11th Jun 2024 16:04
(Alliance News) - Idox PLC on Tuesday said it was progressing well as profit and revenue climbed in the first half of its financial year.
The Woking, Surrey-based information management software and geospatial data solutions company said pretax profit climbed 12% to GBP4.6 million in the six months ended April 30 from GBP4.1 million a year prior.
Revenue climbed 21% to GBP43.1 million from GBP35.8 million.
Cost of sales increased 40% to GBP10.8 million from GBP7.7 million. Finance costs increased 45% to GBP1.3 million from GBP901,000.
Idox said it was well-placed to execute its growth strategy, with positive momentum across the business.
Chair Chris Stone said Idox was "supported by an increase of 4% on last year's order intake and a strong pipeline of opportunities which underpins our confidence in the medium term".
"We continue to see strong demand for our products and services from existing clients as they use software and new technologies to help them manage increasing demand with limited resources, and whilst this is an election year, these pressures will remain for the incoming government," he added.
"The group has made good progress in the period. The integration of Emapsite into the group structure has been well executed and the ongoing focus on growing recurring revenue and cash continues to produce results. We remain committed to our buy and build strategy and continue to carefully evaluate merger & acquisition opportunities that we believe will deliver long term benefits for clients and shareholders whilst creating strong opportunities for our teams and their future development. The business continues to perform well and in line with the board's expectations."
Idox shares rose 0.6% to 64.41 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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