17 February 2026

Idox plc

('Idox' or the 'Group' or the 'Company')

FY25 Results

"A solid financial performance in FY25"

 

Idox plc (AIM: IDOX), a leading supplier of specialist information management software and geospatial data solutions to the public and asset intensive sectors, is pleased to report its financial results for the year ended 31 October 2025.

 

Financial highlights

Reconciliations between adjusted and statutory earnings are contained at the end of this announcement.

	2025	2024	% change
Revenue:
Revenue	£89.8m	£87.6m	3%
Recurring Revenues1	£59.7m	£54.5m	10%
Profit:
Adjusted2 EBITDA	£27.0m	£26.1m	4%
Adjusted2 EBITDA margin	30%	30%	-
Statutory operating profit	£10.5m	£10.0m	5%
Statutory operating profit margin	12%	11%	9%
Statutory profit before tax	£8.6m	£8.1m	6%
Adjusted3 diluted EPS	2.72p	2.61p	4%
Statutory diluted EPS	1.34p	1.15p	17%
Cash:
Free cashflow5	£9.5m	£11.6m	(19%)
Cash generated from operating activities before taxation	£21.3m	£25.2m	(16%)
Net debt4	£13.3m	£9.9m	(34%)

 

 

Operational highlights:

·      Record full year order intake up 6% on FY24 to £108m (2024: £102m), reflecting our quality customer base and providing good visibility into FY26, including significant contract wins in all three divisions, with North Yorkshire Council, Sheffield City Council, Severn Trent plc, Vodafone plc, the Scottish Government. EIM saw significant order intake in the year which included Terrapower and Berkshire Hathaway Energy amongst others, creating a strong orderbook for FY26 and beyond.

·      Good performance in LPPP driven by our geospatial offerings partially offset by the cyclical effects of non-recurring revenue, and in Assets, where EIM and Transport delivered increased revenue. Communities performed as anticipated with revenue slightly lower than the previous year due to the General Election in 2024, which reduced the headline level of revenue growth for the Group as whole.

·      Acquisition of Plianz, a UK-based provider of Health and Social Care Solutions, in May 2025 for an initial enterprise value of £7.65m in cash. This was followed up with the asset purchase of Ayup for £0.3m in cash shortly after the year end further enhancing the Group's social care technological capabilities.

·      Increase in net debt reflects the acquisition of Plianz during the year.

·      Continued investment and growth in our India Global Capability Centre (GCC) based operations providing increased levels of services, support and customer satisfaction.

 

Offer from Frankel UK Bidco Limited

On 28 October 2025, the Board of Directors of each of Frankel UK Bidco Limited ('Bidco'), an entity ultimately controlled by Long Path Partners ('Long Path') and the Company announced that they had reached agreement on the terms of a recommended all cash acquisition of the entire issued and to be issued share capital of the Company at a price of 71.5 pence per share, to be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. The scheme document in respect of the proposed acquisition was published and made available to Idox Shareholders on 20 November 2025. On 15 December 2025, the Court meeting and the General meeting in connection with the proposed scheme of arrangement were each adjourned to provide further time for discussions with Idox shareholders and to allow Idox shareholders additional time to consider the acquisition.

 

On 5 January 2026, in order to increase the certainty of the proposed acquisition, Bidco determined, with the consent of Idox and the Takeover Panel, to change the transaction structure, electing to proceed by way of a recommended contractual takeover offer with the acceptance condition being set at a level that would result in Bidco holding Idox shares carrying in aggregate more than 50 per cent. of the voting rights normally exercisable at general meetings of the Company. Idox shareholders have been able to accept the offer from the date of the posting of the offer document, which was 15 January 2026. A contractual takeover conducted in accordance with the requirements of the UK Takeover Code typically runs for a period of 60 days from the posting of the offer document. Day 60 is the latest date by which the offer must become unconditional or lapse. Day 60 for UK Takeover Code purposes is 16 March 2026. The offer timetable is however capable of being suspended or extended by each of Idox and Bidco with the consent of the Takeover Panel in certain specified circumstances. Shareholders will be kept updated at relevant intervals throughout the offer period.

 

In view of the recommended offer from Bidco, the Board is not recommending a dividend for FY25. Should the contractual takeover offer from Bidco not become unconditional and ultimately lapse, the Board anticipates reinstating the dividend in FY26.

 

David Meaden, Chief Executive of Idox said:

 

"We are pleased to have delivered a solid performance in 2025, featuring a 3% growth in revenue and increased Adjusted EBITDA. This has been driven by growth in our strong portfolio of distinctive products and data offerings which hold substantive market positions.

 

We acquired Plianz during 2025, which is trading in line with our expectations, with the team benefiting from exposure to a wider customer base.

 

During 2025, following an extensive period of due diligence, the Board received an offer for the business from one of our major shareholders, Long Path Partners through their chosen bid vehicle. The Board has unanimously recommended the offer.  

 

We have made an encouraging start to FY26, with trading in line with the Board's expectations."

