Idox posts 50 per cent growth in revenue

AIM-listed software and services provider IDOX posted a 50 per cent rise in its revenue to 58m pounds in the year ending October 31st, according to annual results published on Wednesday morning.

Adjusted profit before tax was up 36% to ��14.8m from £11.6m a year earlier and earnings before goodwill, impairment, amortisation, depreciation, restructuring, corporate finance and share option costs rose 44% to £16.7m.

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Over the course of the year, the company completed and integrated £24m of acquisitions funded by cash flow and a new acquisition debt facility resulting in year-end net debt of £21.5m.

Martin Brooks, Chairman of IDOX, commented: "We have enjoyed further transformation in 2012, driven by strong organic growth and our continuing acquisition programme in both our major software divisions.

"We have implemented a strategy of diversification for the future in order to increase our geographic spread and work towards revenue parity between our operations in the public and private sectors. This strategy is progressing well, as we report 31% of revenue coming from our Engineering Information Management business and 31% of revenue being derived outside the UK; an impressive leap from the 12% achieved in both measures in the previous year."

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