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Idox PLC on Thursday said it is well-placed to achieved double-digit growth in financial 2023, as it performs in line with expectations. Idox is a Reading, England-based supplier of information management software for public and ‘asset intensive’ sectors. Idox said that since that start of its financial 2023, which began November 1, the company’s operational and financial performance continue to be in line with the company’s expectations. In financial 2022, Idox reported pretax profit of £6.6 million on revenue of £66.2 million. Idox said it was materially hurt by the collapse of Silicon Valley Bank. Looking ahead, Idox said its high level of recurring revenue and contract renewals provides good visibility for the company’s future. As a result, it said it is ‘well placed to grow by double digits’ in financial 2023. It didn’t specify whether this referred to profit or revenue or both. Chief Executive Officer David Meaden said: ‘We remain confident that Idox is well positioned for growth in FY23 and beyond. The group has made an encouraging start to the year and continues to trade in line with the board’s expectations. ‘We have an attractive acquisition pipeline and our high quality recurring revenue and order book, coupled with our financial resources, will enable us to maximise the opportunities for profitable growth whilst remaining resilient to the current macro-economic challenges.’ Idox said plans to issue a further trading update following the half year ending April 30. Shares in Idox were up 0.6% to 62.98 pence each in London on Thursday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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