Idox plc
Annual Report & 
Accounts 2011 1 Financial and Operational Highlights
2 Idox plc at a Glance
4 Chairman’s Statement
6 Chief Executive’s Report
8 Chief Financial Officer’s Review 
10 Board of Directors
11 Directors’ Report
16 Report on Remuneration
18 Corporate Governance Report
20 Report of the Audit Committee
21 Independent Auditor’s Report to the Members of Idox plc
22 Consolidated  Statement of Comprehensive Income
23 Consolidated Balance Sheet
26 Consolidated Statement of Changes in Equity
28 Consolidated Cash Flow Statement 
29 Notes to the Accounts--
62 Independent Auditor’s Report to the Members of Idox plc 
63 Company Balance Sheet
64 Notes to the Company Financial Statement
74 Company Information
Contents Idox plc Annual Report and Accounts 2011 1
For the year ended 31 October 2011
Revenues up 23% to £38.6m  > (2010: £31.3m); strong acquisition performance 
and successful management of core revenues 
EBITDA rose by 33% to £11.6m  > (2010: £8.7m) 
Adjusted pre-tax profit* up 36% to £10.9m  > (2010: £8.0m) 
Profit before tax £5.6m  > (2010: £4.9m) after a higher non-cash amortisation 
charge related to  acquisitions made and a higher non-cash share option 
charge 
Adjusted EPS* increased 41% to 2.47p  > (2010: 1.75p), Basic EPS 1.31p (2010: 1.07p)
Final proposed dividend 0.36p  > (2010: 0.35p), total for year 0.60p (2010: 0.45p), 
33% increase
£2.4m net debt at period end  > (2010: £0.9m net debt) after funding £4.3m of 
acquisitions
Established market leading position in the Engineering Document  >
Management and Control market with the acquisitions of McLaren Software 
and, post year-end, CTSpace
Financial and Operational Highlights
* Adjusted pre-tax profit & EPS excludes amortisation, exceptional restructuring and corporate finance charges and share option costs. Idox plc Annual Report and Accounts 2011 2
For the year ended 31 October 2011
Idox plc at a Glance
employee productivity and increased 
responsiveness to public service 
demands.
 
Of significance during 2011 was 
the ability of Idox, via its extensive 
integrated suites of software, to meet 
public sector demands to drive down 
costs through supplier consolidation, 
providing alternative and more efficient 
means of delivering software and 
by applying an increased focus on 
the outcomes and ROI delivered to 
customers by the solutions deployed.
 
Idox continues to benefit from the 
increasing demand for outsourced 
and managed services by working 
in partnership with its local authority 
clients. Customers are increasingly 
recognising the business benefits 
delivered by Idox Managed Service 
portfolio which flexibly combines 
the extensive market and technical 
expertise of our staff with a leading 
Public Sector Software
The Public Sector Software Division is 
a major supplier of software solutions 
and managed services to the public 
sector and is the leading applications 
provider to local government for core 
functions relating to land, people 
and property. Over 90% of UK local 
authorities are customers.  Idox is 
committed to providing public-sector 
organisations with solutions which 
deliver real efficiency savings benefits 
whilst transforming their ability to 
access and manage information & 
knowledge, documents & content, 
business processes & workflow as 
well as connecting directly with the 
citizen via the web.
 
From standalone solutions for 
individual business functions through 
to integrated corporate solutions, 
the Company’s market leading 
software solution portfolio delivers 
improved data quality, stream-lined 
information-sharing, enhanced 
hosted service capability enabling 
Idox to manage customer solutions by 
hosted, remote or on-site managed 
services in the combination which best 
fits customers’ requirements.
 
The acquisition of LalPac Ltd, 
completed in the second half of the 
year, is an important addition for Idox, 
enabling it to become the market 
leader in the field of local authority 
licensing with an extended range 
of products specialising in vehicle 
licensing as well as premises licensing.
 
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. Idox plc Annual Report and Accounts 2011 3
TFPL is a global market leader in 
recruitment, training and consulting 
for the knowledge, intelligence and 
information industries.  We work right 
across the private, public, and third 
sectors.
 
TFPL’s services include:
Executive Search >
Contingency recruitment >
Contract and Temporary  >
recruitment
Interim management >
Managed Services >
Recruitment advertising >
Learning and Consulting. >
 
TFPL are experts in the following 
specialisms:
Knowledge & Information  >
Management
Insight & Intelligence >
Publishing & Content Provision >
Records Management >
Document Management >
Risk & Compliance. >
The Idox Information Solutions Division 
provides information management, 
web development, online publishing 
and training services, with leading 
products such as GRANTfinder, the 
Information Service, and Open 4 
Funding.
 
