19th May 2015 08:07
LONDON (Alliance News) - Information management software company Idox PLC on Tuesday said its revenue was flat in the first half of its financial year as good revenue from the public sector was completely offset by weakness in its engineering information management business.
Public sector software revenue rose by 14% in the half-year to April 30, the company said, but engineering information management revenue dropped 28%, result in overall revenue being flat in the period.
The public sector arm was boosted by strong managed services contract wins, and the group secured GBP2 million in revenue from outsourced delivery for the UK General Election this month. In the engineering arm, however, the company said the downturn in conditions for the business resulted in it initiating a restructuring at the turn of the year, which it expects to result in GBP3 million in annual savings.
"The group has continued to advance on all fronts, apart from new EIM sales, but because of the efficiencies achieved we are confident of achieving a full year result in line with management expectations," said Idox Chief Executive Richard Kellett-Clarke.
Shares in Idox were down 3.5% to 39.10 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Idox Group