TIDMIDOX
RNS Number : 5191L
IDOX PLC
19 April 2018
The following amendment has been made to the 'AGM Statement and
Trading Update' announcement released on 19 April 2018 at 7.00 a.m.
under RNS No 3971L.
Paragraph two of the divisional review section incorrectly
referred to a number of companies in relation to the EIM Division
and an incorrect date for the major trade show. The corrected
wording is:
"EIM closed in excess of $2m new business and will launch the
latest upgrade to its SaaS offering in Holland at a major trade
show in April."
All other details remain unchanged.
The full amended text is shown below.
19 April 2018
Idox plc
('Idox' or 'the Group' or 'the Company')
AGM Statement and Trading Update
Idox plc (AIM: IDOX), a leading supplier of specialist
information management solutions and services, today issues a
trading update for the first five months of its half year ended 30
April 2018, ahead of its Annual General Meeting being held later
today.
Trading
Our first half trading to date has taken place during an
unsettling period of major reorganisation of the business, with the
protracted audit proving a major distraction. Despite this our
sales performance has remained strong in most segments, with order
intake in the first five months of the year in the core PSS
division up 35% and double digit growth in Content division.
Our first half results are expected, however, to be well below
the same period last year, reflecting the impact of the first
quarter disruption, changes in revenue recognition as announced at
the final results in March, and a seasonal skew to the second half
as in most prior years. The completion of our reorganisation, which
is expected to deliver annualised savings of c. GBP7m, and the
benefit of the strong sales performance, together with our high
level of recurring and repeating revenues, is expected to be of
greater benefit, and provides good visibility, for the second half
and beyond. Overall, the Board remains confident that the Group
will deliver an improved performance in the current year in line
with market expectations.
Divisional review
In PSS, we had new customer wins with Copeland and competitor
wins for Surrey Health, Blaby, Harrogate, together with hosting
contracts in Copeland, Clackmannanshire and Sevenoaks. The
elections business won its first international eCount contract with
the Maltese government. The social care business had a boost from
increased government spending in its area of expertise and its new
product has been well received closing three new systems to date.
The transport business signed a significant contract with Bristol
and put into test it's "blue wave", government backed, smart cities
initiative to help reduce diesel omissions and reduce operating
haulage costs.
EIM closed in excess of $2m new business and will launch the
latest upgrade to its SaaS offering in Holland at a major trade
show in April.
The Content business continues to perform in line with its
historic double digit growth rates.
The Health business has undergone a review and refocus under a
new management team and is performing in line with our expectations
off a much reduced cost base. It completed sales with Epson &
St Helier, George Elliot, Cardiff Vale and Brook hospitals.
The Digital business, however, has had a number of quality and
customer problems which have adversely impacted the start of the
year. We have addressed this quickly with a major overhaul of the
business.
Reorganisation update
The business has gone through a full review of its systems and
processes and we have reinstated many of the principles that
delivered Idox's success over many years. The rationalisation of
the last four acquisitions into the public sector division,
integration of the Group's development resources and focus on core
projects, plans to shrink the property estate, investment in sales
resource and optimisation of professional services and support has
resulted in significant savings and enhanced efficiency which are
expected to benefit future periods. It has not been an easy time
for the business or its staff and the adoption of such radical
change has been delivered with great commitment.
The future
We continue to develop our plans for the future. Our goal is to
put in place the foundations which will accelerate our digital
services, web services, and hosted platforms.
Richard Kellett-Clarke, Interim Chief Executive of Idox
said:
"We have had an encouraging start to the year in terms of order
intake and delivering the benefits of our reorganisation. We
therefore remain confident that despite a weak first half, we will
deliver an improved performance in the current financial year as a
whole and in line with market expectations, skewed towards the
second half.
"I remain confident of Idox's prospects and believe that the
Group has good growth opportunities, through its continued focus on
digital transformation and channel shift in the public sector,
increasing market shares, ensuring existing acquisitions are fully
bedded in, cross selling, and geographical expansion."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
Enquiries:
Idox plc +44 (0) 870 333 7101
Laurence Vaughan, Chairman
Richard Kellett-Clarke, Interim Chief Executive Officer
Jane Mackie, Chief Financial Officer
N+1 Singer (NOMAD and Broker) +44 (0) 20 7496 3000
Shaun Dobson
Liz Yong
MHP (Financial PR) +44 (0) 20 3128 8100
Reg Hoare / Charlie Barker
For more information see www.idoxplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCILMITMBIBBPP
(END) Dow Jones Newswires
April 19, 2018 10:54 ET (14:54 GMT)
IDOX (AQSE:IDOX.GB)
Historical Stock Chart
From Jun 2024 to Jul 2024
IDOX (AQSE:IDOX.GB)
Historical Stock Chart
From Jul 2023 to Jul 2024