IDOX hikes divi despite 'disappointing' first half

25th Jun 2013 08:04

AIM-listed software group IDOX saw revenues and profits fall after a 'disappointing' first half but still managed to hike its interim dividend by nine per cent.IDOX, which last month admitted that its first half was slower than expected, said it had experienced delays in completing some expected large deals in its Engineering Information Management (EIM) division during the six months ended April 30th.Nevertheless, the firm said that all of its divisions have increased their order pipelines in the first half and have an "encouraging backlog of orders and professional services work". "This gives us confidence for a much improved second half and the board confirms expectations for the full year."Revenues in the first half totalled £26.6m, down 2.0% on the £27.1m reported the year before. The prior year also benefitted from two significant enterprise licences sales in the US. Meanwhile, adjusted profit before tax fell 31% from £7.2m to £5.0m owing to the fall in revenue and an increase in overheads related to acquisitions.The firm proposed a dividend of 0.3p per share for the first half, up 9.0% the year before, "demonstrating the board's confidence in the business".IDOX's core business is involving in supplying document management solutions to the UK public sector, while the firm also delivers document control and facility management applications to companies in industrial markets.