Published on: June 16, 2022
Idox’s half-year results for the six months ended 30 April 2022, released yesterday, contained no major surprises given the contents of the trading update issued on 19 May. We are not changing our revenue or profit forecasts. Revenue was up 7% at £33.2m (H1 FY21: £31.1m) and adjusted EBITDA was up 8% at £11.0m (H1 FY21: £10.1m). The Public Sector business has provided the robust result we expected, with percentage revenue growth in the double digits, while the Engineering business has had some impact that can be attributed to wider economic concerns. Based on current trading, contracts, pipeline and prospects, management remains confident that the business will deliver on the solid growth in revenue and adjusted EBITDA that are suggested by our forecasts.