Investor factsheet
Year ended 31 October 2022
What we do
Idox provides specialist software solutions that power government and industry, driving productivity and a better experience.
Over 90% of local UK authorities are customers for one or more of our products
1,500+ customers and 550+ employees with offices in the UK, Europe and India
People-led culture, driving authentic appreciation of our local
FY22 highlights
- Positive impact of FY21 acquisitions on revenue
- Recurring revenues increased in the year with strong performance in local authority, Idox Cloud and FY21 acquisitions
- Improved earnings in year despite inflationary pressures in market
- Strong cash generation has continued the reduction in net debt seen over previous years
- High levels of headroom in banking facilities to fund acquisitions
"We have started the new financial
year encouragingly and in line with our
expectations are confident about the
outlook for the year as a whole."
David Meaden
CEO
Financial review
Revenue increased | Recurring revenue |
increased | |
by 6% to £66.2m | by 12% to £40.5m |
(FY21: £62.2m) | (FY21 : £36.3m) |
Adjusted EBITDA | Net debt |
increased | decreased |
by 15% to £22.5m | by 18% to £6.7m |
(FY21 : £19.5m) | (FY21 : £8.1m) |
Public Sector Software
Comprising Local Authority, Idox Cloud, Elections, CAFM, Social Care, Transport, UK Databases, Health and FY21 GIS acquisitions.
Revenue Adj. EBITDA Adj. EBITDA
£58.3m | £21.0m | 36.0% |
(FY21: £54.1m) | (FY21: £18.0m) | (FY21: 33.2% ) |
Engineering Information Management
Comprising on-premise McLaren Enterprise and cloud-native FusionLive.
Revenue Adj. EBITDA Adj. EBITDA
£7.9m | £1.5m | 19.4% |
(FY21: £8.1m) | (FY21: £1.6m) | (FY21: 19.2%) |
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 Communications | +44 (0)20 3128 8771 |
Reg Hoare | Idox@mhpc.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
Chairman
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)333 011 1200
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Disclaimer
IDOX plc published this content on 24 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2023 08:12:05 UTC.