectations and the respective integrations are on track.

It highlighted that the cost of the acquisitions, £10.6mln in total, offset against good cash generation and at the end of the period the group had net debt of ££23.1mln.

“We have made good progress towards our medium term strategic goals and have benefitted from the contribution of recent acquisitions which have expanded our capabilities whilst also providing cross selling opportunities,” said chief executive Richard Kellett-Clarke.

"Idox is in good shape and we are encouraged by the opportunities and outlook for the business in the coming year."

The company intends to report its final results for 2015 on December 16.

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