Share Name Share Symbol Market Type Share ISIN Share Description
Idox LSE:IDOX London Ordinary Share GB0002998192 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 56.125p 55.50p 56.75p 55.50p 54.00p 54.00p 3,064 16:35:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 76.7 13.0 3.3 17.0 231.78

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Date Time Title Posts
12/12/201708:13Material loss on Malta Investment in 6PM4
19/11/201720:13Ditch the dogs and back IDOX2,912
15/11/201700:34Will 6PM loss for 2016 wipe out IDOX's profit for Year Ending Oct 2017?7
04/10/201307:38What do people think of Idox?1
20/2/200709:08IDOX Plc14

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Idox Daily Update: Idox is listed in the Software & Computer Services sector of the London Stock Exchange with ticker IDOX. The last closing price for Idox was 56.13p.
Idox has a 4 week average price of 51.25p and a 12 week average price of 51.25p.
The 1 year high share price is 77p while the 1 year low share price is currently 51.25p.
There are currently 412,973,046 shares in issue and the average daily traded volume is 345,813 shares. The market capitalisation of Idox is £231,781,122.07.
roger-lawson: Yes but I am being diluted without the option of taking up shares, at what is likely to be a discount to the previous market share price - at least the reaction of the share price today indicates that!
alphabeta4: Personally I think the low dividend is to rip through paying down the debt - nearly £10m has gone in 6 months and on current run rate it's less than 9 months from going completely. Current analyst forecasts don't take into account future acquisitions as it's hard to predict the exact timing and size of these but seeing as the last was in October and it keeps getting mentioned on the updates it wouldn't be a great surprise to see one shortly. IMHO this will be the big driver of an increase in the share price with the potential to beat expectations (they keep referring to 'at least' on the statements) a sort of added bonus. I note from the technicals the long standing 60p previous high has now gone which can often lead to a decent break upwards with hopefully 60p being a floor if required. All looks pretty good to me so bought some at 62.75p yesterday.
phillis: share price strengthening Techno....
phillis: I believe the previous FDs name was Edmondson Silly mistake to make... Surely the share price collapsed because it got too far ahead of what was probable in terms of business growth and it tanked when no growth in revenues transpired. The current CEO was previously the FD He has no operational experience in knitting together a group of acquired companies Let us hope they concentrate on organic growth for a bit And also What about the CEOs bonus? PS hardly a technology stock in the proper sense of the definition
roger-lawson: Here's my report and comments on the IDOX AGM last week (a very brief summary of a longer report): IDOX Plc held their Annual General Meeting in London on the 27th February 2014. IDOX provides software to local authorities (primarily in the planning and document management areas in the UK), and engineering management information software (EIM) to a wider global commercial base via a subsidiary named McLaren Software which was a relatively recent acquisition. The year 2013 was not an easy one for the company. The share price peaked at 60p early in the year but by the end of the calendar year it was down at 32p. This was due to a profits warning and substantial downward revisions to analysts forecasts - more on this hiccup later. Previously the company had achieved impressive revenue and profits growth for a number of years under the leadership of Chairman Martin Brooks and CEO Richard Kellett-Clarke, but this problem, the resignation of the finance director and the temporary absence of Mr Kellett-Clarke with health problems clearly spooked a lot of investors. Many VCTs who held the stock took the opportunity to reduce their holdings. At present the company trades at a relatively low rating for technology stocks in current markets - a forecast p/e of 14.6 at the time of writing, after the share price recovered to over 40p. On the morning of the AGM the company issued an announcement which said "Idox has enjoyed a much better start to 2014 [their financial year end is October] with group revenues growing by just over 10% in the first quarter compared to the same period last year". It mentioned recovery in the EIM division "bolstered by a more disciplined and rigorous approach to our new business pipeline management". There were expectations of further benefits in the second half mentioned. So things are looking up in essence. There were about 8 ordinary shareholders present at the meeting and all the directors. The company had also agreed to give a presentation at the end of the meeting prompted by a request from D.S. which certainly proved helpful and is surely something all companies should do at their AGMs. Very brief notes follow (there is a much fuller report on the ShareSoc Members Network which I would recommend to investors in this company). When general questions commenced I asked about the new manager who had been appointed for the EIM division (McLaren). His name was given as Peter Russell-Smith and you can see his profile on LinkedIn. He will be based in the UK and had started in November. This is clearly a very critical appointment because it is this division where major account sales were disappointing (and big orders not closed as expected). I also asked about Mr Kellett-Clarke's health problem which had actually been mentioned in the Annual Report and which I was already aware of. He assured the audience he was now fully recovered and later said he had been on a cycling holiday in Cuba last week. Another shareholder asked about the basis for the award of share options. The answer was it was at board discretion after the remuneration committee gives recommendations to the main board. They had set up an LTIP last year and it had been announced but then not implemented as it included a share price target and concurrently the aforementioned business problems arose. I mentioned it was rather odd to announce an LTIP and then not implement it. It was stated that it is currently being reviewed and will be resubmitted to the board in 2014 and re-announced again. A question also arose on the resignation of the finance director. The Chairman said that Will Evans decided to resign for personal reasons. There was no exceptional financial settlement and he worked out a lot of his notice. In the presentation by Mr Kellett-Clarke he blamed the share price collapse on a badly worded AGM statement last year which went down poorly in terms of investor relations. His health problem had affected the writing of it. In 2012 and 2013 he said they needed to strengthen and restructure but that had been delayed. The EIM divisions problems were a management issue, not a product or market issue. Note the Chairman's statement in the Annual Report spells out a lot of the business issues and is a good example of how it should be done in smaller companies. In effect the past acquisitions seemed to have stretched the management team and its skills, resulting in some indigestion. So the emphasis in 2013 was on a streamlined structure, system changes (including a new ERP system) and management changes. It was stated that there is a much improved position going forward into 2014. I asked about the level of debt and would it come down this year (in my view it's on the high side). It was said it should come down. In summary, a meeting which was exceedingly useful to get a better understanding of the business. The presentation gave a lot more information about the past problems and the current prospects for the business. But as in any small to medium size software company, performance will likely depend on the capabilities of the management who have a good past track record in this case. But the company has apparently been suffering some short term growing pains, and it may take a bit of time for confidence to be re-established in this business. Hopefully the latest announcement will help in that regard.
