IDOX to beat expectations in 2012

Software and services firm IDOX said it expects full year results to come in comfortably ahead of consensus market expectations for the full year.

Software and services firm IDOX said it expects full year results to come in comfortably ahead of consensus market expectations for the full year.

The firm said growth in both the public sector and engineering software divisions - and an active acquisition programme - had driven strong revenue and profits.

The company's public sector division benefitted from assisting local councils in achieving cost savings and is expected to perform better than forecast.

It is also enjoying organic growth at a higher level than anticipated due to the successful implementation of of IDOX's managed services and hosting products at UK councils.

On top of this, the group was helped by the award of a framework agreement by the Government Procurement Service for G-Cloud Services.

In engineering software, the firm was helped by new client wins, notably in North America, including two new contracts to provide 'SaaS' solutions within the oil and gas industry.

This means the division is expected to report performance ahead of management's expectations and deliver stronger than anticipated organic growth, the firm said.

"We continue to develop new and innovative methods to drive productivity within the Public Sector, a market which is now focused on managing costs and efficiency," said Chief Executive Richard Kellett-Clarke.

IDOX shares were 8% by 10:15 on Monday following the announcement.

Recommended

The top funds to invest in
Funds

The top funds to invest in

Investors continue to favour passive funds in April though figures reveal an actively managed money market fund also caught their eye. We look at wher…
3 May 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
20 Apr 2023
Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

June’s NS&I Premium Bond prize draw - are you this month’s millionaire?
Savings

June’s NS&I Premium Bond prize draw - are you this month’s millionaire?

Two fortunate NS&I Premium Bond winners are now millionaires. Find out here if you’re one of them.
1 Jun 2023
The best one-year fixed savings accounts - June 2023
Savings

The best one-year fixed savings accounts - June 2023

You can now earn 5% on 1 year fixed savings accounts - the best rate seen in 14 years. We have all the latest rates available now.
2 Jun 2023
The top healthcare funds to buy
Investments

The top healthcare funds to buy

Increasingly rapid progress in drugs and healthcare technology makes these trusts top tips, says Max King.
1 Jun 2023