Trading Update

RNS Number : 8350Q

IDOX PLC

12 November 2012

 



12 November 2012

Idox plc

Trading Update

Idox plc (AIM: IDOX, 'Idox' or 'the Group'), a leading independent supplier of software & services, is pleased to update shareholders on trading for the year ended 31 October 2012.

The Group's three key metrics being revenue, EBITDA and adjusted* pre-tax profit, are all expected to be comfortably ahead of consensus market expectations for the full year. Like-for-like organic growth has also been particularly encouraging in both the public sector and engineering software divisions which, together with our active acquisition programme, will deliver significant top line revenue growth for the year.

The Public Sector division continues to benefit from assisting local councils to achieve their cost savings and is expected to perform better than forecast, together with organic growth at a higher level than anticipated, due to the successful implementation within UK councils of our managed services and hosting products. The Group has been awarded a framework agreement by the Government Procurement Service for G-Cloud Services following an application and review of its Cloud offerings.

Continued new client wins within the Engineering Information Management (EIM) division, notably in North America, including two new contracts to provide SaaS solutions within the oil and gas industry, means the division is expected to report performance ahead of management's expectations and deliver stronger than anticipated organic growth. McLaren, the Group's industry specialised document management subsidiary, recently launched Enterprise OnAir, its privately hosted Cloud infrastructure, providing enterprise scalability, data and access security, across the whole lifecycle of the project. The division has also made very encouraging progress in penetrating the Asia Pacific markets, particularly, China, Taiwan and Australia, as well as Russia.

The EIM division's acquisition of FMx on 19 October 2012 extends the Group's offering within this sector by providing computer-aided facilities management software solutions to both private and public sector organisations, which since acquisition has already been added to the OnAir platform.

The Information Solutions division completed the integration of two recently acquired companies - the e-learning business, Interactive Dialogues and Dutch based grants advisory business, Currency Connect - both of which are now positioned for growth.

Idox will announce its final results for the year ended 31 October on Wednesday 12 December 2012.

*Adjusted profit before tax excludes amortisation, exceptional restructuring and corporate finance charges and share option costs.

Richard Kellett-Clarke, CEO of Idox, said:

"We continue to develop new and innovative methods to drive productivity within the Public Sector, a market which is now focused on managing costs and efficiency. Our strategy to differentiate within the Engineering Information Management sector, by being the only provider to offer a cross platform interoperable solution, is now beginning to show results and, in 2013 this division will continue the process of adding new markets to its North American core. "

Enquiries:

Idox plc	[phone]
Richard Kellett-Clarke, Chief Executive
William Edmondson, Chief Financial Officer
Investec Bank plc	[phone]
Andrew Pinder / Patrick Robb
finnCap	[phone]
Stuart Andrews/Stephen Norcross
Leander PR	[phone]
Christian Taylor-Wilkinson

About Idox plc

Idox plc is a supplier of specialist document management collaboration solutions and services to the UK public sector and increasingly to highly regulated asset intensive industries around the world in the wider corporate sector.

Its Public Sector Software Division is the leading applications provider to UK local government for core functions relating to land, people and property, such as its market leading planning systems and election management software. Over 90% of UK local authorities are now customers. The Group provides public sector organisations with tools to manage information and knowledge, documents, content, business processes and workflow as well as connecting directly with the citizen via the web.

Through the Information Solutions Division Idox also supplies, predominantly to the public sector, decision support content such as grants and planning policy information as well as related specialist services.

The Engineering Information Management Division delivers engineering document control, project collaboration and facility management applications to many leading companies in industries such as oil & gas, architecture and construction, mining, utilities, pharmaceuticals and transportation around the world.

In addition the Group provides knowledge and content management skills to customers through its TFPL branded recruitment division.

The Group employs over 500 staff located in the UK, the USA, Europe, India and Australia.

For more information see www.idoxplc.com

 

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