Software company Idox has reported solid earnings and reduced its debt in the first half of the year.
The London-listed firm said it generated around £43m in revenue in the six months ended April, up 20 per cent year on year. Adjusted EBITDA increased to over £13m, in line with expectations.
Shares nudged up 1.6 per cent when the market opened on Wednesday.
David Meaden, chief executive of Idox said: “The Group has once again delivered a positive performance during the first half in line with the Board’s expectations.
“We are pleased with the performance of our recent acquisition, Emapsite, which has contributed to the Group delivering over 20 per cent growth in revenue for the half year.”
Idox, which sells software property management software to the government, also more than halved its debt to £6.6m, down from £14.7m as of October last year.
“Our M&A pipeline is very healthy,” Meaden continues, “and we remain confident that we can continue to make use of our significant financial resources to deliver profitable organic and inorganic growth in order to maximise shareholder value.
“We are pleased with our progress and momentum and are on track to deliver on our plans for the remainder of 2024,” he added.
Idox recorded strong orders of around £54m in its first half, meaning it has higher levels of recurring revenue visibility for the rest of 2024 and into 2025.
In January the company hiked its dividend by 20 per cent.