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Idox plc Interim Report

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					Idox plc
Interim Report &
Accounts 2012
Contents




1    Financial and Operational Highlights
2    Idox plc at a Glance
4    Chairman’s and Chief Executives Statement
8    Chief Financial Officer’s Review
10   Consolidated Interim Statement of Comprehensive Income
11   Consolidated Interim Balance Sheet
12   Consolidated Interim Statement of Changes in Equity
14   Consolidated Interim Statement of Cash Flows
15   Notes to the Interim Consolidated Financial Statements
26   Independent Review Report to Idox plc
27   Company Information
                                                                                   Idox plc Interim Report and Accounts 2012              1




Financial and Operational Highlights

For the six months ended 30 April 2012




> Revenue up 58% to £28.6 m (H1 2011: £18.1m)

> Organic revenue growth of 10%

> International revenues 31% of total (H1 2011: 9%)

> Adjusted* pre-tax profits up 54% to £7.3m (H1 2011: £4.7m), reported
  pre-tax profit up 76% to £3.5m (H1 2011: £2.0m)

> Adjusted* EPS up 56% at 1.58p (H1 2011: 1.01p); basic EPS 0.69p (H1 2011: 0.41p)

> Interim dividend up 15% to 0.275p per share (2011: 0.24p)

> Completed three earnings-enhancing acquisitions in the first half of 2012
  with a further one completed after the period end in May 2012

> Net Debt £12.1m after funding three acquisitions totalling £15.0m, and
  increased dividend (H1 2011: net cash £4.1m)

> Revenue blend between Public and Private operations moving
  towards parity




* Adjusted pre-tax profits & EPS - derived by adding back exceptional restructuring and corporate finance costs, amortisation and share
option costs.
2    Idox plc Interim Report and Accounts 2012




Idox plc at a Glance

For the six months ended 30 April 2012




Idox plc is a supplier of software solutions and
services to the UK public sector and increasingly
to highly regulated asset intensive industries
around the world in the wider corporate sector.




Public Sector Software
The Public Sector Software Division is     responsiveness to public service          hosted, remote or on-site managed
a major supplier of software solutions     demands.                                  services in the combination which best
and managed services to the public                                                   fits customers’ requirements.
sector and is the leading applications     Of significance is the ability of Idox,
provider to local government for core      via its extensive integrated suites       Opt2Vote Ltd was acquired on 27
functions relating to land, people         of software, to meet public sector        March 2012. This acquisition further
and property. Over 90% of UK local         demands to drive down costs through       cements our strategy to deliver a
authorities are customers. Idox is         supplier consolidation, providing         broad range of electoral software
committed to providing public-sector       alternative and more efficient means      solutions and managed services at
organisations with solutions which         of delivering software and by applying    a key time for local authorities. The
deliver real efficiency savings benefits   an increased focus on the outcomes        Government’s localism agenda will
whilst transforming their ability to       and ROI delivered to customers by the     drive an increase in the number of
access and manage information &            solutions deployed.                       local elections and changes in the way
knowledge, documents & content,                                                      that elections are managed. Opt2Vote
business processes & workflow as           Idox continues to benefit from the        has a strong track record in delivering
well as connecting directly with the       increasing demand for outsourced          efficiency gains with its managed
citizen via the web.                       and managed services by working           print services and its e-Counting
                                           in partnership with its local authority   service proved to be a success at the
From standalone solutions for              clients. Customers are increasingly       recent local elections in Scotland. The
individual business functions through      recognising the business benefits         combined capabilities of Opt2Vote
to integrated corporate solutions,         delivered by Idox Managed Service         and Strand positions us as a key
the Company’s market leading               portfolio which flexibly combines         provider in the growing UK electoral
software solution portfolio delivers       the extensive market and technical        market.
improved data quality, stream-lined        expertise of our staff with a leading
information-sharing, enhanced              hosted service capability enabling
employee productivity and increased        Idox to manage customer solutions by
                                                                            Idox plc Interim Report and Accounts 2012         3




For the six months ended 30 April 2012




Engineering Information Management
The Idox Engineering Information           McLaren solutions to help design,          With the merger of the recently
Management Division is a leading           build and operate safe, efficient and      acquired CTSpace under the McLaren
supplier of engineering document           compliant plants and facilities.           brand the division consolidates its
management and control solutions to                                                   market position with cloud based
asset intensive industry sectors.          Highlights for the division included       solutions and extended geographic
                                           major LNG (Liquid Natural Gas)             reach.
Operating under the McLaren                Project awards and an agreement
Software brand the division                with IBM Global Services in Australia.
supplies solutions to leading              Other notable successes included
international oil & gas, energy &          ArcelorMittal, the world’s largest
utilities, manufacturing, life sciences,   integrated steel and mining company,
transportation and natural resources       and Holcim, now celebrating its
companies. Both owner operators            centenary as one of the world’s
and EPCs (Engineering Procurement          leading suppliers of cement and
& Construction Companies) use              aggregates.




Information Solutions                                                                 Recruitment
The Idox Information Solutions Division    Currency Connect Holdings BV was           TFPL is a global market leader in
provides information management,           acquired on 3 May 2012. Currency           recruitment, training and consulting
web development, online publishing         Connect provides expertise and             for the knowledge, intelligence and
and training services, with leading        knowledge that helps clients obtain        information industries. We work right
products such as GRANTfinder, the          funding for innovation projects through    across the private, public, and third
Information Service, and Open 4            grant-based subsidies and research &       sectors.
Funding.                                   development tax credits.
                                                                                      TFPL’s services include:
It specialises in the design and           Idox Information Solutions is already      > Executive Search
development of online systems to           the leading grants information provider    > Contingency recruitment
support economic development               in both the UK and the Netherlands.        > Contract and Temporary
and encompasses editorial teams            This acquisition will extend the current     recruitment
who are expert in researching and          offering, particularly in the growing      > Interim management
structuring web content. This includes     innovation funding space. Leveraging       > Managed Services
major platform developments for UK         Currency Connect’s advanced                > Recruitment advertising
government clients, including the          processes, software and skills will        > Learning and Consulting.
voluntary sector finance portal Funding    under the new brand ‘Innovation
Central. The division has pioneered        Connect’ accelerate the move into          TFPL are experts in the following
the development of innovation and          providing a full grants consultancy        specialisms:
knowledge transfer portals across          service in the UK, the Netherlands         > Knowledge & Information
Europe, working with the European          and other European Union countries           Management
Commission, and national and               such as Germany and France, utilising      > Insight & Intelligence
regional governments in Ireland and        Idox’s existing infrastructure.            > Publishing & Content Provision
the UK.                                                                               > Records Management
                                                                                      > Document Management
                                                                                      > Risk & Compliance.
4    Idox plc Interim Report and Accounts 2012