It specialises in the design and 
development of online systems to 
support economic development 
and encompasses editorial teams 
who are expert in researching and 
structuring web content. This includes 
major platform developments for UK 
government clients, including the 
voluntary sector finance portal Funding 
Central.  The division has pioneered 
the development of innovation and 
knowledge transfer portals across 
Europe, working with the European 
Commission, and national and 
regional governments in Ireland and 
the UK.
 
Recruitment
Information Solutions
With offices in Wilmslow, Glasgow, 
Hengelo in the Netherlands and now 
Brussels, the Division is building 
its reputation as Europe’s leading 
publisher of grants and policy 
information services. Its recent 
acquisition of the online compliance 
training company Interactive Dialogues 
in Brussels has further strengthened 
its aspirations in the field of learning 
and training, knowledge, information, 
library, records management and 
information architecture. In addition 
we support clients with the design, 
deployment and roll-out of solutions 
using SharePoint on an application 
and enterprise level.
Engineering Information Management
The Idox Engineering Information 
Management Division is a leading 
supplier of engineering document 
management and control solutions to 
asset intensive industry sectors.
Operating under the McLaren 
Software brand the division 
supplies solutions  to leading 
international oil & gas, energy & 
utilities, manufacturing, life sciences, 
transportation and natural resources 
companies.  Both owner operators 
and EPCs (Engineering Procurement 
& Construction Companies) use 
McLaren solutions to help design, 
build and operate safe, efficient and 
compliant plants and facilities.   
Highlights for the division in 
2011 included major LNG (Liquid 
Natural Gas) Project awards and 
an agreement with IBM Global 
Services in Australia.   Other notable 
successes included ArcelorMittal, the 
world’s largest integrated steel and 
mining company, and Holcim, now 
celebrating its centenary as one of the 
world’s leading suppliers of cement 
and aggregates.  
Revenues grew over 27% in 2011 
during the division’s first year of 
operation.  With the merger of the 
recently acquired CTSpace under 
the McLaren brand the division 
consolidates its market position with 
cloud based solutions and extended 
geographic reach. Idox plc Annual Report and Accounts 2011 4
For the year ended 31 October 2011
Chairman’s Statement
The 12 months to 31 October 2011 have been 
a transformative year for Idox. The acquisition 
of McLaren Software extended the Group’s 
core technology skills into international highly 
regulated asset intensive industries, providing 
access to many higher growth markets outside 
the UK and Europe. 
The post year-end acquisition of CTSpace 
has further established the Group as a 
significant vendor in the Engineering Document 
Management and Control market and with 
McLaren has established a second major market 
focus for the Group.
Idox’s diversification into new verticals in the 
private sector maintains the Group’s emphasis 
on generating high levels of recurring revenues 
and on building long-lasting supportive 
relationships with customers. At the same time it 
lowers the Group’s reliance on revenue from the 
public sector in the UK and provides access to 
global markets. 
Idox remains a significant provider of complex 
large scale document management and related 
systems to UK local government. The Group 
is now the clear UK market leader in Land and 
Property software solutions providing some 63% 
of all UK planning systems. 
The Public Sector software business accounted 
for 68% of Group revenues (2010: 77%). During 
the period, the Group has further expanded 
the business into full service provision covering 
software, consulting, managed services, full 
off-premise hosting, and integrated cloud-based 
services. As a result, the proportion of longer-
term shared and managed service contracts as 
part of the Group’s revenue mix has generated a 
greater level of recurring revenues. 
The development of the Group both in its 
markets and geographic diversity, has been 
accompanied by an evolution in its management 
structure and its capability to develop business 
and successfully integrate acquisitions. 
The Group moved to a divisional business 
structure, supported by Group functions such 
as technology and finance, a process that 
was completed by the internal appointment of 
Andrew Riley as managing director of Idox’s 
Public Sector software business. 
2011 Highlights and Markets
As the Company predicted last year the local 
government settlement resulting from the 2010 
Comprehensive spending review has led to 
renewed growth, innovation and stability in our 
traditional core local authority market where we 
report a 15% uplift in sales, increasingly tilting 
towards long-term managed service agreements 
rather than outright one off software sales. 
Our experience therefore is in line with the 
forecasts of independent market research 
company Kable of modest growth in the local 
government software & services market for the 
next three years
