Idox flags solid first-half revenue growth

22nd May 2024 13:06

(Sharecast News) - Information management software and geospatial data specialist Idox said in an update on Wednesday that it achieved revenue of around £43m in the first six months of the financial year, marking a year-on-year increase of over 20%.

The AIM-traded firm said its adjusted EBITDA meanwhile rose to over £13m, aligning with management's expectations.

Idox said it recorded a strong order intake of around £54m during the period, enhancing its visibility of recurring revenue for the rest of the 2024 financial year, and into 2025.

The company also reported robust cash flow generation, ending the half-year with a significantly reduced net debt position of around £6.6m, down from £14.7m on 31 October.

"The group has once again delivered a positive performance during the first half in line with the board's expectations," said chief executive officer David Meaden.

"We are pleased with the performance of our recent acquisition, Emapsite, which has contributed to the group delivering over 20% growth in revenue for the half year.

"We have reduced our net debt since the end of the 2023 financial year by over 50% through a strong focus on cash generation throughout the business."

Meaden described the firm's merger and acquisition pipeline as "very healthy", adding that it was confident that it could keep making use of its financial resources to deliver profitable organic and inorganic growth to maximise shareholder value.

"We are pleased with our progress and momentum and are on track to deliver on our plans for the remainder of 2024."

Idox said it would report its first-half results on 11 June.

At 1237 BST, shares in Idox were up 0.35% at 64.22p.

Reporting by Josh White for Sharecast.com.