IDOX (AIM:IDOX) - Year-end update ahead and broker upgrade
The year-end update (31st Oct 2012) from the leading independent supplier of software & services, reveals performance comfortably ahead of market expectations.
Acquisition benefits are complemented by higher than anticipated organic growth in both the Public Sector division and Engineering Information Management divisions.
Forwrad multiple looks a bit rich but IDOX continues to deliver so who would question their ability to keep hitting the numbers!
The house broker has lifted current year forecasts 4% at EBITDA level and FY13 EBITDA by 7% to account for the October acquisition of FMx.
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