Investor factsheet
Half year ended 30 April 2023
What we do
Idox provides specialist software solutions that power government and industry, driving productivity and a better experience.
Over 90% of UK local authorities are customers for one or more of our products
1,500+ customers and 600+ employees with offices in the UK, Europe and India
People-led culture, driving authentic appreciation of our local communities
H1 FY23 highlights
- Order intake of £52m, up 23% from H1 FY22.
- New divisional structure fully embedded providing better market focus, customer service and sharper sales execution;
- Land, Property & Public Protection (LPPP) o Assets
o Communities
- Further innovation, development and rationalisation of the Group's product portfolio including the transition to Cloud.
- Good progress on developing the Group's geospatial capabilities.
- M&A pipeline remains attractive with positive leads on a number of complementary and accretive targets.
Financial review
Revenue increased | Recurring revenue |
increased | |
by 8% to £35.8m | by 7% to £21.1m |
(H1 FY22: £33.2m) | (H1 FY22: £19.8m) |
Adjusted EBITDA | Net cash |
increased | increased |
by 10% to £12.1m | to £1.1m |
(H1 FY22: £11.0m) | (FY22: net debt of £6.7m) |
Land, Property & Public Protection
Comprising: Local Government, Idox Cloud, Aligned Assets, exeGesIS, thinkWhere, and LandHawk
Revenue Adj. EBITDA Adj. EBITDA
£21.5m | £7.7m | 36.0% |
(H1 FY22: £17.5m) | (H1 FY22: £6.2m) | (H1 FY22: 35.4% ) |
Assets
Comprising: EIM, CAFM, iFit, and Transport
Revenue Adj. EBITDA Adj. EBITDA
£7.2m | £1.8m | 25.2% |
(H1 FY22: £6.8m) | (H1 FY22: £2.1m) | (H1 FY22: 30.1% ) |
"The Group has delivered a good performance with double-digitprofit growth in a challenging macro-economic environment."
David Meaden
CEO
Communities
Comprising: Elections, Lilie, Grants, and Social Care
Revenue Adj. EBITDA Adj. EBITDA
£7.1m | £2.6m | 35.8% |
(H1 FY22: £8.8m) | (H1 FY22: £2.7m) | (H1 FY22: 30.7% ) |
Delivering success
Four pillars
Our four pillars are the platform on which we build and operate Idox.
Organisational simplicity
Creating efficiency and cohesion by streamlining our processes, consolidating our activities, and creating centralised approaches to our working practices.
Communication and collaboration Communication is a key part of all that we do. We believe in open communication with our people, investors, and customers.
Revenue expansion
We undertake activities that help create revenue expansion and growth.
Margin improvement
We are continually working to reduce the costs of the products and solutions we are selling to become more profitable.
Walk, run, fly
Walk phase (FY19)
- Create momentum in the plan
- Be more ambitious
- Execute with greater focus and discipline
Run phase (FY20)
- Build momentum in the plan
- Win bigger deals and make a step change
- Extend reach in to adjacent and existing markets
Fly phase (Now)
- Focus on core software businesses, promoting digital and path to cloud
- Focus on product management and market leadership
- Developing our GIS offering
Media contacts
MHP | +44 (0)20 3128 8276 |
Reg Hoare | idox@mhpgroup.com |
Investor relations |
Investment case
- Market leadership: Market leaders, providing software solutions to improve the customer's processes, and meet future challenges on the horizon.
- Good governance: High-quality recurring revenue and well-controlled costs; risk is well understood and reflected in our approach to investment and operational choices.
- Investment in people: Through living our values and developing future leaders, Idox ensures we have the right people to drive our business forward.
- Operational excellence: Striving for high levels of customer service, leveraging our resources and expertise; and encouraging innovation in our products, delivery and operational infrastructure and support.
- Financial discipline: Focus on high-quality revenues; good communication, and simplification leading to strong margins.
Managing capital, exiting low-margin areas, and focusing our investments on high recurring, high margin, software-based areas with good opportunity for growth. - ESG rigour: Recognising the importance of being a responsible and sustainable business, creating opportunities to do more with our people-led initiatives.
Idox management
Chris Stone
Chair
David Meaden
CEO
Anoop Kang
CFO
Idox plc
Second Floor, 1310 Waterside
Arlington Business Park, Theale, RG7
Find out more
investorrelations@idoxgroup.com +44 (0)870 333 7101
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Disclaimer
IDOX plc published this content on 08 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 June 2023 06:39:24 UTC.