 

 

For further information please contact:

 

Idox plc	+44 (0) 333 011 1200
Chris Stone, Non-Executive Chairman	[email protected]
David Meaden, Chief Executive Officer
Anoop Kang, Chief Financial Officer
Peel Hunt LLP (NOMAD and Broker)	+44 (0) 20 7418 8900
Neil Patel
Benjamin Cryer
Kate Bannatyne
Alice Lane
MHP	+ 44 (0) 7855 447944
Reg Hoare	[email protected]
Matthew Taylor
Finn Taylor

 

About Idox plc

For more information see www.idoxplc.com @Idoxgroup

 

 

 

Alternative Performance Measures (APMs)

The Group uses these APMs, which are not defined or specified under International Financial Reporting Standards, as this is in line with the management information requested and presented to the decision makers in our business; and is consistent with how the business is assessed by our debt and equity providers.

¹ Recurring revenue is defined as revenues associated with access to a specific ongoing service, with invoicing that typically recurs on an annual basis and underpinned by either a multi-year, rolling contract or highly repeatable services. These services include Support & Maintenance, SaaS fees, Hosting services, and some Managed service arrangements which involve a fixed fee irrespective of consumption.

² Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) is defined as earnings before amortisation, depreciation, transaction and strategic project costs, acquisition costs, impairment, financing costs and share option costs.

³ Adjusted EPS excludes amortisation on acquired intangibles, transaction and strategic project costs, financing, impairment, share option and acquisition costs.

⁴ Net debt is defined as the aggregation of cash, bank borrowings and long-term bond. This differs from a similar measure under IFRS, which would also include lease liabilities as debt. The definition used is consistent with that used within the Group's banking arrangements.

⁵ Free cashflow is defined as net cashflow from operating activities after taxation less capital expenditure and lease payments.

 

 

Annual financial report announcement

 

The extracts below are from the Annual Financial Report 2025. Note references refer to notes included in this Annual Financial Report Announcement 2025.

 

 

Chair's statement

 

Introduction

I am pleased to be able to report a positive set of results to all of our shareholders and other stakeholders for the financial year ended 31 October 2025. This is the seventh year in a row that we have grown revenues and Adjusted EBITDA, with good cash generation. This is an excellent track record delivered by the whole Idox team.

 

The business has maintained its trajectory of improving our core, organic metrics whilst continuing to look for complementary acquisitions. We completed the small acquisition of Plianz during the year, and the asset purchase of Ayup shortly after the year end, both in the Social Care segment, to extend our customer footprint and build our portfolio of complementary products.

 

Total revenue growth was slower than in previous years at 3%, as we saw our non-recurring revenue decline, particularly due to the cyclical slowdown in Elections revenues, but our recurring revenue, including a contribution from our acquisition of Plianz, grew at 10%. This is a very positive indicator for the future of the Group. To reinforce this outlook, we enjoyed a record order book intake of £108m.

 

As a result of the change in revenue mix, profit growth was slower than in previous years, but we still grew our Adjusted EBITDA to £27.0m, which is also a record for the business, as well as the underlying operating profit margin.

 

Towards the end of the financial year the Board received an offer for the business from our second largest shareholder for a cash purchase of all the shares that they do not currently own. This bid received the unanimous support of the Idox PLC Board, and is currently the subject of an offer process that is being considered by all shareholders. Further details on the offer can be found in the Financial and Operating Highlights of this announcement.

 

Whilst the bid is recommended by the Board, it has required a significant effort from many people in the business to meet the due diligence and information sharing requirements that have enabled the bid to be tabled. I am very grateful to the entire management team for managing this additional workload at the same time as delivering another record year of trading.

 

Performance towards achieving our internal goal of 35% Adjusted EBITDA margin remained static at 30% as we worked through the integration of our acquisitions and managed a cyclical downturn in our non-recurring revenues. We still have some improvements to come in that area through the benefits of the integration of our previous acquisitions, but we are also making a big effort to ensure that we are seeing appropriate levels of return on our continuing investment in product development. As a business with strongly differentiated Intellectual Property (IP) at its heart, continuous investment in innovation and development is essential, but we recognise the need to ensure excellent Return on Investment (RoI) for those investments. This has become a significant focus for the management team.

 

After a period of flux that started with the COVID pandemic, Idox has now established successful patterns of working across all of our operations. We have a positive blend of home and office work, and essential and non-essential travel, that allows our colleagues to be efficient but also continue to benefit from the lifelong development and learning opportunities that are an important part of corporate, office life. Employers need to work hard and creatively to enable appropriate new ways of working that meet all these new requirements without allowing a drop in the most important thing, excellent customer service. I have been impressed by the continuing positive attitudes and behaviours of all our colleagues at Idox, which have enabled this ongoing strong performance. We will continue to work to ensure that we maintain the right blend of work experience that meets our colleagues needs whilst also ensuring the continuous development of our skills and capabilities.

 

Cultural development is an essential part of this value. It is not only important for the employees themselves that we create a strong and thriving culture, where all of our colleagues feel valued and appreciated, but it is also an essential component in delivering value to our customers. It is clear to me that customers know when they are supported by an organisation that has a strong and positive culture, and indeed cultural alignment can be a very strong driver of customer satisfaction. At Idox, customer satisfaction remains very strong, and this is driven by the fact that we have a very clear set of shared values, that hold quality, customer value, owning commitments and "doing the right thing" as essential and non-negotiable elements of the Idox experience. It is with these values in mind that we continue to develop talent within the business creating an environment where growth and innovation is a natural output of our work together.

