Monday, IDOX PLC (IDOX.L), a provider of software and services, reported a surge in its fiscal 2008 pre-tax profit, reflecting strong software sales and cost savings.
IDOX posted full-year profit before taxation of GBP 6.56 million, up 267% from GBP 1.79 million in the last year.
Profit for the period was GBP 4.78 million or 1.38 pence per share, compared to GBP 1.68 million or GBP 0.63 pence per share in the previous year.
Normalised pre-tax profit advanced 193% to GBP 7.4 million from GBP 2.5 million a year earlier. Normalised earnings per share rose 80% to 1.62 pence from 0.90 pence in 2007.
Normalised pre-tax profit was derived by adding back amortisation, share option costs, capitalised R&D expenditure of GBP 0.4 million and fair value movements on interest rate swaps of GBP 0.1 million.
IDOX stated that its increased profitability resulted from 9% organic growth in the core software business and from cost savings achieved by integrating the software activities of IDOX, CAPS Solutions and Plantech into a single unit. The group noted that it expects this integration to deliver additional operational benefits and savings in the new financial year.
The company said its revenue grew 65% to GBP 34.03 million from GBP 20.62 million last year, following robust organic growth, the maiden contribution of Plantech, major contract wins across the business and the full-year impact of revenues from the Uniform product range.
On segment-wise, the Software business doubled its revenue in the year, accounting for 80% of group revenues, compared to 64% in the last year. The Solutions business contributed 8% of group revenues, while revenues in the Recruitment business represented 13% of group revenues.
Moving ahead, IDOX stated that it continue to be vigilant on its cost base going into 2009 and expect to incur a small restructuring charge in 2009 as it finalise the integration of its acquisitions.
Additionally, IDOX said it has commenced the new financial year well, with sales visibility ahead of 2008, a leading position in its core market, an excellent suite of products, strong recurring revenues and a healthy balance sheet, and added that this is a good starting position from which to face a very challenging year for the UK economy.
The group is still looking for suitable opportunities to acquire complementary businesses that will enable it to gain market share in the public sector, improve cross-selling and cut costs where necessary.
Further, IDOX's board is proposing to increase the dividend to 0.115 pence per share.
IDOX.L is currently trading on London stock exchange at 8.30 pence, up 0.61%.
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