IDOX shares fall as it stays in the red

AIM-listed document management specialist IDOX (LON:IDOX) has seen its share price drop by 13.12% to 28.50p (as of 12:15 BST) as losses continued in the first half of 2019. Consolidated revenues fell slightly with a larger proportion coming from recurring revenues.

CEO David Meaden commented: “My first twelve months in the business has seen a significant transformation as we have worked closely with all of our stakeholders to overcome the legacy issues identified and create a more stable platform from which to build value for shareholders customers and staff.

I am pleased by the progress we have made in such a short period of time. We have now addressed the many legacy issues the business faced and can focus on driving future performance, built upon our core strengths of software and deep domain understanding.

We continue to explore ways to accelerate the Group’s strategy, and are currently assessing a strategic, earnings enhancing bolt-on acquisition which would strongly enhance the Company’s technological capabilities and our market leading positions.

We remain confident in the outlook for the Group and remain ambitious in securing and improving margins and cash generation. We are focussed on growing the Group by cross-selling to our customers, expanding the applicability of our existing products and extending our reach to new areas where there is good opportunity to create further value“.