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Idox swings to annual profit on higher revenue, margins; restores dividend
StockMarketWire.com
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Information management software provider Idox swung to an annual profit as revenue and margins improved.
For the year ended 31 October 2020, the company reported a pre-tax profit of £2.7 million, compared with a loss of £25,000 year-on-year as revenue increased by 4% to £68.0 million.
Order intake across the group grew 'significantly, which helped to support the in-year revenue growth,' the company said.
The adjusted EBITDA margins improved from 22% to 29%.
Recurring revenue increased by 5% to £37.4 million.
A final dividend of 0.3p was declared, bringing the total for the year to 0.3p, as the company restored its dividend as planned.
Year-to-date trading for fiscal 2021 had been in line with expectations so far, the company said.
'We have a full programme of continued organic expansion from the stable platform we have created, and will look to scale our Group further through carefully selected bolt-on acquisitions to bring public sector software businesses into our portfolio,' the company said.
At 8:33am: (LON:IDOX) Idox Plc share price was 0p at 48.4p
Story provided by StockMarketWire.com
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