13th Nov 2014 10:49
LONDON (Alliance News) - Idox PLC maintained its forward guidance for the current financial in a trading statement Thursday, as it said it had performed in line with expectations in its recently ended financial year, seeing a 6% rise in revenue.
In the year to end-October, its Public Sector Solutions Division saw revenue rise 9% on a constant currency basis, boosted by a number of contract wins with local councils, market share gains, and a strong performance from its Elections business. Idox said it had successfully provided the majority of electoral services for the Scottish Referendum.
Within this segment, its Information business saw double-digit revenue growth after a reorganisation in the second half, its Grants business saw higher revenue despite a reduction in the grant rate in the Netherlands during the year, and its Compliance business met expectations.
In Idox's Engineering Information Management Division revenue rose 4% at constant currency, although only 1% at actual exchange rates, against difficult conditions in global markets, particularly oil and gas.
The division was "substantially" reorganised and refocused during the year, and Idox said this had led to improvement in the execution of its professional services projects, driving a year-on-year growth in services revenues of 16%.
Idox expects to report its full-year results in January.
Idox shares were up 0.3% at 39.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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