Idox document app profits growing steadily

Software and services specialist makes gains in 2012 year

AIM-listed document management and collaboration software and services provider Idox has reported profit of £6.7m in the year ended 31 October, up from £4.5m in 2011, on revenue up 50 per cent to £58m.

Martin Brooks, chairman of the City of London-based company, said the results were from "strong organic growth" as well as continuing acquisitions in both major software divisions.

"We have implemented a strategy of diversification for the future in order to increase our geographic spread and work towards revenue parity between our operations in the public and private sectors," Brooks said.

"This strategy is progressing well, as we report 31 per cent of revenue coming from our engineering information management business and 31 per cent of revenue being derived outside the UK."

Those areas represented 12 per cent of revenue in the 2011 year, he added. Idox supplies a range of applications to UK local government, including document management and business workflow tools, as well as specialised election management software and planning systems.

It also offers document and project management applications to engineering-based sectors such as oil and gas, architecture, mining, and transport. Its 500 staff are based across the UK, US, Europe, India and Australia.

Five acquisitions were made in the year: CT Space Group, Interactive Dialogues, Opt2Vote, Currency Connect and FMx. All are doing well, according to Idox.