 

Group strategy

There has been no change to the core strategy that the Group has been following for the past few years. The Group remains focused on providing digital solutions and services to the LPPP public sector customers in the United Kingdom, complemented by our Assets & Communities sectors servicing customers across the world. The key to our success is to ensure we deliver better user results and productivity improvements for customers through focusing on usability, functionality and application of integrated digital and increasingly cloud-based technologies and solutions. It has been especially rewarding to see the significant growth in orders for our EIM solutions, as we have found a rich seam of customers for whom we offer the right blend of all of these features, allowing us to make significant gains in this niche area. The identification of attractive acquisition opportunities that can enhance the Group's scale and capabilities, and the integration of completed acquisitions, is also a key part of management focus and effort.

 

Board

There have been no changes to the Board in FY25, following the appointments of Mark Milner and Jonathan Legdon to the Board in the prior year. The business has benefited significantly from the contributions of both Mark and Jonathan to the debate around strategy and direction.

 

I consider the effectiveness of the Board, which includes the contributions of the individual Board members, throughout the annual governance cycle. The current Board members are operating collectively and effectively to govern the business in an efficient and productive manner.

 

The additions that we made to the Board, in the previous year, were made to make sure that the Board evolves in line with the evolving needs of the business. I am satisfied that there is sufficient diversity in the Board structure to bring a balance of skills, experience, independence, and knowledge to the Group.

 

We have also continued to ensure that the other Non-Executive Directors (NEDs) and I engage directly with shareholders on a regular basis, taking on board their feedback and ensuring that their views are reflected in the direction of the business. We have also engaged independent external advisors to review our Board practices and our remuneration policies.

 

Corporate governance

We are cognisant of the important responsibilities we have in respect of corporate governance and shaping our culture to be consistent with our objectives, strategy, and business model which we set out in our Strategic Report and our description of Principal Risks and Uncertainties. The Group is committed to conducting its business fairly, impartially, in an ethical and proper manner, and in full compliance with all laws and regulations. In conducting our business, integrity is the foundation of all Company relationships, including those with customers, suppliers, communities, and employees.

 

Dividends

In view of the recommended offer from Bidco, the Board is not recommending a dividend for FY25. Should the contractual takeover offer from Bidco not become unconditional and ultimately lapse, the Board anticipates reinstating the dividend in FY26.

 

Summary and outlook

The financial results of the last year reflect the increasing quality of the Idox business. We operate in attractive markets, with strong market positions and insights, and we have every confidence that we can continue the excellent progress we have seen in FY25. The changes that we have made in the last few years, to the team, our structure, systems, and processes have delivered a major improvement in our financial performance. As a result, we have enjoyed improved stability in performance and confidence for the future, based on strongly improving orderbooks and levels of recurring revenue. We have some continuing work to do to improve our margins towards the targets that we have set for ourselves, and that will be a specific focus for the next year. On top of this, we can now point to exciting growth opportunities in the geospatial data markets.

 

I am delighted to have had the opportunity to work with all my Idox colleagues during a period of such tremendous improvement. It is this progress that has led to the offer from Long Path, and I was pleased to be able to recommend this offer to all shareholders. The business is in very good shape to meet the challenges of the future.

 

This bright future is entirely reliant on our workforce. Idox stakeholders are fortunate that such a talented group of people have chosen Idox as a place they want to work. Their expertise and diligence have continued to deliver the support and value that our customers expect, and I am pleased to extend my thanks to all of them.

 

Chris Stone

Chair

 

 

Chief Executive's review

 

Performance overview

During the year the business performed largely in line with expectations with growth in revenue, Adjusted EBITDA, operating profit and good cash generation. We have also seen increases in recurring revenue, order intake and the order book.

 

In conjunction, following an extensive period of due diligence, the Board received an offer for the business from one of our major shareholders, Long Path Partners through their chosen bid vehicle. The bid values Idox at £339.5m and at the time of writing is being considered by Shareholders, having been unanimously recommended by the Idox plc Board. Further details on the offer can be found in the Financial and Operating Highlights of this announcement.

 

This period of due diligence was time consuming and placed significant extra demands upon individuals across the business. We are fortunate to have dedicated and committed people across the Group who have been able to meet these requests whilst still driving great outcomes for shareholders. I am personally very grateful for their efforts in what has been a time-consuming process, along with the expertise and assistance we have received from our advisory team at Rothschilds, Pinsent Masons, Peel Hunt and MHP.

 

This year's results are driven by our strong portfolio of distinctive products and data offerings which hold substantive market positions. It is well understood that most of our product, data and service offerings are based around valuable Intellectual Property (IP) which is integral to our client's business processes and workflows to manage regulatory, statutory and business critical functions. This means that our engagements with customers typically last for several iterations of the initial contract term and we form long standing partnerships with customers to manage both their existing and forward developing challenges.

 

As I look back on 2025, I'm struck by the resilience and commitment shown by our team. This year brought its share of challenges and changes, but together, we stayed focused on what matters most, delivering for our customers, shareholders, and building on the strong foundations we've established.

 

Market and operational context

Our adherence to our Four Pillars of Revenue, Margins, Simplification and Communication remain steadfast and we continue to grow both organically and by complementary acquisitions that expand our software and data capabilities. During the year we completed the acquisition of Plianz and the team have quickly integrated with the Communities division and gained new customers for their CasparLaw and CasparGov products.

