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Published on: May 20, 2021

Strong momentum evident in H1 trading

Idox’s trading update for the half year to the end of April 2021 shows a performance that is nicely on track to meet full year expectations. We leave our estimates unchanged at present while noting the cash position and that adjusted EBITDA is well over half way towards our full year estimate. Idox’s two disposals during the first half represented the remainder of the Idox Content division leaving Idox as a software business selling to public-sector and engineering customers – and one with a robust balance sheet. In addition, the Group’s M&A pipeline continues to develop with a number of ‘active conversations with potential targets’. With management drawing confidence in the full year outlook from a strong level of order book visibility, in our view, Idox remains well positioned to execute further on its growth strategy.

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