IDOX PLC AGM Trading update

RNS Number : 5857I

IDOX PLC

28 March 2024

 

28 March 2024

Idox plc

('Idox' or the 'Group' or the 'Company')

AGM Trading update

Good momentum continues in the current financial year

Idox plc (AIM: IDOX), a leading supplier of specialist information management software and geospatial data solutions to the public and asset-intensive sectors, is pleased to issue a trading update for the period from 1 November 2023 to date, ahead of today's Annual General Meeting.

Highlights during the period include:

·      Operational and financial performance continue to be in line with the Board's expectations and we remain confident about the outlook for the year.

·      High levels of recurring revenue, contract renewals, orderbook and pipeline provide good visibility, leaving Idox well placed to grow by double digits in FY24.

·      With a strong foundation in property and asset-based solutions and data services we continue to enhance and grow our capabilities across the Group.

·      The integration of Emapsite (acquired August 2023) is progressing well and in line with our expectations.

·      Idox has an attractive M&A pipeline with significant financial resources for larger, accretive and enhancing acquisitions at appropriate valuations.

A further trading update will be issued following the half year ending 30 April 2024.

David Meaden, Chief Executive Officer, said:

"We remain confident that Idox is well positioned for growth in FY24 and beyond. The Group has made a good start to the year and continues to trade in line with the Board's expectations.  Our focus on securing high quality recurring revenue and repeatable services provides confidence in delivering double digit growth in FY24. We have a healthy balance sheet and are confident we can maximise the opportunities for profitable organic and inorganic growth whilst remaining resilient to the current macro-economic challenges."

For further information please contact: Idox plc	[phone]
Chris Stone, Non-Executive Chairman	[e-mail]
David Meaden, Chief Executive
Anoop Kang, Chief Financial Officer
Peel Hunt LLP (NOMAD and Broker)	[phone]
Paul Gillam
Adam Telling
MHP	+ 44 (0) 20 3128 8100
Reg Hoare	[e-mail]
Ollie Hoare
Matthew Taylor

 

About Idox plc

For more information see www.idoxplc.com @Idoxgroup

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