 

We have a disciplined approach to capital allocation, ensuring that our R&D expenditure is targeted in the right areas and that we maintain a rigorous approach to ensuring that acquisitions are complementary, adding to our existing product portfolio as well as extending the addressable markets we can reach. There are increasing pressures on the business to direct its investments into new technologies such as AI that will drive future performance for customers and in time our own revenue and bottom line.

 

Our long-standing relationships and understanding of our markets mean we're not just participants, we're leaders, shaping the future of how businesses and communities are managed and protected, and 2026 looks to be a critical year with the transformative plans in Local Government. This therefore means it's critical for Idox to continue to invest in our people and our solutions, to meet the demands of our customers. Like many we face the challenge of balancing the need to move existing offerings forward and delivering leading edge insights through new technology such as AI. This will be a persistent challenge over the next few years, and we are exploring how we can leverage relationships with our partners to provide all the capabilities and capacity that is likely to be required moving forward.

 

This year we have fallen slightly short of being a 'rule of 40' business, where our Adjusted EBITDA margin plus revenue growth percentages exceed 40%, due to revenue mix. There are several initiatives underway for the business to rectify this position, and notwithstanding the point concerning investments in technology, we are focussed and committed to delivering improved outcomes in the future.

 

Our forward looking ESG strategy ensures we're building a responsible, sustainable business. Sector trends like local authority consolidation, planning reforms, digitisation, and cloud adoption are creating new opportunities for scalable, AI-powered solutions. The aims of the Local Government Reorganisation's (LGR), to enhance efficiency and effectiveness for local governance, with a focus on creating unitary authorities in England mean our customers are looking for partners who can help them do more with less, and we're ready to meet that challenge.

 

This year, I've seen firsthand how our deep expertise in Land, Property & Public Protection continues to set us apart. We're trusted partners to local authorities and public sector organisations, helping them navigate change and deliver essential services.

 

We're also ambitious for our geospatial business. The appetite for data-driven insights is growing rapidly, and there is a need for Idox to continuously invest in new technologies and partnerships to expand our reach, both here in the UK and in new markets around the world.

 

Our Assets Division's commitment has helped us serve customers in power, utilities, and infrastructure, and I'm proud of the way they've embraced new challenges and delivered for our customers. There have been several new wins during FY25 which lay the foundation for further success into the future and the team has created a distinctive offering in the markets it serves.

 

In Communities, Plianz's expertise in financial management and citizen engagement is complementary to our social care offering, and we're building tools that make a real difference for local authorities and legal firms.

 

Scaling operations

We are leaders in our chosen markets and respected providers of management software that provides data insights to some of the most essential sectors in the world. As the Chair has indicated, we continue to look diligently for businesses that would add scale to our operations and allow us to leverage existing investments in sales and marketing, software development and operations and under our current ownership structure we currently retain substantial resources at our disposal for such activity with a revolving credit facility and accordion of £75m and £45m, respectively. We are appreciative of the insight and support we receive from our banking partners HSBC Innovation Bank, NatWest and Santander and for their efforts in support of our goals during the year.

 

People and culture

One of the things I'm most proud of is how well we work together, no matter where our colleagues are based globally. Our Pune Global Capability Centre (GCC) has become a hub of innovation and expertise, now representing over 17% of our global team. Colleagues in India, the UK, and beyond collaborate well, sharing knowledge and supporting each other through shared platforms and open communication. This spirit of teamwork and inclusion is at the heart of our success.

 

We believe that investment in talent development is fundamental as our business grows. Our "My Growth" programme, combines compliance, technical and behavioural skills development and these coupled with clear career pathways offer everyone the chance to develop new skills, take on fresh challenges, and shape their own journeys. Leadership coaching, early careers mentoring, and career progression are just some of the ways we invest in our colleagues' futures. Objectives and key results track progress with specific, measurable outcomes which helps align teams, drive focus, and ensure everyone is working towards the same strategic priorities. Our employee-led groups ensure every voice is heard and every ambition is supported.

 

Open, honest communication is the glue that holds us together. Through regular updates, interactive forums, and our Be Heard Culture Squads, we make sure everyone has a voice. These squads don't just gather feedback, they turn ideas into action, helping us adapt quickly and keep our culture vibrant and inclusive.

 

Outlook

In 2025, we delivered another year of operational progress, guided by our Four Pillars and a commitment to recurring revenue and operational efficiency. The acquisition and integration of Plianz has expanded our expertise and future potential reach in health and social care. Our global teams, including the Pune Global Capability Centre, worked together to support customers and drive innovation. Strong client retention and adoption of cloud-based solutions underscored our ability to adapt and deliver value. Looking ahead, we remain focused on sustainable growth, disciplined investment, and supporting our customers as they navigate sector changes, ensuring we continue to set the standard in our global markets. We will continue to explore opportunities to grow our business in our chosen markets, both organically and through acquisition.

 

Thank you to everyone at Idox and our partners for your dedication and teamwork throughout the year.

 

David Meaden

Chief Executive Officer

 

 

Chief Operating Officer's review

 

Operational performance and delivery

Reflecting on 2025, I'm delighted to share the progress we've made across the business.

 

This year, our teams have demonstrated resilience, adaptability, and a relentless drive for innovation. We've continued to build on our values and pillars, ensuring they remain at the heart of everything we do.

