Idox has reported FY 2020A revenue and Adj. EBITDA in line with guidance given in its November trading update. Despite COVID-19, the year saw strong strategic delivery following management’s action to transform the Group in the previous year and tight focus on the ‘Four Pillars’ programme. This is reflected in higher operating margins and a further reduction in net debt. As planned, Idox has restored dividend payments with a 0.3p final payment declared, in line with our expectations. We have made no material changes to our estimates and introduce numbers for FY 2023E. In our view, this level of delivery in FY 2020A positions Idox very well to pursue both organic growth and M&A opportunities.