8th May 2014 09:27
LONDON (Alliance News) - Idox PLC Thursday re-iterated confidence in meeting market expectations for its full-year results, as it said it had seen revenues rise in the first half to end-April.
The software and services company said that it had seen a "very satisfactory trading performance" during the half year, as revenues from continuing operations rose 12%.
Idox said that it had been able to reduce net debt to GBP8.7 million from GBP19.8 million at the year end October 31, 2013.
In the company's public-sector software division, revenue rose nearly 8%, benefiting from contract wins and market share gains.
In its Engineering Information Management division, revenues rose 20%, following a reorganisation of the business. In this business, it will upgrade its software-as-a-service FusionLive product in the US during the third quarter.
"The excellent trading improvement across each of our two divisions has been the result of strengthening the management team, improvements in systems and operational disciplines and a focus on back-to-basics following our major acquisition programme up to 2013," said Chief Executive Officer Richard Kellett-Clarke in a statement.
Idox expects the reorganisation it undertook in the first half of the year will deliver a lower cost base in the second half, with further trading improvements expected in 2015.
Idox will announce its half-year results June 12.
Shares in Idox were trading up 4.6% at 41.46 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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