Chairman’s and Chief Executive’s Statement

For the six months ended 30 April 2012

Idox delivered a strong performance in the first    Dutch based Currency Connect, now renamed
half of 2012 against a background of global         Innovation Connect, was acquired in May 2012
uncertainty and falling confidence in the world’s   to expand the capabilities of our Information
major economies. It was particularly pleasing       Solutions Division. In addition to grants
to see that across the Group there was a            information we now have an expanded offering
meaningful improvement in organic growth,           to encompass grants training, consulting
particularly in the Engineering Information         and management. Our existing Dutch grants
Division, as well as a 58% Group headline           business has moved to Goor, Netherlands to join
revenue growth rate. This has translated into       Innovation Connect in a merged location.
a significant rise in adjusted pre-tax profits to
£7.3m (H1 2011: £4.7m), a 54% uplift.              Operational Review
                                                   The Public Sector Software Division has
New initiatives and innovations across the Group completed a wide ranging review of systems and
have helped to achieve this excellent result       internal processes to change the way it delivers
and a new divisional management structure,         services to customers to enable it to continue
together with the creation of lower level profit   to improve performance. These changes will
centre teams, have accentuated the focus on        improve customer service and productivity with
performance.                                       the introduction of a new ERP system in the
                                                   second half of the year. Three of the four off-
The acquisition of CTSpace completed early         premise outsourcing contracts which closed at
in the current financial year has now been fully   the end of last year went live during the period
integrated with McLaren Software, on schedule, with the remaining one, Westminster, on track to
to create the enlarged Engineering Information     go live in June 2012.
Management (“EIM”) Division and is operating in
line with the post acquisition strategy.           The EIM Division has recently launched a new
                                                   website combining the legacy McLaren and
The year started strongly with the Information     CTSpace websites and started to offer an
Solutions Division winning the landmark            integrated enterprise and Cloud solution to meet
managed services outsourcing contract for the      customer demand. The integrated EIM team has
Greater London Authority (GLA) library. This       now agreed on a combined integrated roadmap
has been successfully completed and went live      and work has commenced on a range of
at the end of April 2012, offering an improved     product enhancements to improve and broaden
service to GLA internal information service users. the current offering.

The first half ended with a number of key           The Information Solutions Division’s renewal
customer deals in the Public Sector Software        rates were ahead of last year and its project
Division where there were further wins against      work pipeline has continued to grow. The
incumbent competitors. The EIM Division further     newly-acquired Interactive Dialogues e-learning
broadened its customer base with contract           products are now being used across the Group
wins in utilities with Southern Corporation, in     as well as launching a new product to cover
engineering and construction with CH2M Hill,        corporate training and monitoring of the UK
and in the core oil & gas market with Occidental.   Bribery Act.

The Group completed two acquisitions either         The Recruitment Division continues to make
side of the half year. Opt2Vote, based in           progress in a difficult market with steady growth
Northern Ireland, complements our previous          in permanent and direct engagement revenues
acquisition in 2010 of Strand Electoral systems     counteracting a fall in contract recruitment.
to give us a fully integrated elections solution
product. In May 2012 Opt2Vote successfully
provided the e-count solution for Scotland in the
local government elections.
                                                                            Idox plc Interim Report and Accounts 2012   5




Chairman’s and Chief Executive’s Statement

For the six months ended 30 April 2012

                                3.47
                                                                            58% Group
                                                                            headline
 3.16




                2.14
                        1.97
                                                                            revenue
                                                                            growth rate
        1.88




2008    2009    2010    2011    2012

Reported pre tax
profit (£m)

                                28.56                                3.47

                                         3.16




                        18.10                          2.14
16.17                                                         1.97
        15.74                                   1.88
                14.96




2008    2009    2010    2011    2012     2008   2009   2010   2011   2012

Turnover (£m)
6    Idox plc Interim Report and Accounts 2012




Chairman’s and Chief Executive’s Statement

For the six months ended 30 April 2012

This year the Group has started to invest in its
development resources in offices in London,
                                                     We continue
Newbury and Pune as the business moves
forward, adding young graduate talent as part
of an initiative to unlock innovation from the
                                                     to diversify
                                                     Six months to 30 April 2011

knowledge base of the business.
                                                     beyond our



                                                                       Recru
                                                                       8%
                                                              E
                                                            So ngi




                                                                            itment
Outlook                                                       ftw nee




                                                     core oil & gas
                                                                 ar rin
                                                                   e g
Orders closed in the first half of the financial                    8%

year, together with continued robust recurring        Solutions
revenues and professional services order              14%




                                                     markets
                                                                                         Public Sector
backlog, gives us good visibility and confidence                                         Software 70%

in the achievement of management expectations
for the full year despite the current Eurozone and
potentially wider economic turmoil.

We will continue to work in close partnership
with UK Local Government, which strives to           Divisional analysis: Revenue Mix
find new and innovative cost effective ways          Six months to 30 April 2012
of improving services through shared, hosted
                                                                           Recruitment
                                                                           5%




services and collaboration with organisations
                                                             So %




such as Idox which provide the skills and
                                                               13
                                                               lu
                                                                  tio
                                                                      ns




capability to achieve this.

Our revenues are becoming increasingly                                                   Public Sector
diversified across both vertical markets and                Engineering
                                                                                         Software 51%

                                                            Software 31%
geographically through our Engineering
Information Management business. We
continue to diversify beyond our core oil & gas
markets into global asset intensive markets
such as utilities, construction and nuclear where
we have recently won a small but significant
                                                     Six months to 30 April 2011
contract in China.
                                                                       Recru
                                                                       8%




As the Group’s strategic direction progresses                 E
                                                            So ngi
                                                                             itment




                                                              ftw nee
through acquisition, organic growth and                          ar rin
                                                                   e g
international expansion, we expect to report                        8%


a more even blend of revenue mix across the           Solutions

divisions, reducing reliance upon the public          14%
                                                                                         Public Sector
sector.                                                                                  Software 70%




                                                     Six months to 30 April 2012
                                                                           Recruitment
                                                                           5%
                                                             So %
                                                               13
                                                               lu
                                                                  tio
                                                                     ns




                                                                                         Public Sector
                                                                                         Software 51%
                                                            Engineering
                                                            Software 31%
                                             Idox plc Interim Report and Accounts 2012   7




Chairman’s and Chief Executive’s Statement

For the six months ended 30 April 2012

                                         Significant rise
                                         in adjusted
                                         pre-tax profits to
                                         £7.3m
8    Idox plc Interim Report and Accounts 2012




