Idox FY revenue and underlying earnings both seen higher

16th Nov 2021 10:59

(Sharecast News) - Software and solutions provider Idox said on Tuesday that full-year revenue and adjusted underlying earnings were both projected to have grown year-on-year in the twelve months ended 31 October.
Idox stated revenues had increased 8% to £62.0m, as recurring revenues grew 2% to £36.4m, pushing adjusted underlying earnings 12% higher to £19.3m.

The AIM-listed group also highlighted a "material reduction" in net debt from £16.1m to £8.1m, partly due to the firm's disposal of its content businesses for £12.6m.

Idox also highlighted that following the payment of its reinstated dividend in April, it now intends to propose a final dividend for the financial year just ended at the release of its final results.

Chief executive David Meaden said: "We have had another strong year, reshaping the Group to focus on our public sector and engineering software core, alongside delivering an excellent financial and non-financial performance.

"The outlook for the business remains positive and we are now firmly in our 'fly' stage of growth. We have entered the new financial year with good momentum and look forward to the contribution of our new acquisitions."

As of 1055 GMT, Idox shares were up 0.28% at 71.80p.