Business
Trading Statement
Trading Statement.
About this update from Idox Plc
[{"type":"text","content":"\n \n \n 16 November 2022\n \n \n \n Idox plc\n \n \n \n \n (\n \n \n 'Idox', the 'Group' or the 'Company')\n \n \n \n \n Year End Trading Update\n \n \n \n \n A resilient performance\n \n \n \n \n \n \n Idox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset intensive sectors, today issues a trading update for its financial year ended 31 October 2022 ('FY22').\n \n \n \n \n \n \n \n \n \n Group trading performance\n \n \n \n \n \n \n We are pleased to report Idox has delivered a resilient performance for FY22 against a backdrop of economic uncertainty. We have continued to make progress towards a number of our medium-term strategic goals, putting the Group on a strong footing for the future.\n \n \n \n \n \n Our focus on winning and retaining long-term recurring revenue contracts with high quality customers has resulted in record full year order intake in excess of c. £74m, up 19% on FY21, providing good visibility into FY23.\n \n \n \n \n \n The Board expects to report (subject to audit) a c. 15% increase in full year adjusted EBITDA to c. £22.5m, in line with management's expectations. Revenue is expected to be up 6% to c. £66m, and recurring revenue is anticipated to be up c. 12% over the period to c. £40.5m. As a result, the Group expects to deliver an improved adjusted EBITDA margin of c. 34% (FY21: 31%).\n \n \n \n \n \n The Group's net debt at year-end was £6.7m, a reduction since 31 October 2021 (£8.1m net debt). The Group continues to maintain significant balance sheet flexibility and strength, including a £35m revolving credit facility and a £10m accordion.\n \n \n \n \n \n As reported in early October, Idox acquired Landhawk, a land mapping and GIS data business, for £1.5m, including an initial cash consideration of £1.1m. Landhawk further strengthens the Group's GIS capabilities following the acquisitions of Aligned Assets, thinkWhere and exeGesIS in FY21. We continue to pursue a number of acquisition opportunities but remain focussed on ensuring strategic alignment whilst maintaining a disciplined approach to valuations.\n \n \n \n \n \n We have started FY23 with strong recurring revenue and good levels of contract renewals, a solid order book and a healthy pipeline. As...