Chief Financial Officer’s Review

For the six months ended 30 April 2012

Revenues and operating profits in the first half    Gross margins in the Recruitment Division
of the financial year were substantially ahead of   increased by 18% to £0.8m (H1 2011: £0.7m),
2011 as a combination of organic growth and         reflecting the improved mix of higher margin
acquisitions helped deliver a 58% growth in         permanent recruitment business despite a slight
revenues to £28.6m (H1 2011: £18.1m) and a          decline in top line revenues to £1.4m (H1 2011:
54% increase in adjusted pre-tax profits (which     £1.5m).
exclude amortisation, share option costs and
exceptional restructuring and corporate finance     Gross margins at the Group level improved from
costs) to £7.3m (H1 2011: £4.7m).                   86% to 88%, reflecting the shift in mix across
                                                    all divisions toward higher-margin recurring
The Public Sector Software division delivered       revenues, aided by the acquisitions.
an increase in revenues of 16% to £14.6m (H1
2011: £12.6m) with 3% organic revenue growth        Operating costs increased to £17.0m (H1 2011:
after stripping out the impact of the LalPac and    £10.4m) as a result of acquisitions made over
Opt2Vote acquisitions. Revenue from new             the past year. On a like-for-like basis, excluding
software and services sales to local government     acquisitions, operating costs rose by 7%
was encouraging, showing an increase of 17%         reflecting investment in software development
and the pipeline of managed service and hosted      innovation and sales investment in growth areas
opportunities continues to grow. Elections          such as Australia.
management company Opt2Vote, which was
acquired in March 2012, delivered revenues of       EBITDA increased by 58% to £8.2m at a margin
£1.2m as election activity and therefore revenue    of 29% (H1 2011: £5.2m, 29%) that reflected the
recognition is concentrated around the election     strong revenue growth, increasing gross margins
cycle. Recurring revenues on a like-for-like        and swift realisation of acquisition synergies.
basis accounted for 65% of revenues (H1 2011:
65%).                                               Net financing costs increased to £0.6m (H1
                                                    2011: £0.2m) as a result of an increase in
The EIM Division which in 2011 comprised            acquisition financing facilities.
McLaren Software was enlarged through the
acquisition of CTSpace in November 2011 and         Reported pre-tax profits were £3.5m (H1 2011:
delivered revenues of £8.9m (H1 2011: £1.5m),       £2.0m) after an intangible amortisation charge of
31% of total Group revenues of which 46%            £2.3m (H1 2011: £1.8m) related to acquisitions
were recurring (H1 2011: 45%). On an organic        coupled with a share option charge of £0.3m
basis McLaren Software’s revenues more than         (H1 2011: £0.5m) and exceptional costs of
doubled to £3.7m, aided by the significant          £1.2m (H1 2011: £0.4m) related to transactional
contract win with Oxy Inc. The integration of       acquisition costs (£0.9m) and acquisition
CTSpace is now complete and cost synergies          restructuring charges (£0.3m).
with McLaren Software realised enabling the EIM
Division to deliver a 29% EBITDA contribution of    Adjusted earnings per share increased by 56%
£2.6m (H1 2011: £0.1m).                             to 1.58p (H1 2011: 1.01p). Basic earnings per
                                                    share were 0.69p (H1 2011: 0.41p).
The Information Solutions Division increased
revenues by 44% to £3.6m (H1 2011: £2.5m),          The Board continues to pursue a progressive
reflecting the positive impact of the Interactive   dividend policy whilst ensuring the balance
Dialogues acquisition in November 2011.             sheet remains robust to take advantage of future
Subscription-based recurring revenues from          acquisition opportunities. The interim dividend
the grants and policy information business now      has been increased by 15% to 0.275p (interim
account for 69% (H1 2011: 67%) of divisional        2011: 0.24p). It will be paid on 22 August 2012
revenue on a like-for-like basis. The business      to shareholders on the register at 10 August
delivered EBITDA of £0.6m (H1 2011: £0.4m), a       2012.
61% increase.
                                                        Idox plc Interim Report and Accounts 2012   9




Chief Financial Officer’s Review

For the six months ended 30 April 2012

The recent acquisitions have been funded from
new debt facilities provided by the Group’s
                                                       Interim
existing bankers, Lloyds Banking Group. A term
loan of £12m together with a revolving credit
facility of £10m and a flexible acquisition facility
                                                       dividend has
of a further £10m have been agreed. At 30 April
2012 there was a total drawdown of £23.7m
against these facilities. Cash balances at the
                                                       been increased
end of April were £11.6m resulting in a net debt
position of £12.1m.                                    by 15%
Since 30 April 2012, a payment of £3.5m has
been made to acquire Currency Connect, a
Dutch- based grants advisory business which
will expand our current grants information
service.
10      Idox plc Interim Report and Accounts 2012




Consolidated Interim Statement of
Comprehensive Income
For the six months ended 30 April 2012

                                                                                 6 months to    6 months to     12 months to
                                                                                  30 April 12    30 April 11   31 October 11
                                                                                 (unaudited)    (unaudited)         (audited)
                                                                          Note         £000           £000             £000
Revenue                                                                      3        28,556         18,108           38,605
External charges                                                                      (3,420)        (2,547)          (5,157)
Gross margin                                                                          25,136         15,561           33,448
Staff costs                                                                          (13,521)        (8,339)         (17,400)
Other operating charges                                                               (3,454)        (2,056)          (4,487)
Earnings before amortisation, depreciation, restructuring, corporate                   8,161          5,166           11,561
finance and share option costs
Depreciation                                                                            (337)          (223)            (499)
Amortisation                                                                          (2,297)        (1,823)          (3,738)
Restructuring costs                                                                     (318)          (185)            (211)
Corporate finance costs                                                                 (896)          (197)            (281)
Share option costs                                                                      (268)          (535)          (1,064)
Operating profit                                                                       4,045          2,203            5,768
Finance income                                                                            12             68              247
Finance costs                                                                           (583)          (300)            (401)


Profit before taxation                                                                 3,474          1,971            5,614
Income tax expense                                                           4        (1,089)          (575)          (1,089)


Profit for the period                                                                  2,385          1,396            4,525
Other comprehensive income for the period net of tax                                     (27)           101                 6
Total comprehensive income for the period attributable to owners of the                2,358          1,497            4,531
parent


Earnings per share
Basic                                                                        5         0.69p          0.41p            1.31p
Diluted                                                                      5         0.66p          0.39p            1.28p




The accompanying notes form an integral part of these financial statements.
                                                                        Idox plc Interim Report and Accounts 2012               11




