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IDOX (AIM:IDOX), a supplier of software, recruitment and information & consultancy services, said today that revenue for the half year ended 30 April 2012 was up by +58% to £28.6 million compared to £18.1 million a year ago, driven both by organic growth and acquisitions.
Overall, the firm said it delivered a “strong performance” against a background of global uncertainty as organic revenue growth increased by +10% in the six months. Gross profit jumped to £25.14 million from £15.56 million at the same time last year while operating profit was also up to £4.04 million in H1 2012 compared to £2.20 million in H1 2011. Half-year profit after tax rose from £1.49 million to £2.35 million.
In the Group’s Recruitment Division, the firm saw “steady” growth in permanent and direct engagement revenues which helped to counteract the decline in contract recruitment. Gross profit increased by +18% to £0.8 million (H1 2011: £0.7m), “reflecting the improved mix of higher margin permanent recruitment business” but top line revenue declined slightly to £1.4 million from £1.5 million a year ago, the firm said.
“The first half of 2012 saw the Group report significant growth in both revenue and profitability,” said Martin Brooks, Chairman of the company. “As well as the Group recording strong organic growth, our recent acquisitions have quickly and effectively been integrated, allowing us to expand our operations across an international market place. This new international focus allows revenue to be spread across a number of sectors and geographies, reducing our reliance on the UK public sector.”
In the current financial year, the firm has completed its acquisition of CTSpace which has now been fully integrated with McLaren Software while most recently in May, the Group acquired a Dutch company Currency Connect which has been renamed to Innovation Connect and merged with IDOX's existing Information Solutions operations in the Netherlands.
Idox provides software and recruitment services, which include international placement of permanent, interim management and contract personnel across various disciplines such as risk & compliance, research & analysis, records management and knowledge management.
After announcing its interim results this morning, the company set a new 52-week high at 40.75 Pence, up over +71.1% from a year ago. Idox is valued at £134.83 million.