Business
Half Year Trading Update
Half Year Trading Update.
About this update from Idox Plc
[{"type":"text","content":"\n \n \n RNS Number : 2652N\n IDOX PLC\n 19 May 2020\n \n \n \n \n 19 May 2020\n \n \n Idox plc\n \n \n \n (\n \n \n 'Idox', 'We' or the \n \n \n 'Group'\n \n \n )\n \n \n \n FY20 H1 Trading Update\n \n \n \n \n \n ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset intensive sectors, is pleased to issue a trading update in respect of the first half of its financial year, the six months ended 30 April 2020 (\"FY20 H1\").\n \n \n \n \n \n Idox continues to make strong progress across all its activities and expects to report results for FY20 H1 in line with the Board's expectations.\n \n \n \n \n \n Financial Summary\n \n \n The Group expects to report the following results for FY20 H1:\n \n \n · \n Revenue of £35.1m (2019 H1: £31.0m restated1), an increase of 13% (10% organic).\n \n \n · \n Adjusted EBITDA2 of £9.6m (\n 2019 H1\n : £4.1m restated1), a significant increase of 138%. Adjusted EBITDA2 margin improved to 27% (\n 2019 H1:\n 13%, restated1).\n \n \n · \n Net debt at 30 April 2020 of £14.3m (30 April 2019: £25.4m, 31 Oct 2019: £26.4m), a significant decrease, giving a net debt to EBITDA ratio of 0.7 (net debt / trailing 12 months Adjusted EBITDA).\n \n \n \n \n \n \n 1\n \n 2019 H1 figures restated as disclosed in the FY19 Annual Report.\n \n \n \n 2\n \n Adjusted EBITDA is defined as earnings before amortisation, depreciation, restructuring, acquisition, corporate finance and share option costs.\n \n \n \n \n \n 'Four Pillars' programme\n \n \n We are pleased to advise on our progress across the Group in the following areas:\n \n \n · \n \n Revenue\n \n \n enhancement - we continue to improve sales governance and execution, including analysing in detail the revenue opportunities in our existing customer base and markets. During the period we have gone live with the Group's first ever business-wide CRM and have consolidated all the Group's marketing activities.\n \n \n · \n \n Margin enhancement\n \n - we are consolidating common operations and identifying opportunities to move customers and products to the cloud to drive long-term margins. During the period we have completed the consolidation of the Group's nine customer support desks to a single support portal and are firmly on track with the integration of...