IDOX PLC
ANNUAL REPORT & ACCOUNTS 2022
Company Number: 03984070
Contents
Strategic Report
- Financial and operational highlights
- Chair's statement
- Chief Executive's review
- Investment case
- Business model
- KPIs
- Chief Operating Officer's review
- Section 172 and stakeholder engagement
- Responsible business
- Financial review
- Principal risks and uncertainties
Governance
- Board of Directors
- Directors' report
41 Corporate governance report
- Directors' responsibilities statement
- Report of the Audit Committee
Financial Statements
- Independent Auditor's report to the members of Idox plc
- Consolidated statement of comprehensive income
- Consolidated balance sheet
- Consolidated statement of changes in equity
- Consolidated cash flow statement
- Notes to the accounts
- Company balance sheet
- Company statement of changes in equity
- Notes to the Company financial statements
Other Information
118 Alternative performance measures
Company Information
Company Secretary and Registered Office: R Paterson
2nd Floor | |
1310 Waterside | |
Arlington Business Park | |
Theale | |
Reading | |
RG7 4SA | |
Nominated Adviser and Broker: | Peel Hunt LLP |
100 Liverpool Street | |
London | |
EC2M 2AT | |
Auditor: | Deloitte LLP |
Statutory Auditor | |
110 Queen Street | |
Glasgow | |
G1 3BX | |
Corporate Solicitors: | Pinsent Masons LLP |
30 Crown Place | |
Earl Street | |
London | |
EC2A 4ES | |
Registrars: | Neville Registrars Ltd |
Neville House | |
Steelpark Road | |
Halesowen | |
B62 8HD | |
Company Registration Number: | 03984070 |
Strategic Report - Financial and Operational Highlights
For the year ended 31 October 2022
__________________________________________________________________________________
Idox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset intensive sectors, is pleased to report its financial results for the year ended 31 October 2022.
Financial highlights
Reconciliations between adjusted and statutory earnings are contained on pages 118 to 119.
Revenue
- Revenue increased by 6% to £66.2m (2021: £62.2m), driven by growth in Public Sector Software.
-
Recurring revenue1 increased by 12% to £40.5m (2021: £36.3m), and now account for 61% of the Group's
total revenue (2021: 58%).
Profit
- Adjusted2 EBITDA increased by 15% to £22.5m (2021: £19.5m).
- Adjusted2 EBITDA margin improved to 34% (2021: 31%), driven by operational improvements, acquisitions, and business mix.
- Statutory operating profit increased by 13% to £8.7m (2021: £7.6m).
- Statutory operating profit margin improved to 13% (2021: 12%).
- Statutory profit before tax £6.6m (2021: £7.3m).
- Adjusted3 diluted EPS increased by 7% to 2.44p (2021: 2.27p).
- Statutory diluted EPS decreased to 1.24p (2021: 1.34p).
Cash and debt
- Net debt4 at 31 October 2022 reduced by 18% to £6.7m (2021: £8.1m).
- Free cashflow5 generation of £7.2m (2021: £9.7m).
- Acquisition of LandHawk in the year for £1.1m.
Dividend
- Final dividend of 0.5p per share (2021: 0.4p) declared, reflecting continuing growth opportunities, our strong financial position and our confidence in the future.
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Strategic Report - Financial and Operational Highlights (continued)
For the year ended 31 October 2022
__________________________________________________________________________________
Operational highlights
Idox has delivered a resilient performance in a year of economic uncertainty and maintained good progress against the Group's strategic goals:
- Record full year order intake up 19% on FY21 to £74m, with good wins across the Group, providing good visibility into FY23.
- Good growth of revenue and profit in Public Sector Software (PSS) buoyed by FY21 acquisitions; stable performance in Engineering Information Management (EIM) despite difficult market conditions.
- Contract wins and extensions which increase average tenure across both our PSS and EIM businesses.
- Further enhancement of the Group's geographic information system mapping (GIS) capabilities with the acquisition of LandHawk, following on from the three FY21 acquisitions of Aligned Assets, thinkWhere and exeGesIS.
- Continued upscaling of the Pune, India, centre of excellence to increase capacity, efficiency, capability, and knowledge sharing.
- Clear focus on innovation and consolidation of our product portfolio, including our continuing journey to transition to cloud across the portfolio.
Current trading and outlook
- The Group has enjoyed an encouraging start to FY23, with trading in line with the Board's expectations.
- High levels of recurring revenue, contract renewals, orderbook and pipeline, providing good visibility which leaves us well placed in our aim to grow the business by double digits in FY23.
- We continue to target further acquisitions to leverage our platform.
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Disclaimer
IDOX plc published this content on 26 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2023 07:32:02 UTC.