27th Nov 2018 13:00
LONDON (Alliance News) - Idox PLC on Tuesday expressed confidence for the future despite a decline in revenue in its recently ended financial year.
The information management software supplier said revenue in the year to the end of October was GBP73.6 million, down 15% from GBP86.3 million reported for the same period a year earlier.
Adjusted earnings before interest, tax, depreciation and amortization totalled GBP11.5 million, down 26% from GBP16.1m a year ago.
During the period, the company said it has been focused on reducing the cost base to more appropriately match its business model.
On November 2, Idox said it sold its loss-making Digital business to refocus its operations on its core profitable and cash generative activities.
Looking forward, the company said its contracted order book for software & services nearly doubled at the end of October to GBP9.4 million compared to GBP4.0 million seen a year ago.
"Financial 2018 has seen a number of changes in the Idox business, but we end the financial year in a stronger position than we entered it, and I am confident in our new leadership and team to deliver success in financial 2019," said Chief Executive David Meaden.
IDOX shares were trading 0.9% higher on Tuesday at 32.65 pence each.
The company expects to report its full annual results in February.
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