Idox trading improvements and a new future


Event: Idox interim results
Idox announced a strong set of interim results building on the prior restructuring and strategic re-focus put in place by a new management team under the guidance of a restructured Board. Revenue was up 13%, of which 10% was organic, driven by the Public Sector division. Profits were materially improved on prior periods and net debt was significantly reduced following strong cash generation.

Kestrel Insight
The Idox team has demonstrated the results of a well thought out and clear strategy, alongside quality delivery. We believe the Company has now broken out from the pains it experienced two years ago, when growth was stalled and debt grew. The new board has demonstrated impressive execution, with the stand-out indicator being strong cash generation and the paying down of debt. Idox operates in stable, reliable markets and we believe the newly invigorated team will be able to capitalize on this with further growth from existing and new products. The management team are ambitious and confident and we believe there is a lot more to come from Idox.

Kestrel’s portfolio updates should not be construed as investment research nor the provision of investment advice. It should be viewed as short term commentary only based on the latest economic statistics, company results or information on upcoming releases or events. It is only a brief unsubstantiated summary of Kestrel’s current opinion on such information.


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