Consolidated Interim Balance Sheet

At 30 April 2012


                                                                              At 30 April 12   At 30 April 11   At 31 October 11
                                                                                (unaudited)      (unaudited)            (audited)
                                                                                      £000             £000                £000
ASSETS
Non-current assets
Property, plant and equipment                                                           673              403                 601
Intangible assets                                                                    65,017           47,149             48,611
Other long-term financial assets                                                           -              70                    -
Deferred tax assets                                                                     337              539                 495
Total non-current assets                                                             66,027           48,161             49,707
Trade and other receivables                                                          21,629           13,159               8,843
Cash at bank                                                                         11,628            4,060                    -
Total current assets                                                                 33,257           17,219               8,843
Total assets                                                                         99,284           65,380             58,550
LIABILITIES
Current liabilities
Trade and other payables                                                              4,276            3,363               2,304
Other liabilities                                                                    27,957           23,499             13,315
Provisions                                                                               72              133                 117
Current tax                                                                           1,487            1,349                 975
Derivative financial instruments                                                         35                 -                   -
Borrowings                                                                            2,300                 -              2,408
Total current liabilities                                                            36,127           28,344             19,119
Non-current liabilities
Deferred tax liabilities                                                              6,257            4,979               5,060
Borrowings                                                                           21,400                 -                   -
Total non-current liabilities                                                        27,657            4,979               5,060
Total liabilities                                                                    63,784           33,323             24,179
Net assets                                                                           35,500           32,057             34,371
EQUITY
Called up share capital                                                               3,463            3,442               3,463
Capital redemption reserve                                                            1,112            1,112               1,112
Share premium account                                                                10,017            9,903             10,017
Treasury reserve                                                                       (107)            (154)              (204)
Shares options reserve                                                                1,556              961               1,366
Merger reserve                                                                        1,294            1,294               1,294
ESOP trust                                                                              (92)             (91)                (93)
Foreign currency translation reserve                                                     14                 -                 41
Retained earnings                                                                    18,243           15,590             17,375
Total equity                                                                         35,500           32,057             34,371




The accompanying notes form an integral part of these financial statements.
12    Idox plc Interim Report and Accounts 2012




Consolidated Interim Statement
of Changes in Equity
For the six months ended 30 April 2012

                                                                                Called       Capital     Share
                                                                              up share    redemption   premium
                                                                                capital      reserve   account


                                                                                 £000          £000      £000
Balance at 1 November 2010 (audited)                                             3,442         1,112     9,903
Share options granted                                                                 -            -         -
Share of Treasury sales                                                               -            -         -
Purchase of Treasury shares                                                           -            -         -
Transfer on exercise of share options                                                 -            -         -
Equity dividends paid                                                                 -            -         -
ESOP trust                                                                            -            -         -
Transactions with owners                                                              -            -         -
Profit for the period                                                                 -            -         -
Other comprehensive income
Fair value gain on investment                                                         -            -         -
Exchange differences in reserves                                                      -            -         -
Total comprehensive income for the period                                             -            -         -
At 30 April 2011 (unaudited)                                                     3,442         1,112     9,903
Issue of share capital                                                              21             -       114
Transfer on exercise of share options                                                 -            -         -
Sale of Treasury shares                                                               -            -         -
Share options granted                                                                 -            -         -
Purchase of Treasury shares                                                           -            -         -
Equity dividends paid                                                                 -            -         -
ESOP trust                                                                            -            -         -
Transactions with owners                                                            21             -       114
Profit for the period                                                                 -            -         -
Other comprehensive income
Exchange gains on retranslation of foreign operations                                 -            -         -
Available-for-sale financial assets – transfer to profit for period                   -            -         -
Total comprehensive income for the period                                             -            -         -
Balance at 31 October 2011 (audited)                                             3,463         1,112    10,017
Share options granted                                                                 -            -         -
Purchase of Treasury shares                                                           -            -         -
Transfer on exercise of share options                                                 -            -         -
Sale of Treasury sales                                                                -            -         -
Equity dividends paid                                                                 -            -         -
ESOP trust                                                                            -            -         -
Transactions with owners                                                              -            -         -
Profit for the period                                                                 -            -         -
Other comprehensive income
Exchange differences in reserves                                                      -            -         -
Total comprehensive income for the period                                             -            -         -
At 30 April 2012 (unaudited)                                                     3,463         1,112    10,017



Please note this table above expands onto the following page.
The accompanying notes form an integral part of these financial statements.
                                                                     Idox plc Interim Report and Accounts 2012        13




Consolidated Interim Statement
of Changes in Equity
For the six months ended 30 April 2012

          Treasury            Share       Merger            ESOP              Foreign     Retained                Total
           reserve           options      reserve            Trust          currency       earnings
                             reserve                                     retranslation
                                                                              reserve

             £000              £000         £000            £000                £000          £000                £000
             (455)              630         1,294             (93)                   -      15,179           31,012
                 -              466             -                -                   -         118                  584
              519                  -            -                -                   -            -                 519
             (218)                 -            -                -                   -            -               (218)
                 -             (135)            -                -                   -            -               (135)
                 -                 -            -                -                   -      (1,204)              (1,204)
                 -                 -            -                2                   -            -                   2
              301               331             -                2                   -      (1,086)               (452)
                 -                 -            -                -                   -       1,396                1,396


                 -                 -            -                -                   -          23                   23
                 -                 -            -                -                   -          78                   78
                 -                 -            -                -                   -       1,497                1,497
             (154)              961         1,294             (91)                   -      15,590           32,057
                 -                 -            -                -                   -            -                 135
                 -             (123)            -                -                   -         243                  120
              453                  -            -                -                   -        (501)                 (48)
                 -              528             -                -                   -        (118)                 410
             (503)                 -            -                -                   -            -               (503)
                 -                 -            -                -                   -        (832)               (832)
                 -                 -            -              (2)                   -            -                  (2)
              (50)              405             -              (2)                   -      (1,208)               (720)
                 -                 -            -                -                   -       3,129                3,129


                 -                 -            -                -                 41          (78)                 (37)
                 -                 -            -                -                   -         (58)                 (58)
                 -                 -            -                -                 41        2,993                3,034
             (204)            1,366         1,294             (93)                 41       17,375           34,371
                 -              227             -                -                   -            -                 227
              (37)                 -            -                -                   -            -                 (37)
                 -              (37)            -                -                   -        (272)               (309)
              134                  -            -                -                   -            -                 134
                 -                 -            -                -                   -      (1,245)              (1,245)
                 -                 -            -                1                   -            -                   1
               97               190             -                1                   -      (1,517)              (1,229)
                 -                 -            -                -                   -       2,385                2,385