 

AI is rapidly changing the way we work, offering powerful tools to boost productivity, improve accuracy and reduce repetitive tasks. It's already shaping and transforming how we can deliver value both for our colleagues and in our solutions for our customers. In 2025, we have invested significant time and energy into exploring AI, initiating pilot programmes across the Group and engaging with customers to evaluate where and how AI can address real-world challenges. These initiatives are not just about technology but about empowering our people and our clients to achieve more.

 

Markets

Our strong market positions provide an important platform from which Idox can offer unparalleled insights and influence in decision making and policy setting. Meeting regularly with The Department for Education (DfE) & National Association of Family Information Services (NAFIS) regarding SEND & Social Care matters, BASHH (The British Association for Sexual Health and HIV), the NHS and UK Health and Security Agency, these important partnerships help drive sustainable long-term change and improvements to the industry and directly to citizens across the UK.

 

We work with Ministry of Housing, Communities and Local Government (MHCLG) across several areas, most notably in the Open Digital Planning Group reviewing planning reform and its impacts both nationally and locally. As the market leading solutions provider in the built environment sector, we are also instrumental in delivering the objectives of the Levelling Up and Regeneration Act for conservation and improved planning processes. Given the MHCLG's remit, our relationships extend to the UK Election Groups, regarding execution and future reforms, in addition to the devolved Election bodies in Welsh Government, Scottish Government and the Electoral Office of Northern Ireland.

 

We also maintain strong connections and attendance across industry groups connected to our markets including the Geospatial Commission, Natural England, Historic England, Local Authority Building Control, and the Institute of Licensing & the Chartered Trading Standards Institute.

 

External forces such as UK devolution and Local Government Reorganisation (LGR) are catalysts for growth. As powers shift from central government to local authorities, the need for agile, integrated digital platforms intensifies. LGR and the creation of unitary authorities offer a unique opportunity to modernise legacy systems, consolidate processes, and embed smarter, citizen-centric services. Our proven capabilities in planning, public protection, and geospatial technology position us as a trusted partner in this transformation.

 

By anticipating these structural dynamics and investing in innovation, we are ready to help UK Authorities deliver better services, enhance transparency, and achieve long-term resilience.

 

Customers, service and experience

Idox has never been stronger. 2025 was a year defined by success with achievements across sales, service, and delivery that reflect a strategy built for growth. Our performance continues to rise year on year, driven by clear vision, disciplined execution, and a commitment to excellence. This is the result of purposeful design and unwavering focus making Idox today the best it has ever been. We are innovative, resilient, and positioned for continued success.

 

Order Intake growth continued, surpassing £108m in 2025, another record year for Idox, despite 2025 being a year that naturally saw a lower number of Local Government customers in a re-signs cycle.

 

Our Land, Property & Public Protection Division, demonstrated great retention of existing customers, with significant numbers of customers renewing and extending their contracts, Sheffield City Council, LB of Bexley, Glasgow City Council, Hart District Council, Aberdeen City Council & Sevenoaks District Council all extended their relationships with Idox for a further 5-years in contracts totalling over £6m.

 

We also saw new solutions for Carmarthenshire County Council for Public Protection and Built Environment for Wealden District Council. Blackpool Council also selected Idox Cloud to replace their heritage Acolaid system, a £345k deal covering Building Control, Planning, and Land Charges. Kent County Council Trading Standards also chose Idox Cloud, extending our solution to including further functionality.

 

The Assets Division delivered significant new wins building on the strategic direction and investments of 2024 providing increased revenue visibility over the next 2-3 years. The EIM solution team won multiple contracts on the international stage, winning landmark deals.

 

TerraPower, selected our EIM solution to provide a sophisticated EDMS to provide end-to-end management throughout the build phase in a 5-year contract valued at $2.6m. This will help TerraPower meet the regulatory requirements of the Federal Nuclear Regulatory Commission (NRC) as they deliver the newly designed Natrium Power Generation and Storage technology, the next generation method of electricity generation.

 

Berkshire Hathaway Energy also chose an EIM solution in 2025 to deliver a secure collaboration space for EDMS across the business in a new contract worth $2.9m over the next 7-years.

 

Additionally, the team won a large contract (£952k) with WECA & North Somerset to deliver sustainable solar-powered displays for their bus stops via Papercast technology, connected to our Transport Management Solution.

 

We saw significant growth in order intake for the Idox Geospatial, supporting the 2025 revenue growth as we realise the benefits of integration of our geospatial solutions. Orders were up over 40% year over year and included some important new customers selecting Idox for their geospatial software and data services needs as well as high levels of customer retention.

 

We were delighted to be selected by Vodafone as their strategic data partner, taking over the supply of large-scale mapping from Ordnance Survey. This 3-year contract, worth over £3m, provides Idox & Vodafone with an opportunity to further develop our relationship across a broad range of additional geospatial data services. We were also pleased to be chosen by Heathrow Airport to provide them with licensed data to support the continued planning and development of the airport over the coming years.

 

Our software team secured a number of new customers, most notably in our heritage records management business with Gloucestershire and Aberdeenshire becoming new users of our flagship HBSMR platform. 2025 also saw Natural England make a significant new commitment to deploy our conservation software, CMSi.

 

As we closed the year, Severn Trent Water renewed their data supply partnership with Idox for a further 3.5 years, in the largest geospatial revenue transaction to date, with a contract value in excess of £4m.

