Trading update

RNS Number : 7097V

IDOX PLC

02 June 2008

 



2 June 2008

IDOX plc

('IDOX' or the 'Company')

Half Year Trading Update

IDOX plc (AIM: IDOX), the supplier of software and services to the UK public sector, today announces a trading update for the first six months of its financial year ending 31 October 2008.

The Company is delighted to report that profit and cash generation are expected to be materially ahead of management forecasts at the half year stage, prompting the Board to upgrade its expectations for the full year. 

Full-year revenues are anticipated to be in line with market forecasts. The Company is expected to deliver higher profits as a result of cost savings and margin improvements. The integration of CAPS (acquired June 2007) is now complete with annualised savings approaching £3.5m, alongside improvements in quality and customer service.  Plantech, which was acquired in February 2008, has performed strongly.

IDOX enjoyed excellent levels of cash conversion throughout the period with cash, net of all debt and borrowings, of £5.0 million at 30 April 2008. 

Richard Kellett-Clarke, Chief Executive Officer, commented:

'We are delighted with a record first-half performance that prompts us to upgrade our profit expectations for the full year. We continue to build market share with a high level of organic growth from both existing and new customers in local government, who recognise the efficiencies and savings delivered by our innovative and market-leading products. We continue to look to the future with confidence.'

The Company intends to report its interim results for the year on 23 June 2008. A presentation to analysts will be held at 9.30 am at the offices of College Hill.

For further information, call:    

IDOX plc Martin Brooks, Chairman Richard Kellett-Clarke, CEO	020 7332 6000 020 7332 6000
Noble & Company Limited Matthew Hall, Director James Nelson, Manager	020 7763 2200
College Hill Sara Musgrave/Carl Franklin	020 7457 2049

About IDOX plc

IDOX plc is a leading developer and supplier of software and services for the management of local government and other organisations. Some 70% of UK authorities use IDOX software and managed services for document and knowledge management and for the provision of web-based services such as planning applications and public information.  

The company's acquisition of CAPS Solutions in June 2007 and Plantech in February 2008 has reinforced  IDOX's position as a significant player in the local authority information software sector. 

IDOX also supplies decision-support content and additional specialist services through the IDOX Information Service. Under the TFPL brand the company is transforming approaches to knowledge and content management via consultancy and training as well as providing these specialist skills to customers through its recruitment division.

IDOX is headquartered in London, United Kingdom with offices in Newbury and Glasgow.

For more information on IDOX plc (AIM: IDOX) please visit www.idoxplc.com 

 

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