                 -                 -            -                -                (27)            -                 (27)
                 -                 -            -                -                (27)       2,385                2,358
             (107)            1,556         1,294             (92)                 14       18,243           35,500



Please note this table above has been expanded from the previous page.
14    Idox plc Interim Report and Accounts 2012




Consolidated Interim Statement of Cash Flows

For the six months ended 30 April 2012

                                                                               6 months to     6 months to        12 months to
                                                                              30 April 2012   30 April 2011    31 October 2011
                                                                                (unaudited)     (unaudited)           (audited)
                                                                                     £000            £000                £000
Cash flows from operating activities

Profit for the period before taxation                                                3,474           1,971               5,614

Adjustments for:

Depreciation                                                                           337             223                 499

Amortisation                                                                         2,297           1,827               3,738

Finance income                                                                         (12)              (2)              (247)

Finance costs                                                                          456             109                 146

Debt issue costs amortisation                                                           57             134                 134

Exchange gain                                                                          (27)            (54)                 (5)

Share option costs                                                                     228             535                 994

Movement in receivables                                                             (8,492)         (6,712)             (2,050)

Movement in payables                                                                10,907           9,524              (1,371)

Cash generated by operations                                                         9,225           7,555               7,452

Tax on profit paid                                                                    (903)           (835)             (2,132)

Net cash from operating activities                                                   8,322           6,720               5,320

Cash flows from investing activities

Acquisition of subsidiaries net of cash acquired                                   (15,022)         (1,000)             (4,263)

Sale of available-for-sale financial assets                                               -            964               1,038

Purchase of property, plant & equipment                                               (200)           (195)               (568)

Purchase of intangible assets                                                         (495)           (384)               (668)

Finance income                                                                          12                2                 29

Net cash used in investing activities                                              (15,705)           (613)             (4,432)

Cash flows from financing activities

Interest paid                                                                         (348)           (110)               (134)

New loans                                                                           23,700                -                   -

Loan related costs                                                                    (475)               -                   -

Loan repayments                                                                           -         (3,000)             (3,000)

Equity dividends paid                                                               (1,245)         (1,204)             (2,036)

(Purchase)/sale of own shares                                                         (213)            263                (130)

Net cash flows from/(used in) financing activi-                                     21,419          (4,051)             (5,300)
ties
Net movement on cash and cash equivalents                                           14,036           2,056              (4,412)

Cash and cash equivalents at the beginning of                                       (2,408)          2,004               2,004
the period
Cash and cash equivalents at the end of the                                         11,628           4,060              (2,408)
period




The accompanying notes form an integral part of these financial statements.
                                                                           Idox plc Interim Report and Accounts 2012        15




Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 April 2012
1.   GENERAL INFORMATION

Idox plc is a supplier of specialist document management collaboration solutions and services to the UK public sector
and increasingly to highly regulated asset intensive industries around the world in the wider corporate sector. The
company is a public limited company which is listed on the Alternative Investment Market and is incorporated and
domiciled in the UK. The address of its registered office is Chancery Exchange,10 Furnival Street, London, EC4A 1AB.
The registered number of the company is 03984070.


2. BASIS OF PREPARATION

The financial information for the period ended 30 April 2012 set out in this interim report does not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. The Group’s statutory financial statements for the
year ended 31 October 2011 have been filed with the Registrar of Companies. The auditor’s report on those financial
statements was unqualified and did not contain statements under Section 498(2) or Section 498(3) of the Companies
Act 2006.

The interim financial information has been prepared using the same accounting policies and estimation techniques as
will be adopted in the Group financial statements for the year ending 31 October 2012. The Group financial statements
for the year ended 31 October 2011 were prepared under International Financial Reporting Standards as adopted by
the European Union. These interim financial statements have been prepared on a consistent basis and format. The
provisions of IAS 34 ‘Interim Financial Reporting’ have not been applied in full.


3. SEGMENTAL ANALYSIS

In previous periods, the Group was organised into three main business segments. Following the acquisition and
integration of McLaren Software Group and CT Space Group, the Group now includes an Engineering Software
segment. As at 30 April 2012, the Group is primarily organised into four main business segments, which are detailed
below. Segmental analysis for the comparative period to 30 April 2011 has been restated to show results for all four
business segments.

Financial information is reported to the Board on a business unit basis with revenue and operating profits split by
business unit. Each business unit is deemed a reportable segment as each offer different products and services.
> Public Sector Software – delivering software and service solutions to mainly local government customers across a
  broad range of departments

> Engineering Software – delivering engineering document management and control solutions to asset intensive
  industry sectors

> Information Solutions – delivering both an information service and consultancy services to a diverse range of
  customers across both private and public sectors

> Recruitment – providing personnel with information, knowledge, records and content management expertise to a
  diverse range of customers

Segment revenue comprises sales to external customers and excludes gains arising on the disposal of assets and
finance income. Segment profit reported to the board represents the profit earned by each segment before the
allocation of taxation, interest payments and corporate finance costs. The assets and liabilities of the Group are not
reviewed by the chief decision-maker on a segment basis.

The Group does not place reliance on any specific customer and has no individual customer that generates 10% or
more of its total Group revenue.
16    Idox plc Interim Report and Accounts 2012




Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 April 2012

The segment results for the 6 months to 30 April 2012 are as follows:

                                                                                          US &
                                                                UK         Europe       Canada        Australia      Total
                                                              £000          £000          £000           £000        £000
Revenues from external                                       19,654         2,534         5,825            543     28,556
customers



                                                       Public Sector   Engineering   Information   Recruitment        Total
                                                           Software      Software     Solutions          £000        £000
                                                              £000           £000         £000
Revenues from external customers                             14,603         8,934         3,599          1,420      28,556
Cost of sales                                                (1,907)         (544)         (321)          (648)     (3,420)
Gross profit                                                 12,696         8,390         3,278            772      25,136
Operating costs                                              (7,826)       (5,826)       (2,639)          (684)    (16,975)
Profit before interest, tax, depreciation, amortisa-          4,870         2,564           639              88      8,161
tion, share option and restructuring costs


Depreciation                                                   (161)         (121)          (51)             (4)      (337)
Amortisation                                                 (1,462)         (494)         (337)             (4)    (2,297)
Share options costs                                            (209)          (30)          (17)           (12)       (268)
Restructuring                                                  (111)          (35)         (172)              -       (318)
Profit before interest and tax                                2,927         1,884            62              68      4,941
Interest receivable                                                -             1             3              -           4
Segment profit (see reconciliation below)                     2,927         1,885            65              68      4,945
                                                                                  Idox plc Interim Report and Accounts 2012       17




Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 April 2012

The segment results for the 6 months to 30 April 2011 (restated) are as follows:

