AIM-listed managed service provider Idox has issued a positive trading update for its year ended 31 October 2020. It said revenue increased by 4% to £68m, with recurring sales up 5% to £37.4m.
There was a 35% increase in adjusted EBITDA to £19.5m, and adjusted profit before tax was £10.4m – up from the £7.7m last year. The profit before tax was £2.8m, compared to a small loss last time.
It says it has fully integrated its 2019 Tascomi acquisition, recently rebranding the operation as Idox Cloud. It has also fully exited its “sub-scale” operations in Ireland and Malta, and consolidated all UK operations into a single entity.
The company has deployed its first group-wide CRM system, which is “already yielding improved sales performance”, said Idox. It added: “Trading in the current financial year has started in line with our expectations with continued contract momentum and strong revenue visibility. The closing order book for contracted software and services for FY2021 and beyond is £15.9m - compared to £12.1m in 2019 - in addition to our recurring revenue base.”
The group expects to issue its full FY2020 results announcement in “early” February 2021.
Last month, Idox announced the appointment of Matthew Salter in the newly created role as head of professional services, with the ex-Capita executive leading transformation and strategic change across the group’s recently consolidated professional services teams.
