- IDOX
- 28 January 2025 12:18:40
Source: Sharecast
The AIM-traded firm said the growth included the full-year contribution from Emapsite, reflecting its expanding capabilities in geospatial solutions.
Recurring revenue also grew, by 20% to £54.5m and accounting for 62% of total revenue, consistent with the prior year.
Adjusted EBITDA rose 7% to £26.1m, maintaining a healthy 30% margin, while statutory operating profit also increased 7% to £10m.
However, statutory diluted earnings per share fell slightly to 1.15p, reflecting margin pressure.
Operationally, the company achieved a record full-year order intake of £102m, a 23% increase from the prior year.
Notable contract wins with North Yorkshire Council and Malta contributed to the strong pipeline, the board said, providing solid visibility into the 2025 financial year.
Idox highlighted the success of its geospatial offering, strengthened by recent acquisitions and the leadership of a newly appointed head of geospatial, positioning the company for future growth in this sector.
Cash generation was another standout metric, with cash from operations up 26% to £25.2m, representing 96% of adjusted EBITDA.
Free cash flow also rose 27% to £11.6m, enabling the company to reduce net debt by a third to £9.9m.
Idox further extended its banking facilities in October, securing a £75m revolving credit facility and £45m accordion through to 2027, bolstering its capacity for strategic acquisitions.
The board proposed a 17% increase in the final dividend to 0.7p per share.
Investments in its India-based operations and key senior appointments were also highlighted as essential drivers of customer satisfaction and long-term growth.
Idox said it was optimistic about its ability to capitalise on opportunities across its key sectors, citing strong customer relationships and ongoing innovation as critical enablers for sustained performance.
“We are pleased to have delivered a strong performance in 2024, featuring a 20% growth in revenue and increased adjusted EBITDA,” said chief executive officer David Meaden.
“We have made an encouraging start to 2025, with trading in line with the board's expectations.
“Our most recent acquisition, Emapsite, has added significant scale and expertise to our existing geospatial data capabilities, and has performed well in the year.”
Meaden said the company was “excited” by the growth opportunities available in the sector, adding to its existing “market-leading” public software capabilities.
“We continue to evaluate the opportunity for further acquisitions to enhance our offering and are optimistic on the pipeline as we move into 2025.
“The group's longer-term outlook remains positive and gives the board confidence in Idox's continued ability to deliver profitable managed growth and sustainable cash generation, and in turn significant ongoing shareholder returns.”
At 1147 GMT, shares in Idox were down 1.3% at 62.38p.
Reporting by Josh White for Sharecast.com.