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Idox delivers 'continued robust financial performance' in Q1

Fri 26 March 2021 08:48 | A A A

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(Sharecast News) - Software and solutions specialist Idox said on Friday that it had delivered a "continued robust financial performance" in its continuing operations during the first quarter, in line with the internal expectations.

Idox said it had recorded year-on-year growth in underlying revenues and earnings as it experienced "no significant impact" from the UK's third lockdown.

The AIM-listed group stated it had also registered a further "material reduction" in its closing net debt, which was £18.0m on 31 Jan, down from £27.1m a year earlier.

As a result of strong cash generation from continuing operations and the proceeds of its recent disposals of Idox Content, the firm currently expects to be net cash positive by 30 April.

Idox, which also confirmed that it will pay a final dividend of 0.3p for the 2020 trading year on 9 April, stated it was "progressing well" against its plans for 2021, with the board confident in the future prospects of the business.

Chief executive David Meaden said: "We have performed well in the first quarter of the year. Expansion within our existing client base alongside new customer wins has translated to underlying revenue growth. As we further simplify the group, we expect to continue improving revenue visibility, earnings and cash generation."

As of 0845 GMT, Idox shares were up 0.84% at 62.52p.

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