Growth in underlying Q1 revenue and earnings
Idox has issued a trading update which states that the Group has performed well during the first quarter (to the end of January 2021) of its current financial year. It cites a ‘robust’ financial performance with growth in underlying revenues and earnings. Since it announced its FY 2020 results in February, Idox has made two disposals and seen a possible offer for the Group by Dye & Durham withdrawn. Those two recent disposals were the remaining parts of the Idox Content division leaving Idox as a software business selling to public-sector and engineering customers. The profits from the disposals have strengthened the Group’s balance sheet and provide the opportunity for investment elsewhere to augment growth in the Group’s core Idox Software activities. In that respect, the Group continues to look for selected bolt-on acquisitions. With management’s clear focus on its core business, the Group appears well positioned for the coming periods to us.