Business
Half Year results
Half Year results.
About this update from Idox Plc
[{"type":"text","content":"\n\n8 June 2023\nIdox plc\nHalf Year results for the six months ended 30 April 2023\nGood first half performance, with encouraging organic growth and continued cash generation\n \nIdox plc (AIM: IDOX, 'Idox', 'the Company' or 'the Group'), a leading supplier of specialist information management software and solutions to the public and asset intensive sectors, is pleased to announce its unaudited half year results for the six months ended 30 April 2023 ('H1 FY23').\n \nFinancial highlights\nRevenue\n· Increased by 8% to £35.8m (H1 FY22: £33.2m).\n· Recurring revenues1 increased by 7% to £21.2m (H1 FY22: £19.8m), accounting for 59% of the Group's total revenue (H1 FY22: 60%).\nProfit\n· Adjusted2 EBITDA increased by 10% to £12.1m (H1 FY22: £11.0m).\n· Operating profit increased by 16% to £4.9m (H1 FY22: £4.3m).\n· Adjusted2 EBITDA margin improvement at 34% (H1 FY22: 33%).\n· Statutory operating profit margin improvement to 14% (H1 FY22: 13%).\n· Statutory profit before tax increased 13% to £4.1m (H1 FY22: £3.6m).\n· Adjusted3 diluted EPS for continuing operations increased by 10% to 1.33p (H1 FY22: 1.21p).\n· Statutory diluted EPS for continuing operations increased by 7% to 0.73p (H1 FY22: 0.68p).\nCash\n· Net cash4 at the end of the period of £1.1m (31 October 2022: net debt of £6.7m; 30 April 2022: net debt of £3.8m).\n· Cash generated from operating activities before taxation as a percentage of Adjusted EBITDA for total operations was 148% (H1 FY22: 122%).\n· Free cashflow5 generation up 84% at £12.9m (H1 FY22: £7.0m).\n· Significant resources in place to fund M&A, including £35m revolving credit facility and £10m accordion.\n \nOperational highlights\n· Order intake of £52m, up 23% from H1 FY22.\n· New divisional structure fully embedded providing better market focus, customer service and sharper sales execution:\no Land, Property & Public Protection (LPPP);\no Assets; and\no Communities.\n· Further innovation, development and rationalisation of the Group's product portfolio including the transition to Clo...