Group revenues grew by 23% to £38.6m (2010: 
£31.3m) and EBITDA rose by 33% to £11.6 m 
(2010: £8.7m) 
Operating costs increased by 27% to £21.9m 
(2010: £17.3M) as a result of the full year impact 
of acquisitions made in the previous and current 
financial years. On a like-for-like basis overheads 
were 1% higher.
Dividend
Following a large rise in the interim dividend 
of 0.24p, the Board proposes a further final 
dividend of 0.36p, subject to shareholder 
approval, making a total for the year of 0.6p, a 
33% increase over 2010.
This year, in addition to thanking our senior 
management and staff for driving this business 
forward in terms of capability and profitability, I 
would like to thank also on behalf of the Board 
our shareholders in particular, who have been 
very supportive in our journey as growing AIM 
listed company, as well as our able professional 
advisers. All have played a part in helping 
Idox progress well against the headwinds of 
extraordinary uncertainty in the wider economic 
world and resulted in a year on year uplift in our 
share price of 82%. 
Martin Brooks
Chairman
26 January 2012 Idox plc Annual Report and Accounts 2011 5
For the year ended 31 October 2011
Idox’s diversification 
into new verticals in the 
private sector maintains 
the Group’s emphasis
Chairman’s Statement Idox plc Annual Report and Accounts 2011 6
For the year ended 31 October 2011
Chief Executive’s Report
government, moving Idox to a 46% market 
share in that vertical. Today, the Group offers a 
compelling case to local government to be more 
efficient by standardising around one integrated 
property based platform.
In the engineering document management and 
control sector, McLaren Software has undergone 
a year of change. The division’s focus on core 
markets and on delivering solutions and domain 
expertise have resulted in a 27% year on year 
increase in revenue. This includes significant big 
customer wins with blue chip companies like 
Chevron, Arcelor Mittal and Queensland Gas.
In addition, McLaren has concluded an OEM 
agreement with Documentum Inc., further 
supporting the platform as a strategically 
important partner. The business also continues 
to build stronger value added partnerships as 
the domain expert with IBM and Accenture.
The Solutions division was impacted by 
procurement delays and reductions in project 
work resulting in minimal revenue growth, but 
managed to maintain subscription revenues 
in the core grants business.  The acquisition 
of Interactive Dialogues, an e-learning and 
certification software business, has added rich 
content for the legal market, a blue chip private 
sector customer base and the capability to 
deliver on-line grants training solutions for the 
core business.  It has also provided a flexible 
platform for other divisions in the Group to meet 
the needs of both local and global customer 
bases.
The Public Sector software business market 
faced an unsettled start to the year, with 
the implementation of the new public sector 
spending round. This meant that decision 
cycles lengthened amid the prevailing economic 
uncertainty. This has now passed and there 
is greater clarity on the solutions required and 
budgets available. 
Independent market research company, Kable, 
is forecasting modest growth in the local 
government software & services market for the 
next three years. Idox’s Public Sector software 
business reported like-for-like growth in orders 
of 14% in the financial year as a result of the 
introduction of new services and an increased 
market share.
Idox has actively developed its management 
and technical capabilities in managed service 
or “zero infrastructure” provision for its public 
sector clients. By the end of 2011, Idox had 
consolidated its market leading position serving 
over 90% of UK local authorities. It also achieved 
a ten-fold increase in managed service sales 
over the previous year leading to a further 
strengthening of its local authority recurring 
revenues, which grew by 15% to £17.2m.
The introduction of a fully hosted resilient 
capability resulted in the business signing and 
delivering four fully-managed offsite solutions 
- with Westminster, Uttlesford, South Downs 
National Park and Buckinghamshire County 
Council – which have a total value of £3.5m.  
This shift towards managed services provision 
means that while the Public Sector software 
business has seen a double-digit increase in 
sales in the period, reported revenue growth 
has been marginal. However, with most of these 
deals running from three to five years, recurring 
revenues have increased to 66% from 62% the 
previous year.
In September 2011 the Group launched the 
Consultee Cloud, a product that allows all 
planning process stakeholders to complete both 
internal and external consultations online. In the 
three months since launch it has signed up in 
excess of 10% of all local authorities as well as 
the large consultee organisations. 
The acquisition of LalPac strengthened 
the Group’s position in the licensing and 
environmental health vertical of local 
12 months to 31 October 2011
12 months to 31 October 2010
Software 80%
Solutions
12%
Recruitment
8%
Software 77%
Solutions
13%
Recruitment
10%
