leadf
logo-loader
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: 46.0699 GBX

AIM:IDOX
Market: AIM
Market Cap: £204.29 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Morning report: FTSE flies as HSBC jumps and Trump tax evasion accusation...

FTSE 100 made a decent start to the week buoyed by M&A activity and good rises by markets in Asia. The blue chip index was up 90 at 5,933. Donald Trump paid just US$750 in tax in 2016 and 2017 and none at all for a decade, according to The New York Times. Trump, who said the report was...

1 hour, 5 minutes ago

2 min read