15th Jun 2020 11:32
(Alliance News) - Idox PLC on Monday said it swung to interim profit and added that its cash collection during the Covid-19 pandemic has actually "exceeded" forecasts.
In the six months to the end of April, the management software provider reported revenue of GBP35.1 million, a 13% annual rise from GBP31.0 million.
Reading-based Idox swung to a pretax profit of GBP300,000 from a GBP2.6 million loss a year ago.
Chief Executive David Meaden said: "We have made strong financial and operational progress in the first half of financial 2020, building on the transformation from last year and executing effectively with the new management team in place. I am particularly pleased with our progress in consolidating our operational activities and improving our account management, both of which will lead to better customer outcomes and stronger operating margins."
Idox attributed its interim revenue surge to the "exceptionally strong performance in our Public Sector Software business", which posted revenue growth of 27% to GBP24.1 million.
Like last year, Idox paid no interim dividend but still plans to introduce a final dividend for financial 2020.
"Cash collection during the pandemic has exceeded our expectations, and operationally the group continues to win new work and deliver services largely as anticipated," Idox said.
Shares in the company were 3.8% lower at 41.88 pence each in London on Monday morning.
By Eric Cunha; [email protected]
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