                                                            UK         Europe                 US          Australia           Total
                                                          £000           £000               £000             £000             £000
Revenues from external                                  16,522            284                 622              680          18,108
customers




                                                                   Engineering         Information
                                                       Software      Software           Solutions     Recruitment             Total
                                                          £000           £000               £000             £000             £000
Revenues from external customers                        12,589          1,517               2,515            1,487          18,108
Cost of sales                                            (1,478)          (83)               (154)            (832)          (2,547)

Gross profit                                            11,111          1,434               2,361              655          15,561
Operating costs                                          (6,674)       (1,285)             (1,965)            (471)        (10,395)
Profit before interest, tax, depreciation, amortisa-      4,437           149                 396              184            5,166
tion share option and restructuring costs


Depreciation                                              (167)             (7)               (46)              (3)            (223)
Amortisation                                             (1,226)         (231)               (362)              (4)          (1,823)
Share options costs                                       (461)           (38)                (22)             (14)            (535)
Restructuring                                                  -         (185)                   -                -            (185)
Profit before interest and tax                            2,583          (312)                (34)             163            2,400
Interest receivable                                           1              -                   2                -               3
Segment profit (see reconciliation below)                 2,584          (312)                (32)             163            2,403

Reconciliations of reportable profit:
                                                                                                      6 months to      6 months to
                                                                                                     30 April 2012    30 April 2011
                                                                                                       (unaudited)      (unaudited)
                                                                                                             £000             £000
Total profit for reportable segments                                                                        4,945             2,403

Corporate finance costs                                                                                      (896)            (197)
Other financial costs                                                                                        (575)            (235)
Profit before taxation                                                                                      3,474             1,971



Other financial costs relate to bank interest, exchange differences and bank facility fee amortisation, which have
not been included in the reportable segments. Amortisation arising on IFRS intangible assets has been allocated to
business segments in 2012 and the 2011 comparatives have been restated.
18    Idox plc Interim Report and Accounts 2012




Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 April 2012

4. TAX ON PROFIT ON ORDINARY ACTIVITIES
                                                                               6 months to      6 months to       12 months to
                                                                              30 April 2012    30 April 2011   31 October 2011
                                                                                (unaudited)      (unaudited)          (audited)
                                                                                     £000             £000               £000
Current tax
Corporation tax on profits for the period                                            1,602            1,132              2,046
Foreign tax on overseas companies                                                         -                -                  8
Under provision in respect of prior periods                                               2                -                  3
Total current tax                                                                    1,604            1,132              2,057


Deferred tax

Origination and reversal of timing differences                                        (239)            (557)              (715)
Amortisation of intangibles difference in tax rate                                    (275)                -              (120)
Adjustments in respect of prior periods                                                  (1)               -              (133)
Total deferred tax                                                                    (515)            (557)              (968)
Total tax charge                                                                     1,089              575              1,089

Unrecognised trading losses of £6,061,000 (30 April 2011: £8,938,000), which when calculated at the standard rate
of corporation tax in the United Kingdom of 24%, amounts to £1,455,000 (30 April 2011: £2,324,000). These remain
available to offset against future taxable trading profits. Unrecognised capital losses of £4,210,000 (30 April 2011:
£4,210,000) remain available to offset against future capital profits. These deferred tax assets are not recognised as they
are considered to have fair value of £nil.
                                                                                          Idox plc Interim Report and Accounts 2012        19




Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 April 2012
5. EARNINGS PER SHARE
The earnings per share is calculated by reference to the earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during each period, as follows:
                                                                                              6 months to     6 months to     12 months to
                                                                                               30 April 12     30 April 11   31 October 11
                                                                                               (unaudited)     (unaudited)        (audited)
                                                                                                    £000            £000               £000
Profit for the period                                                                               2,385           1,396              4,525

Basic earnings per share
Weighted average number of shares in issue                                                    345,262,291     343,332,330     344,267,741


Basic earnings per share                                                                            0.69p           0.41p              1.31p


Diluted earnings per share
Weighted average number of shares in issue used in basic earnings per share calculation       345,262,291     343,332,330     344,267,741
Dilutive share options                                                                         16,437,508      11,941,507        9,096,287
Weighted average number of shares in issue used in dilutive earnings per share calcula-       361,699,799     355,273,837     353,364,028
tion
Diluted earnings per share                                                                          0.66p           0.39p              1.28p



Normalised earnings per share
                                                                                              6 months to     6 months to     12 months to
                                                                                               30 April 12     30 April 11   31 October 11
                                                                                               (unaudited)     (unaudited)        (audited)
                                                                                                    £000            £000               £000
Profit for the period                                                                               2,385           1,396              4,525


Adjusting items:
Share option costs                                                                                    268             535              1,064
Restructuring costs                                                                                   318             185                211
Amortisation                                                                                        2,297           1,823              3,738
Corporate finance costs                                                                               896             197                281
Taxation on above items                                                                              (692)           (664)            (1,303)
Adjusted profit for the period                                                                      5,472           3,472              8,516


Adjusted basic earnings per share                                                                   1.58p           1.01p              2.47p
Adjusted diluted earnings per share                                                                 1.51p           0.98p              2.41p
20   Idox plc Interim Report and Accounts 2012




Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 April 2012
6. DIVIDENDS

During the period a dividend was paid in respect of the year ended 31 October 2011 of 0.36p per Ordinary share at a
total cost of £1,245,000 (2010: 0.35p, £1,204,000).

A dividend of 0.275p per ordinary share at a total cost of £952,000 has been proposed in respect of the interim period
ended 30 April 2012 (2011: 0.24p, £823,000).
                                                                           Idox plc Interim Report and Accounts 2012       21




Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 April 2012
7. ACQUISITIONS

Interactive Dialogues Limited
On 7 November 2011, the Group acquired Interactive Dialogues Limited and Interactive Dialogues NV (“ID”) for
a total consideration of €2.2m (£1.9m) in cash. ID is a leading supplier of e-learning and information solutions in
Europe enabling organisations to conduct ‘dialogues’ with employees, customers and suppliers to achieve legislative
compliance in areas such as Competition Law and the UK Bribery Act. The acquisition of ID extends the range of
solutions available within the Idox Information Solutions business and provides Idox with an e-learning platform that will
be used to support customers across the Group.

An initial payment of €2m has been made on completion and a further €0.2m is payable one year after completion
subject to the fulfilment of certain conditions. ID had revenues of €2.4m for the year ended 31 May 2011.

Goodwill arising on the acquisition of ID has been capitalised and consists largely of the workforce value, synergies
and economies of scale expected from combining the operations of ID with Idox. None of the goodwill recognised is
expected to be deductible for income tax purposes. The purchase of ID has been accounted for using the acquisition
method of accounting.

