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Published on: June 11, 2024

Strong H1 results, with no surprises

Idox has reported a strong set of half-year results for the six months ended 30 April 2024. After AGM and period-end updates, the results contain no surprises. Group revenue increased by 21%, helped by the inclusion of Emapsite across all of the period. Adjusted EBITDA increased by 8%, with the acquisition of Emapsite having had an anticipated downward impact on adjusted EBITDA margins. The increased effective tax rate and borrowing costs knocked the clear pre-tax improvements, with adjusted diluted EPS of 1.26p vs 1.33p (H1 FY23). Cash generation was strong and it is clear that with net debt of £6.6m as at 30 April, £120m of debt finance facilities and a healthy M&A pipeline, we could be looking at a year of significant change for Idox and its geospatial business.

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