**Summary of Idox plc FY25 Results (Year Ended 31 October 2025)**
**Financial Highlights**
**Revenue Growth** 3% increase to £89.8 million (FY24: £87.6 million), driven by strong recurring revenues.
**Recurring Revenues** 10% growth to £59.7 million (FY24: £54.5 million), representing 66% of total revenue.
**Adjusted EBITDA** 4% rise to £27.0 million (FY24: £26.1 million), with a stable margin of 30%.
**Statutory Profit Before Tax** 6% increase to £8.6 million (FY24: £8.1 million).
**Adjusted Diluted EPS** 4% growth to 2.72p (FY24: 2.61p).
**Free Cash Flow** Decreased by 19% to £9.5 million (FY24: £11.6 million) due to working capital changes and higher capital expenditure.
**Net Debt** Increased to £13.3 million (FY24: £9.9 million), primarily due to the acquisition of Plianz.
**Operational Highlights**
**Record Order Intake** Up 6% to £108 million (FY24: £102 million), with significant wins across all divisions, including North Yorkshire Council, Sheffield City Council, Severn Trent plc, and Vodafone plc.
**Acquisitions**
Acquired Plianz, a UK-based Health and Social Care Solutions provider, for £7.65 million in May 2025.
Purchased Ayup assets for £0.3 million post-year-end to enhance social care capabilities.
**Global Capability Centre (GCC)** Continued investment in India-based operations, improving service levels and customer satisfaction.
**Strategic Developments**
**Recommended Takeover Offer** Long Path Partners, through Frankel UK Bidco Limited, made a recommended all-cash acquisition offer of 71.5 pence per share. The offer is subject to shareholder approval and regulatory clearance, with a deadline of 16 March 2026.
**Dividend Policy** No dividend recommended for FY25 due to the pending takeover. Dividends may resume in FY26 if the offer lapses.
**Segment Performance**
**LPPP (Land, Property & Public Protection):** 4% revenue growth to £57.3 million, driven by geospatial offerings.
**Assets** 5% revenue growth to £15.6 million, with strong performance in EIM and Transport.
**Communities** 3% revenue decline to £16.9 million, impacted by the cyclical nature of non-recurring revenue and the 2024 General Election.
**Management Commentary**
CEO David Meaden highlighted a solid performance, driven by a strong portfolio of products and acquisitions like Plianz.
The Board unanimously recommended the takeover offer from Long Path Partners, valuing Idox at £339.5 million.
Focus on innovation, AI integration, and strategic acquisitions to drive future growth.
**Outlook**
Encouraging start to FY26, with trading in line with expectations.
Continued focus on sustainable growth, margin improvement, and supporting customers through sector changes.
**Material Uncertainty**
The takeover offer introduces material uncertainty regarding going concern, as the Group will become more leveraged under new ownership. However, the Directors believe the Group has adequate resources to continue operations for at least 12 months.
**Conclusion**
Idox plc delivered a robust FY25 performance, marked by revenue growth, strategic acquisitions, and a recommended takeover offer. The company remains focused on innovation and customer value, positioning itself for future growth despite near-term uncertainties related to the acquisition.
| Metric | 2025 (£m) | 2024 (£m) | Change (%) |
|---|---|---|---|
| Revenue | 89.8 | 87.6 | 3% |
| Recurring Revenues | 59.7 | 54.5 | 10% |
| Adjusted EBITDA | 27.0 | 26.1 | 4% |
| Statutory Operating Profit | 10.5 | 10.0 | 5% |
| Statutory Profit Before Tax | 8.6 | 8.1 | 6% |
| Free Cashflow | 9.5 | 11.6 | (19%) |
| Net Debt | 13.3 | 9.9 | (34%) |