                                                                                                 Provisional
                                                                                                   fair value
                                                                                Book value      adjustments       Fair value
                                                                                     £000              £000             £000
Intangible assets                                                                        8               935             943
Property, plant and equipment                                                           17                  -             17
Trade receivables                                                                      349                  -            349
Other receivables                                                                      283                  -            283
Cash at bank                                                                           199                  -            199
TOTAL ASSETS                                                                           856               935            1,791


Trade payables                                                                         (59)                 -            (59)
Other creditors                                                                       (263)                 -           (263)
Accruals                                                                              (179)                 -           (179)
Deferred tax liability                                                                    -            (224)            (224)
TOTAL LIABILITIES                                                                     (501)            (224)            (725)
NET ASSETS                                                                                                              1,066
Purchased goodwill capitalised                                                                                           850
Total consideration                                                                                                     1,916

Satisfied by:
Cash to vendor                                                                                                          1,742
Earn out consideration                                                                                                   174
Total consideration                                                                                                     1,916

The fair values stated above are provisional. The fair value adjustment for the intangible assets relates to customer
relationships, trade names and software. A related deferred tax liability has also been recorded as a fair value
adjustment.

The fair value of trade debtors is equal to the gross contractual amounts receivable. All debts have been reviewed and
are considered recoverable.

The revenue included in the consolidated interim statement of comprehensive income since 7 November 2011,
contributed by ID was £1,372k . ID also contributed a profit after tax of £367k for the same period. If ID had been
22    Idox plc Interim Report and Accounts 2012




Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 April 2012

included from 1 November, it would have contributed revenue of £1,372k and a profit after tax of £342k.

Acquisition costs of £82k have been written off in the consolidated interim statement of comprehensive income.

CTSpace
On 15 November 2011, the Group acquired CTSpace, an engineering and construction sector document management
and control business, for £11.6m in cash from Sword Group.

CTSpace provides document management and collaboration workflow applications for the global construction and
engineering industry and will complement the McLaren Software business that Idox acquired in December 2010.
CTSpace provides both Software as a Service (‘SaaS’) and on-premise enterprise solutions, the latter of which leverage
an organisation’s existing investment in leading enterprise content management (‘ECM’) platforms such as IBM
FileNet®, EMC Documentum® or Microsoft SharePoint®. When deployed with leading enterprise content management
platforms, CTSpace’s products provide an integrated, best practice environment that supports a project’s entire
lifecycle.

Goodwill arising on the acquisition of CTSpace has been capitalised and consists largely of the workforce value,
synergies and economies of scale expected from combining the operations of CTSpace with Idox. None of the goodwill
recognised is expected to be deductible for income tax purposes. The purchase of CTSpace has been accounted for
using the acquisition method of accounting.

                                                                                              Provisional
                                                                                                fair value
                                                                              Book value     adjustments       Fair value
                                                                                   £000             £000           £000
Intangible assets                                                                  6,065            (894)          5,171
Property, plant and equipment                                                        360            (212)            148
Trade receivables                                                                  2,390            (112)          2,278
Other receivables                                                                    758              (24)           734
Corporation tax                                                                      590                 -           590
Cash at bank                                                                         239                 -           239
TOTAL ASSETS                                                                     10,402           (1,242)          9,160


Trade payables                                                                     (350)                4           (346)
Deferred revenue                                                                  (2,768)                -        (2,768)

Other creditors                                                                    (587)              (16)          (603)
Corporation tax                                                                    (502)                 -          (502)
Deferred tax liability                                                                  -         (1,202)         (1,202)
TOTAL LIABILITIES                                                                 (4,207)         (1,214)         (5,421)
NET ASSETS                                                                                                         3,739
Purchased goodwill capitalised                                                                                     7,848
Total consideration satisfied by cash to vendor                                                                  11,587

The fair values stated above are provisional. The fair value adjustment for the intangible assets relates to customer
relationships, trade names and software. A related deferred tax liability has also been recorded as a fair value
adjustment. Other adjustments relate to depreciation, bad debt provision and accrued income to bring these in line with
Idox Group policies.

The fair value of trade debtors is equal to the gross contractual amounts receivable. All debts have been reviewed and
are considered recoverable.
                                                                          Idox plc Interim Report and Accounts 2012     23




Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 April 2012

The revenue included in the consolidated interim statement of comprehensive income since 15 November 2011,
contributed by CTSpace was £5,216k. CTSpace also contributed a profit after tax of £540k for the same period. If
CTSpace had been included from 1 November, it would have contributed revenue of £5,617k and a profit after tax of
£407k.

Acquisition costs of £488k have been written off in the consolidated interim statement of comprehensive income.

Opt2Vote
On 27 March 2012, the Group acquired Opt2Vote Ltd, one of the UK’s leading providers of electoral managed services
and innovative democracy solutions, for a maximum cash consideration of £3.5m.

Opt2Vote provides expertise and knowledge across all areas of election management and specialises in the provision of
managed services solutions and innovation in areas such as e-Counting and Early Voting. Opt2Vote supplies electronic
vote counting solutions to the 32 Scottish local authorities as well as managed print services to UK councils. It is based
in Londonderry, Northern Ireland. Opt2Vote products and services will complement solutions provided by Strand
Electoral Software, acquired by Idox in 2010 and will enable the Group to deliver a comprehensive range of democratic
solutions and managed services.

Goodwill arising on the acquisition of Opt2Vote has been capitalised and consists largely of the workforce value,
synergies and economies of scale expected from combining the operations of Opt2Vote with Idox. None of the goodwill
recognised is expected to be deductible for income tax purposes. The purchase of Opt2Vote has been accounted for
using the acquisition method of accounting.
24    Idox plc Interim Report and Accounts 2012




Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 April 2012

                                                                                                Provisional
                                                                                                  fair value
                                                                                Book value     adjustments        Fair value
                                                                                     £000             £000              £000
Intangible assets                                                                         -          1,857              1,857
Property, plant and equipment                                                           44                 -              44
Trade receivables                                                                     181                  -             181
Corporation tax                                                                       103                  -             103
Other receivables                                                                       51                 -              51
Cash at bank                                                                          633                  -             633
TOTAL ASSETS                                                                         1,012           1,857              2,869


Trade payables                                                                         (81)                -             (81)
Other creditors                                                                        (73)                -             (73)
Accruals                                                                             (307)                 -            (307)
Deferred tax liability                                                                    -           (446)             (446)
TOTAL LIABILITIES                                                                    (461)            (446)             (907)
NET ASSETS                                                                                                              1,962
Purchased goodwill capitalised                                                                                          1,538
Total consideration                                                                                                     3,500



Satisfied by:
Cash to vendor                                                                                                          2,700
Earn out consideration                                                                                                   800
Total consideration                                                                                                     3,500



The fair values stated above are provisional. The fair value adjustment for the intangible assets relates to customer
relationships, trade names and software. A related deferred tax liability has also been recorded as a fair value
adjustment.

