Business
Trading Update and Notice of Results update
Trading Update and Notice of Results update.
About this update from Idox Plc
[{"type":"text","content":"\n \n \n RNS Number : 1909G\n IDOX PLC\n 16 March 2020\n \n \n \n \n 16 March 2020\n \n \n Idox plc\n \n \n (\n '\n Idox\n '\n \n or the \n '\n Group\n '\n \n or the \n '\n Company\n '\n )\n \n \n FY20 Q1 Trading Update\n \n \n Dividend Update\n \n \n FY19 Trading Update\n \n \n Notice of Results\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 for the first quarter of its financial year ending 31 October 2020 (\"FY20\").\n \n \n \n Highlights in the first quarter of FY20 include:\n \n \n · \n Significantly stronger financial performance with improved revenues and earnings compared to the same period last year:\n \n \n o \n Q1 financial performance is consistent with the Board's expectations for FY20 as a whole.\n \n \n · \n Material reduction in closing net debt as at 31 January 2020 at £27.5m (FY19: £35.5m) representing leverage* of below 1.6 times, underpinning a much stronger financial position. \n \n \n · \n The Group continues to make good strategic and commercial progress across the business; our Tascomi business acquired in August 2019 is integrating well and is performing as planned.\n \n \n · \n All historical issues identified in FY19 have been fully resolved: Idox entered FY20 with no material remaining outstanding litigation or property issues. All non-core businesses have been disposed, and new financial reporting and operational controls are now fully embedded throughout the Group.\n \n \n · \n The Board intends to introduce a final dividend in respect of FY20 which it anticipates will be approximately 30% of retained earnings.\n \n \n In summary, we are progressing well against our plans for FY20 and remain encouraged by the opportunities; the Board remains confident in the prospects of the business for FY20 and beyond. \n \n \n \n †\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 Net debt / trailing 12 months Adjusted EBITDA\n \n \n \n \n \n FY19 Trading Update\n \n \n Further to the Trading Update the on FY19 the Group provided on 25 November 2019, the Group expects to repo...