 

In Communities, we continue to see success with our new Cloud-based Eros Election Management System (EMS), as it is proving to be a popular choice for existing customers, Swansea City Council signed a new 5-year deal in 2025.

 

Idox also secured the Scottish Government eCount contract working with our partner CGI, this contract will see us deliver Election Management Software and Services in a contract worth circa £3m to Idox over the next 5-years.

 

Our strong position in specialist sexual health solutions continued in 2025, with strong retention of existing customer including the largest Sexual Health Solution in Europe - Chelsea & Westminster Hospital NHS Trust, extending for a further 5-years in a contract worth over £1.6m. We also saw a strong influx of new customer contracts, valued at close to £1m, including University Hospitals Bristol & Weston Foundation Trust and Herefordshire and Worcestershire Health and Care NHS Trust.

 

The successes we've seen in this financial year reflect our ongoing commitment to delivering value, building trust, and supporting our customers' ambitions and needs to deliver great services and innovation through our software solution.

 

People, culture and capability

Early 2025 marked a significant milestone as we quickly surpassed 100 colleagues in the Idox Global Capability Centre in Pune. This achievement highlighted our global reach and the strength of our diverse, talented teams.

 

We've also welcomed new colleagues and solutions to the Communities division, with the in-year acquisition of Plianz and the asset purchase of Ayup shortly after the year end, further enriching our capabilities, customer base and expertise in critical areas of Social Care.

 

This year, we celebrated several key leadership appointments. Ian Churchill stepped into the role of Chief Customer Officer, strengthening our commitment to customer success. Trace Durning became our Chief People and Culture Officer, bringing a renewed focus to our people strategy and organisational development.

 

Our commitment to diversity, equality, and inclusion was recognised with a Regional HR Excellence award in India.

 

Technology and security

This year we have advanced our internal audit and security programs, including Cyber Essentials Plus and ISO 27001 certifications, ensuring our solutions remain robust and secure.

 

We have invested in new HR technology and systems, taking significant steps to improve the colleague experience and providing valuable insights into our operational dynamics.

 

2025 saw us achieve new levels of efficiency and scale. We continued to embed Test Automation Tools across our QA teams. This rollout has streamlined quality assurance processes, replacing multiple legacy tools with a single, AI-enabled platform. AI has reduced manual effort, cutting test case creation time significantly, driving improved consistency, accelerated defect reporting, and better overall efficiency in our QA operations.

 

We have successfully upgraded our Content Delivery Network environments, enhancing global content delivery performance and security, this move ensures faster load times, improved reliability, and advanced protection against cyber threats, whilst improving our ability to deliver a seamless digital experience for customers and end-users.

 

Looking ahead

As we look to the future, our focus remains on delivering value for our customers, investing in our people, and driving innovation across the business. I'm excited about the opportunities ahead and confident that, together, we'll continue to achieve great things.

 

Jonathan Legdon

Chief Operating Officer

 

 

Financial review

During FY25 the business performed largely in line with expectations with growth in revenue, Adjusted EBITDA, operating profit and good cash generation. We have also seen increases in recurring revenue, order intake and the order book.

 

The following table sets out the revenues and Adjusted EBITDA for each of the Group's segments from its continuing activities:

 

		2025	2024	Variance
		£000	£000	£000	%
Revenue
- LPPP		57,284	55,264	2,020	4%
- Assets		15,597	14,893	704	5%
- Communities		16,948	17,442	(494)	(3%)
- Total		89,829	87,599	2,230	3%
Revenue split
- LPPP		64%	63%
- Assets		17%	17%
- Communities		19%	20%
- Total		100%	100%
Adjusted EBITDA
- LPPP		16,894	16,854	40	-%
- Assets		3,280	3,299	(19)	(1%)
- Communities		6,804	5,898	906	15%
- Total		26,978	26,051	927	4%
Adjusted EBITDA margin
- LPPP		29%	30%
- Assets		21%	22%
- Communities		40%	34%
- Total		30%	30%

 

 

Revenues

		2025	2024	Variance
		£000	£000	£000	%
Revenues
- Recurring (LPPP)		38,416	34,898	3,518	10%
- Recurring (Assets)		9,509	9,418	91	1%
- Recurring (Communities)		11,809	10,158	1,651	16%
- Total recurring		59,734	54,474	5,260	10%
- Non-recurring (LPPP)		18,868	20,366	(1,498)	(7%)
- Non-recurring (Assets)		6,088	5,475	613	11%
- Non-recurring (Communities)		5,139	7,284	(2,145)	(29%)
- Total non-recurring		30,095	33,125	(3,030)	(9%)
- Total continuing revenue		89,829	87,599	2,230	3%
- Recurring*		66%	62%
- Non-recurring**		34%	38%

 

* Recurring revenue is defined as revenues associated with access to a specific ongoing service, with invoicing that typically recurs on an annual basis and underpinned by either a multi-year, rolling contract or highly repeatable services. These services include Support & Maintenance, SaaS fees, Hosting services, and some Managed Service arrangements, which involve a fixed fee irrespective of consumption.

** Non-Recurring revenue is defined as revenues without any formal commitment from the customer to recur on an annual basis.

