IDOX revenue growth gives market confidence

AIM-listed document management specialist IDOX (LON:IDOX) saw its share price rise by 6.23% to 42.81p (as of 14:25 BST) after H1 revenues improved by 13%. Margins improved significantly as the company streamlined redundant operations including restructuring nine customer support desks into a single portal.

CEO Dave Meaden said: “Idox has delivered revenue growth and visibility, improved margins and strong cash generation. We have focused our efforts around our ‘four pillars’ programme to improve revenue, margins, communication and organisational simplicity.

“We are now in our ‘run’ phase, having created a stable baseline of profitable growth and having executed our business plan with greater focus and discipline during the ‘walk’ phase last year; we are building real momentum across the Group to create value for employees, shareholders and other partners.

“The Group has successfully risen to the challenges caused by the Covid-19 pandemic. Our core business model of home working and focus on the public sector means Idox is well placed to deal with the unfolding impacts of Covid-19. We continue to manage the exposures in the business, and support our customers, employees and wider communities. Consequently, we remain cautiously optimistic about the future“.