The fair value of trade debtors is equal to the gross contractual amounts receivable. All debts have been reviewed and
are considered recoverable.

The revenue included in the consolidated interim statement of comprehensive income since 27 March 2012, contributed
by Opt2Vote was £1,228k . Opt2Vote also contributed a profit after tax of £508k for the same period. If Opt2Vote had
been included from 1 November, it would have contributed revenue of £1,737k and a profit after tax of £163k.

Acquisition costs of £58k have been written off in the consolidated interim statement of comprehensive income.

During the period a retention payment of £64,000 was made in relation to the acquisition of Grantfinder Limited in May
2010.
                                                                           Idox plc Interim Report and Accounts 2012      25




Notes to the Interim Consolidated
Financial Statements
For the six months ended 30 April 2012
8. POST BALANCE SHEET EVENTS

On 3 May 2012 the Group acquired Currency Connect Holdings BV (‘Currency Connect’), a significant Dutch based
grants advisory business, for a maximum cash consideration of €4.7m (£3.8m).

Currency Connect provides expertise and knowledge that helps clients obtain funding for innovation projects through
grant-based subsidies and research & development tax credits. It monitors and informs customers of innovation
subsidies, prepares grant applications and administers the end-to-end process. In addition, Currency Connect provides
grants management software and advises clients on process change to enable them to accelerate their innovation and
consequent eligibility for related grants.

Idox will pay an initial consideration of €4.3m (£3.5m), with a further payment of €0.4m (£0.3m) in 2013 dependent
on the achievement of certain performance conditions. Currency Connect reported revenue of €2.7m (£2.2m) and
operating profit of €1.1m (£0.9m) in the year ended 31 December 2011 and has €0.3m (£0.25m) of cash. The
acquisition will be funded from Idox’s cash and existing debt facilities.

Idox Information Solutions is already the leading grants information provider in both the UK and the Netherlands. This
acquisition will extend the current offering, particularly in the growing innovation funding space. Leveraging Currency
Connect’s advanced processes, software and skills will accelerate the move into providing a full grants consultancy
service in the UK, the Netherlands and other European Union countries such as Germany and France, utilising Idox’s
existing infrastructure.

Full IFRS(3) disclosure has not been included in the financial statements due to the timing of the acquisition.
26   Idox plc Interim Report and Accounts 2012




Independent Review Report to Idox plc

For the six months ended 30 April 2012

Introduction                                                     Our responsibility
We have been engaged by the company to review the                Our responsibility is to express to the Company a
financial information in the half-yearly financial report for    conclusion on the financial information in the half-yearly
the six months ended 30 April 2012 which comprises the           financial report based on our review.
Consolidated Interim Statement of Comprehensive Income,
the Consolidated Interim Balance Sheet, the Consolidated         Scope of review
Interim Statement of Changes in Equity, the Consolidated         We conducted our review in accordance with International
Interim Statement of Cash Flows and the related notes.           Standard on Review Engagements (UK and Ireland)
We have read the other information contained in the half         2410, ‘Review of Interim Financial Information Performed
yearly financial report which comprises only the highlights,     by the Independent Auditor of the Entity’ issued by the
Chairman’s and Chief Executive’s Statement and Chief             Auditing Practices Board for use in the United Kingdom. A
Financial Officer’s Review and considered whether                review of interim financial information consists of making
it contains any apparent misstatements or material               enquiries, primarily of persons responsible for financial
inconsistencies with the information in the condensed set        and accounting matters, and applying analytical and other
of financial statements.                                         review procedures. A review is substantially less in scope
                                                                 than an audit conducted in accordance with International
This report is made solely to the company in accordance          Standards on Auditing (UK and Ireland) and consequently
with guidance contained in ISRE (UK and Ireland) 2410,           does not enable us to obtain assurance that we would
‘Review of Interim Financial Information performed by            become aware of all significant matters that might be
the Independent Auditor of the Entity’. Our review work          identified in an audit. Accordingly, we do not express an
has been undertaken so that we might state to the                audit opinion.
company those matters we are required to state to them
in a review report and for no other purpose. To the fullest      Conclusion
extent permitted by law, we do not accept or assume              Based on our review, nothing has come to our attention
responsibility to anyone other than the company, for our         that causes us to believe that the financial information in
review work, for this report, or for the conclusion we have      the half-yearly financial report for the six months ended
formed.                                                          30 April 2012 is not prepared, in all material respects, in
                                                                 accordance with the basis of accounting described in Note
Directors’ responsibilities                                      2.
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The AIM rules of
the London Stock Exchange require that the accounting
policies and presentation applied to the financial               GRANT THORNTON UK LLP
information in the half-yearly financial report are consistent   AUDITOR
with those which will be adopted in the annual accounts          London
having regard to the accounting standards applicable for         26 June 2012
such accounts.

As disclosed in Note 2, the annual financial statements
of the group are prepared in accordance with IFRSs as
adopted by the European Union. The financial information
in the half-yearly financial report has been prepared in
accordance with the basis of preparation in Note 2.
                                                                    Idox plc Interim Report and Accounts 2012   27




Company Information

For the six months ended 30 April 2012




Secretary and Registered Office:         J Mackie
                                         2nd Floor, Chancery Exchange
                                         10 Furnival Street
                                         London, EC4A 1AB

Nominated Advisor & Joint Broker:        Investec Bank plc
                                         2 Gresham Street
                                         London EC2V 7QP

Joint Broker:                            finnCap
                                         60 New Broad Street
                                         London
                                         EC2M 1JJ

Auditors:                                Grant Thornton UK LLP
                                         Grant Thornton House
                                         Melton Street
                                         Euston Square
                                         London NW1 2EP

Corporate Solicitors:                    Memery Crystal
                                         44 Southampton Buildings
                                         London WC2A 1AP

Registrars:                              Share Registrars Limited
                                         Suite E, 1st Floor
                                         9 Lion and Lamb Yard
                                         Farnham
                                         Surrey GU9 7LL

Company Registration Number:             3984070



Financial Calendar:                      Announcement of 2012 Annual Report - December 2012
Idox plc

2nd Floor, Chancery Exchange, 10 Furnival Street, London EC4A 1AB
T   +44 (0) 870 333 7101
F   +44 (0) 870 333 7131
E   investors@idoxplc.com
    www.idoxplc.com

				
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