viewIDOX plc

Idox swings to profit after turnaround

The firm appointed a new board, senior management and finance teams and implemented plans to improve accounting practices and integrate previous acquisitions

IDOX plc - Idox swings to profit after turnaround plans
Idox will announce new borrowings over the next months

Idox PLC’s (LON:IDOX) shares perked up after the software company swung back to profit as it continues turnaround plans and integrates its latest acquisition.

Over the past year, the information management specialist has appointed a new board, senior management and finance teams, as well as implementing plans to improve accounting practices and integrating acquisitions from previous years.

A £300,000 profit before tax is expected for the year to end-October, reversing the £27mln statutory loss from 2018, Idox said in a trading update on Monday, while adjusted underlying profit (EBITDA) remained flat at £14.4mln.

Revenues dipped 2% to £66mln and net debt was cut 17% to £26mln, although the company is planning to announce further borrowings over the next couple of months.

“Our 2019 financial year has seen extensive and positive changes throughout the business as we have re-established how we organise, measure and run operations across the group,” said chief executive David Meaden in a release.

“We continue to focus on driving full value from the group's assets and working intelligently to drive high margin and cash generation.”

Shares picked up 5% to 36.43p on Monday morning.

Quick facts: IDOX plc

Price: 36.9 GBX

Market: AIM
Market Cap: £163.52 m

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