 

Revenue from continuing operations for the Group increased 3% in the year to £89.8m (2024: £87.6m). LPPP was up 4% for the year at £57.3m (2024: £55.3m) with strong growth from our geospatial solutions. Assets delivered a 5% improvement in revenue at £15.6m (2024: £14.9m) and Communities decreased 3% to £16.9m (2024: £17.4m) as anticipated due to the increased revenue in the previous year associated with the provision of services around the UK General Election in July 2024.

 

Recurring revenues for the year increased 10% from £54.5m to £59.7m and represented 66% (2024: 62%) of the total continuing revenue. Within LPPP, recurring revenue increased 10% to £38.4m (2024: £34.9m), with good growth across all solutions. The recurring revenues in Assets increased 1% to £9.5m (2024: £9.4m) with growth in EIM and our asset tracking solutions partially offsetting a small reduction in the other solutions. Recurring revenues in Communities improved 16% to £11.8m (2024: £10.2m), driven by growth in the Databases and Lilie solutions, as well as the in-year benefit of the Plianz acquisition.

 

Non-recurring revenues for the year decreased 9% in line with expectations to £30.1m (2024: £33.1m). Non-recurring revenue in LPPP decreased by 7% to £18.9m (2024: £20.4m), across all solutions. In Assets, non-recurring revenue was up 11% to £6.1m (2024: £5.5m) with increases in EIM and Transport solutions. As expected, non-recurring revenue in Communities was down 29% to £5.1m (2024: £7.3m) as 2024 benefitted from the provision of services for the UK General Election.

 

Adjusted EBITDA increased by 4% to £27.0m (2024: £26.1m). This delivering a stable Adjusted EBITDA margin of 30% (2024: 30%) where we delivered improved margins in Communities which were offset by small reductions in LPPP and Assets.

 

Profit before taxation

The statutory profit before tax was £8.6m (2024: £8.1m). The following table provides a reconciliation between Adjusted EBITDA and statutory profit before taxation for continuing operations.

 

		2025	2024	Variance
		£000	£000	£000	%
Adjusted EBITDA		26,978	26,051	927	4%
Depreciation		(1,582)	(1,854)	272	(15%)
Amortisation - software licences and R&D		(6,801)	(6,115)	(686)	11%
Amortisation - acquired intangibles		(4,193)	(4,052)	(141)	3%
Transaction and strategic project costs		(1,428)	(302)	(1,126)	373%
Acquisition costs		(418)	(1,156)	738	(64%)
Financing costs		-	(67)	67	100%
Share option costs		(2,040)	(2,491)	451	(18%)
Net finance costs		(1,962)	(1,950)	(12)	1%
Profit before taxation		8,554	8,064	490	6%

 

Transaction and strategic project costs were £1.4m (2024: £0.3m) and were in relation to process improvements and the proposed transaction.

 

Acquisition costs of £0.4m (2024: £1.2m) relate to advisory and legal fees incurred with respect to the acquisition of Plianz in May 2025 and the asset purchase of Ayup which completed post year end. The prior year acquisition costs were in relation to due diligence on a potential acquisition opportunity, which ended during the year, and finalisation fees associated with the acquisition of Idox Geospatial and LandHawk, with all payments associated with the acquisitions completed.

 

Share option costs of £2.0m (2024: £2.5m) relate to the accounting charge for awards made under the Group's Long-term Incentive Plan, in accordance with IFRS 2 - Share-based Payments.

 

Net finance costs have remained flat at £2.0m (2024: £2.0m). Decreased bank and bond interest payable due to lower interest rates and the bond being repaid in July this year, were offset by foreign exchange movements in the year.

 

The Group continues to invest in developing innovative technology solutions across the portfolio and has capitalised development costs of £8.8m (2024: £7.9m). The increase in the year is due to investment in specific areas within our geospatial and healthcare solutions, as well as the in year impact of our Plianz acquisition.

 

Taxation

The effective tax rate (ETR) on a statutory basis for the year was 28.00% (2024: 34.78%).

 

The difference between the statutory rate of 25% and the ETR of 28.00% was driven largely by expenses not deductible for tax purposes, which includes acquisition and transaction and strategic project costs, and the movement of tax assets not recognised. The ETR on an adjusted basis remained at 25% to 24.5% and was driven by acquisition and redundancy costs not deductible for tax purposes and movements on unrecognised tax assets.

 

Earnings per share and dividends

Adjusted basic earnings per share for continuing operations was 2.74p (2024: 2.63p) and adjusted diluted earnings per share increased to 2.72p (2024: 2.61p). Basic earnings per share for the year was up 16% at 1.35p (2024: 1.16p) and the diluted earnings per share was up 17% at 1.34p (2024: 1.15p).

 

In view of the recommended offer from Bidco, the Board is not recommending a dividend for FY25 (2024: 0.7p). Should the contractual takeover offer from Bidco not become unconditional and ultimately lapse, the Board anticipates reinstating the dividend in FY26.

 

Balance sheet and cash flows

The Group's net assets have increased to £82.9m compared to £78.3m as at 31 October 2024. The constituent movements are detailed in the Group's consolidated Statement of Changes in Equity, which are summarised as follows:

 

	12 months to 31 October 2025 £000
Total Equity as per FY24 Financial Report	78,280
Share option movements	2,058
Equity dividends paid	(3,221)
Profit for the year	6,159
Exchange gains on translation of foreign operations	(404)
Total Equity as per FY25 Financial Report	82,872

  

 

The Group continued to generate good levels of cash during the year. Cash generated from operating activities before taxation was £21.3m (2024: £25.2m). The reduction in the cash generated from prior year was due to the timing of certain customer receipts and supplier payments.

