Idox reports 'resilient' trading in line with forecasts

Information management software company Idox reported “continued resilient operational and financial performance” in an update on Wednesday, in line with the board's expectations.

The AIM-traded firm, which was holding its annual general meeting, said its order book visibility remained “strong”, underpinning its confidence.

It said it had secured new contract wins and extensions in the period since 1 November across both its public sector software and engineering information management businesses.

Acquisitions completed in 2021 were integrating well and to plan, the board added, with a “good line of sight” reported over an “attractive” merger and acquisition pipeline.

Idox also confirmed that Anoop Kang was joining the board and assuming the position of chief financial officer following the AGM.

He was succeeding Rob Grubb, who was taking up a newly-created role focussed on advancing the group's inorganic growth strategy.

“The business is performing in line with our expectations for the half year and integration of the three businesses acquired in 2021 is on track,” said chief executive officer David Meaden.

“Whilst we are cognisant of the current geopolitical uncertainties, and the challenges of recruiting talent across the industry, we are well positioned to accelerate the 'fly' phase of our journey.

“The group is making good progress against its plans for 2022 and anticipates delivering further growth over the medium term.”

Idox said it would release a further trading update following the end of its half-year on 30 April.

At 1203 GMT, shares in Idox were up 0.7% at 63.84p.