Idox trading as expected in year-to-date

28th Mar 2024 12:51

(Sharecast News) - Information management and geospatial software specialist Idox said in a trading update on Thursday that its operational and financial performance had remained in line with the board's expectations in the financial year to date, instilling confidence in its outlook.

The AIM-traded company, which was holding its annual general meeting, said it had experienced high levels of recurring revenue, along with robust contract renewals, a strong order book, and a promising pipeline, positioning Idox for sustained double-digit growth in the 12 months ending 31 October.

Building on its foundation in property and asset-based solutions and data services, Idox said it was enhancing and expanding its capabilities, adding that the integration of Emapsite - an acquisition completed in August - was progressing smoothly and in accordance with the company's expectations.

Idox also highlighted its merger and acquisition pipeline, indicating significant financial resources available for larger, accretive acquisitions at appropriate valuations.

Looking ahead, Idox said it would issue a further trading update following the end of the half-year on 30 April.

"We remain confident that Idox is well positioned for growth in the 2024 financial year and beyond," said chief executive officer David Meaden.

"The group has made a good start to the year and continues to trade in line with the board's expectations."

Meaden said the firm's focus on securing high quality recurring revenue and repeatable services provided it with confidence in delivering double-digit growth in 2024.

"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 macroeconomic challenges."

At 1100 GMT, shares in Idox were up 0.97% at 62.2p.

Reporting by Josh White for Sharecast.com.