Business
Year End Trading Update
Year End Trading Update.
About this update from Idox Plc
[{"type":"text","content":"\n\n22 November 2023\nIdox plc\n('Idox', the 'Group' or the 'Company')\nYear End Trading Update\nA resilient performance in line with expectations \n \nIdox plc (AIM: IDOX), a leading supplier of specialist information management software and Geospatial data solutions to the public and asset intensive sectors, today issues a trading update for its financial year ended 31 October 2023 ('FY23').\n \nGroup trading performance\n \nBuilding on the significant progress the Group has made over the past few years, we are pleased to report Idox has again delivered a resilient performance in line with expectations for FY23 despite the backdrop of continued geo-political and economic uncertainty. We have continued to make good progress towards a number of our medium-term strategic goals, placing the Group on a firm footing for FY24 and beyond.\n \nThe Group delivered a record order intake of over £82m in FY23, an increase of c.11% on the prior year, reflecting our high-quality customer base and strong market positions.\n \nThe Board expects to report (subject to external audit) revenue and profit in line with expectations; revenue is expected to be up c.11% to c.£73m, with recurring revenue up c.8% over the period to c.£44m, delivering a c.9% increase in full year adjusted EBITDA to c.£24.5m and a robust adjusted EBITDA margin of c.34% (FY22: 34%).\n \nNet debt at 31 October 2023 was £14.7m, including the initial cash consideration of £14.8m paid for Emapsite.com Limited ('Emapsite') as announced on 21 August 2023 (FY22: net debt of £6.7m). In September 2023 the Group completed the refinancing of its lending facilities to a new £75m revolving credit facility and a £45m accordion, a significant increase on the previous facilities which consisted of a revolving credit facility of £35m and £10m accordion, respectively. The new facilities, which are on improved terms, are for a three-year period with two extension options of one year each. The new facilities are provided by the Group's existing syndicate of banks: HSBC Innovation, NatWest and Santander.\n \nThe integration of Emapsite is underway and will enhance the Group's data capabilities whilst adding significant scale to our Geospatial offering. The Group continues to evaluate a number of further acquisition opportun...