 

Free cashflow for the year was £9.5m (2024: £11.6m). Free cashflow has decreased in the year due to movements in working capital mix in the year, and increased capital expenditure, partially offset by lower tax payments.

 

		2025	2024
		£000	£000
Net cashflow from operating activities after taxation		19,875	21,108
Capitalisation and purchase of tangible and intangible assets		(9,502)	(8,686)
Lease payments		(916)	(782)
Free cashflow		9,457	11,640

 

The Group ended the year with net debt of £13.3m (2024: £9.9m). Net debt comprised cash of £8.3m less bank borrowings of £21.6m and the Maltese listed bond of £Nil, which was repaid in July 2025 out of existing facilities. We ended the year with a net debt to Adjusted EBITDA ratio of 0.5 times (2024: 0.4 times) with significant headroom against the Group's existing financial covenants.

 

Going concern

The financial statements have been prepared on a going concern basis. In determining the appropriate basis of preparation of the financial statements, the Directors are required to consider whether the Group can continue in operational existence for the foreseeable future and at least for a period of 12 months from the date of approving this report.

 

At the reporting date of 31 October 2025, and the date of issuance, the Group has existing facilities with National Westminster Bank plc, HSBC Innovation Bank Limited and Santander plc, comprising a £75m revolving credit facility and a £45m accordion, in place until October 2028. The Board expects the Group to remain profitable and has no intention or expectation of liquidating the Group or ceasing trading.

 

On the assumption of no change of control of the Group, as part of the preparation of our FY25 results, the Directors have performed detailed financial forecasting, as well as severe stress-testing in our financial modelling, but have not identified any credible scenarios that would cast doubt on our ability to continue as a going concern or cause liquidity challenges. The Directors are satisfied that under the current Board approved strategy and forecasts that the Group has significant headroom against financial covenants and supports the going concern assessment for the business under the current ownership structure and financing facilities in place.

 

On 28 October 2025, the Board of Directors of each of Frankel UK Bidco Limited ('Bidco'), an entity ultimately controlled by Long Path Partners ('Long Path') and the Company announced that they had reached agreement on the terms of a recommended all cash acquisition of the entire issued and to be issued share capital of the Company, to be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. The scheme document in respect of the proposed acquisition was published and made available to Idox Shareholders on 20 November 2025. On 15 December 2025, the Court meeting and the General meeting in connection with the proposed scheme of arrangement were each adjourned to provide further time for discussions with Idox shareholders and to allow Idox shareholders additional time to consider the acquisition.

 

On 5 January 2026, in order to increase the certainty of the proposed acquisition, Bidco determined, with the consent

of Idox and the Takeover Panel, to change the transaction structure, electing to proceed by way of a recommended contractual takeover offer with the acceptance condition being set at a level that would result in Bidco holding Idox shares carrying in aggregate more than 50 per cent. of the voting rights normally exercisable at general meetings of the Company. Idox shareholders have been able to accept the offer from the date of the posting of the offer document, which was 15 January 2026. A contractual takeover conducted in accordance with the requirements of the UK Takeover Code typically runs for a period of 60 days from the posting of the offer document. Day 60 is the latest date by which the offer must become unconditional or lapse. Day 60 for UK Takeover Code purposes is 16 March 2026. The offer timetable is however capable of being suspended or extended by each of Idox and Bidco with the consent of the Takeover Panel in certain specified circumstances. Shareholders will be kept updated at relevant intervals throughout the offer period.

 

The Idox Directors have unanimously concluded that the terms of the recommended takeover by Bidco continue to represent an attractive proposition for shareholders and stakeholders taking into account Long Path's publicly stated intentions for the business and confirmation from Long Path's financial advisors that sufficient financial resources are available for the transaction to be completed.

 

Subject to shareholders accepting Long Path's contractual takeover offer in sufficient numbers to satisfy Bidco's acceptance condition and the receipt of relevant regulatory approvals, the acquisition would be expected to complete within 12 months of approving this report.

 

Material uncertainty as to going concern

The Directors have no reason to believe that Long Path would do anything that would be detrimental to the Group's business, given their publicly stated intentions for the business. However, the Group will become more leveraged and be subject to different financial covenants to those that exist under the current financing facilities. The Directors of Idox plc have had no visibility of the strategic plans or detailed financial modelling for the Group post transaction, and as such are unable to certify for a 12-month period post approval of this report that the Group post completion can continue for a period of 12 months from the date of this report. 

 

Given the above, there is a material uncertainty which may cast significant doubt as to the Company's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of the business.

 

Notwithstanding this uncertainty, having assessed the Company's and the Group's risks, existing facilities, performance, and the information reviewed by Idox and Long Path's financial advisors, the Directors have concluded that the Company and the Group have adequate resources to continue in operational existence for at least 12 months from the date of approval of these consolidated financial statements and therefore have determined that the going concern basis remains appropriate for preparation of the Company's and Group's financial statements. These consolidated financial statements do not include the adjustments that would result if the Company and the Group were unable to continue as a going concern.

 

Anoop Kang

Chief Financial Officer