IDOX (IDOX) H2 2025 earnings summary

Executive summary

• Achieved seventh consecutive year of revenue and Adjusted EBITDA growth, with revenue up 3% to £89.8m and Adjusted EBITDA up 4% to £27.0m year-over-year.

• Recurring revenue increased 10% to £59.7m, now representing 66% of total revenue, driven by strong performance in core and acquired businesses.

• Record order intake of £108m, up 6% from FY24, providing strong visibility into FY26.

• Acquisition of Plianz for £7.65m in May 2025 and asset purchase of Ayup post year-end, expanding social care capabilities.

• Recommended all-cash takeover offer by Frankel UK Bidco Limited (Long Path Partners) at 71.5p per share, with the process ongoing as of February 2026.

Financial highlights

• Revenue: £89.8m (+3% year-over-year); Recurring revenue: £59.7m (+10%).

• Adjusted EBITDA: £27.0m (+4%); margin stable at 30%.

• Statutory operating profit: £10.5m (+5%); profit before tax: £8.6m (+6%).

• Adjusted diluted EPS: 2.72p (+4%); statutory diluted EPS: 1.34p (+17%).

• Free cash flow: £9.5m (down 19%); net debt: £13.3m (up from £9.9m), reflecting acquisition activity.

• Net assets increased to £82.9m from £78.3m.

Outlook and guidance

• Trading at the start of FY26 is in line with Board expectations.

• Dividend not recommended for FY25 due to the ongoing takeover; may be reinstated in FY26 if the offer lapses.

• Focus remains on margin improvement, recurring revenue growth, and leveraging geospatial market opportunities.