Software company Idox said recurring revenue grew by 21 per cent to £43.1m in the six months to April, on the back of a key acquisition in march.
The London-listed firm said the lift in revenue was helped by its £15m deal for digital mapping firm Emapsite which it completed earlier in the year.
During the period, the business’s order intake topped £54.1m, up four per cent on last year, which Idox said provides “increasing levels of recurring revenue visibility for the remainder” of the financial year and into the next.
Idox is continuing to trade within board expectations and has an intention to pay a final dividend in line with the group’s stated dividend policy.
David Meaden, chief executive officer of Idox said: “The Group has delivered a strong financial performance in the first half of 2024 in line with the Board’s expectations, with increased total revenue, recurring revenue, profitability and cash generation.
“A clear focus on, and a deep understanding of the markets we serve, continues to provide us with excellent opportunities to support new and existing customers. The breadth and depth of our services delivered via our outstanding people offers further opportunities for organic growth.”
He added: “We have a proven track record of identifying, acquiring and integrating strategic assets into Idox as with our most recent acquisition of Emapsite in 2023. Our M&A pipeline is very healthy, 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 the progress the group has made and are on track to deliver on our plans for the remainder of 2024 in line with the Board’s expectations.”
Last month in its half-year trading update, the company said its revenue was up by 20 per cent.