m1das_touch: I've bought back in today, as from the latest results management appear to have taken sensible action to turn things around and the final outcome for the year was far better than I was expecting. This has good recovery potential at these levels in my view. Idox has served me really well in the past, I was a holder from 17p upwards and fortunately got stopped out at 57p, banking a very healthy profit and avoiding the share-price slump. (If only I'd done the same with Silverdell - i.e. locking in a nice profit, rather than getting wiped out!) Aside from the troubles of the last year, Idox has a really good track record of growing profits and generating cash. I'm quietly confident that it can be a winner once again over the next couple of years.
graham1ty: PJ1.........we have had three profit warnings......most took the AGM statement as a warning ( the share price fell from 56p to 50p). It was only that the Board went on the offensive after the AGM that the share price recovered.....
gnnmartin: marben, your "P/E of 9.8" made me look again at the accounts, and I think that is a bit misleading. It is an price to adjusted profits ratio, which only really has merit to the extent that one believes the amortisation is unrealistically severe, the impairments are genuinely one off, and I can't see any logic at all to taking out the cost of options (which are in effect part of salaries). I am also not sure that adding back to profits the money set aside but not paid for the Opt2vote acquisition is not a bit misleading. I don't think it was set aside out of profits, so it shouldn't be added back into profits when it is not paid. And anyhow, it presumably means that Opt2vote did not perform as well as hoped, so it is bad news looking like good news. That said, I think Idox well worth holding, and I was impressed by the CEO when he presented to the Mello dinner some time ago. I shall continue to hold. I note an interesting but probably irrelevant parallel between the share price movement of Idox and that of Kofax. Idox seems to echo Kofax but about 2 years behind. Although I hold, I'm quite pleased that the share price is weak, since I think that long term they are probably worth accumulating and it is always nice to feel there is something worth buying when the cash comes available. Nigel Martin
davidosh: This is from six months ago but interesting to see how a fund manager thinks... 2. IDOX At Amati, we backed this business originally in 2007 when it raised money for a classic turnaround strategy. It had found itself in trouble following a poor and unrelated acquisition. When Martin Brooks became chairman he identified a viable strategy for the group, which involved developing their position as a software solution provider to Local Authorities, focused on land, property and town planning document management and workflow software. They raised money to buy CAPS Solutions, which was being auctioned and for which they paid a full price. This, however, meant they now had 70% of UK Local Authorities as customers, giving them a strong competitive position. From here the business has developed a long way, and the company has been a clever acquirer of businesses bringing extra products and additional customer bases. The resilience of the business was shown during the 2009 downturn, when investors feared that Local Authority spending on software would be drastically cut, and the shares fell heavily. However, because IDOX software provides efficiency gains, and therefore cuts costs, revenues have made steady progress over the last few years and IDOX repositioned itself by forming advisory relationships with Local Authorities, becoming more than just a software vendor. They also became market leader in Land, Building Control and Property software solutions for this market (with around 65% market share), and have market share growing in other Local Authority departments. In December 2010 they entered a new market, private sector engineering document management and workflow software, through the acquisition of McLaren from receivership. This has turned out be a compelling deal, costing £2m including debt and coming with tax losses. McLaren had failed during the credit crunch when its potential customers held off ordering because the company's balance sheet was too weak. IDOX has rapidly turned this around, seeing sales growth here of 27% lastyear, and this business unit delivered £1m of EBITDA in the 10 10 Amati VCT plc Annual Report & Financial Statements 2012 months to October 2011. In November last year IDOX bought CT Space, which is a larger competitor of McLaren's, which will give critical mass in this market, as well as extending their product range and customer base. The share price has risen sharply over the last year, but the rating remains modest (around 10 times forward forecast earnings, with a 2.75% dividend yield). Having reached a market capitalisation of around £100m this company should start to attract a wider audience and remains little-known beyond dedicated small cap institutional investors. The quality of its Local Authority business has been improving with the move towards strategic partnerships. The new business area in engineering document management will represent 30% of revenues this year, and there is plenty of scope to see margins on this side of the business rise. If we are wrong here, it could be because the buy-and-build model on the engineering side does not work out, or because the dynamic in the Local Authority business changes for the worse or even just that investors fear it will change for the worse.
davidosh: I do not have a problem with these options and if you include dividend payments to shareholders that effectively reduce share prices by the same amounts then the share price target in five years is closer to 65p which is a reasonable target from the current 38p. Directors and key management need long term incentives or deals will be done with potential backers to incentivise management in different ways and an offer for the whole of IDOX at just 50p is not what I want !! For the directors to make good money on these they will want the share price well north of 55p and for those who bought in just two years ago when the price was 12p it is unfair to begrudge these long term benefits. Anyway the objective criteria and share price target both have to be achieved or they receive nothing ! There are much worse schemes that should be targeted for criticism well before this one IMO. I continue to hold and believe the directors are doing a good job for shareholders here.
Idox share price data is direct from the London Stock Exchange
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