12 months to 31 October 2011
12 months to 31 October 2010
Software 80%
Solutions
12%
Recruitment
8%
Software 77%
Solutions
13%
Recruitment
10%
Divisional analysis: Revenue Mix Idox plc Annual Report and Accounts 2011 7
The Recruitment business saw strong growth 
in specialist permanent recruitment revenues. 
The market for contract recruitment remained 
soft, further hindered by changes in employment 
law which is moving more clients to direct 
engagement. The recruitment business overall 
showed a strong return to profitability, with 
revenues up 3% and gross profit rising 27%.
Outlook 
The Group has started the current financial 
year with a very strong order pipeline across all 
businesses. The shift in focus toward long term 
relationships and recurring revenues in its Public 
Sector software market may marginally impact 
top line revenues in this business with a move 
away from pure licence based sales. 
The acquisition of McLaren Software and 
CTSpace has enabled the Group to extend its 
core technology skills into the private sector 
on a global scale, providing access to verticals 
including pharmaceuticals and oil and gas.
In 2012, Idox will streamline its development 
activities to ensure that each initiative has broad 
applicability across all divisions. This strategic 
initiative in development may result in a small 
increase in capitalised development costs in the 
year. 
Whilst the economic climate remains 
challenging, the Group continues to reinforce its 
position as the centre of excellence in its chosen 
domains. The Board is confident that its strategy 
of diversification of revenue streams both 
operationally and geographically will enhance 
the Group’s resilience to current macroeconomic 
challenges and enable it to report good organic 
growth this year.  Trading in the current year has 
started in line with the Board’s expectations.
Richard Kellett-Clarke
Chief Executive Officer 
26 January 2012
2011 2010 2009 2008 2007
20.62
34.03
32.16
31.27
38.61
2011 2010 2009 2008 2007
7.60
6.70
8.00
2.50
10.90
2011 2010 2009 2008 2007
20.62
34.03
32.16
31.27
38.61
2011 2010 2009 2008 2007
7.60
6.70
8.00
2.50
10.90
Turnover (£m) Normalised profit 
before tax (£m)
Chief Executive’s Report cont’d
For the year ended 31 October 2011 Idox plc Annual Report and Accounts 2011 8
For the year ended 31 October 2011
Group Gross margins continued to improve, 
reaching 87% (2010: 83%), with increases in all 
four businesses.  Public Sector software margins 
of 89% (2010: 87%) improved due to the 
growing recurring maintenance and managed 
service revenues and the EDMC business 
achieved gross margins of 94%.
The increased scale and recurring content 
subscription revenues within the Solutions 
business generated margins of 93% (2010: 
92%). The continuing shift within the Recruitment 
segment toward permanent placements resulted 
in gross margins of 44% (2010: 39%).  
Operating costs increased to £21.9m (2010: 
£17.3m) as a result of the acquisitions made 
in the previous and current financial years.  On 
a like-for-like basis, excluding acquisitions, 
overheads were 1% higher.  
EBITDA increased by 33% to £11.6m (2010: 
£8.7m) reflecting the maiden contribution 
from acquisitions, managing core revenues in 
a challenging environment, increasing gross 
margins and close control of operating costs.  
As a result, EBITDA margins increased to 30% 
(2010: 28%).  
Adjusted pre-tax profit, excluding amortisation, 
share options costs and exceptional charges, 
increased by 36% to £10.9m (2010: £8.0m). 
Pre-tax profit was £5.6m (2010: £4.9m) after 
an increased non cash amortisation charge of 
£3.7m (2010: £2.3m) following the acquisitions, 
an increased non cash share option charge 
of £1.1m (2010: £0.2m) and exceptional 
restructuring and corporate finance charges of 
£0.5m (2010: £0.6m). 
Adjusted earnings per share were up 41% to 
2.47p (2010: 1.75p). Basic earnings per share 
were up 22% to 1.31p (2010: 1.07p).
The Board proposes a final dividend of 0.36p, 
to give a full year dividend of 0.60p (2010: 
0.45p). This 33% increase in dividend reflects 
the Group’s strong profitability growth, revenue 
visibility, healthy operating cash generation and 
the Board’s continuing confidence in the long-
term strength of the business.
Group revenues grew by 23% to £38.6m 
(2010: £31.3m) reflecting the full year impact 
of acquisitions made in 2010 and maiden 
contributions from acquisitions of McLaren 
Software and LalPac in 2011.
The Public Sector software business, which 
accounted for 68% of Group revenues, delivered 
revenues of £26.1m (2010: £24.1m), of which 
around 66% were recurring (2010: 62%).  On 
a like-for-like basis, excluding acquisitions 
and revenues from the large one-off Scottish 
executive contract which was completed in 
2010, revenues in the Public Sector software 
business were marginally higher than 2010. 
There continues to be a shift in new orders 
within the public sector business toward longer 
term managed service contracts, such as Idox’s 
contract with Westminster City Council, which 
contributed to a 14% increase in new orders 
compared to 2010.  This trend, combined with 
a high level of recurring revenues in acquired 
businesses, helped recurring maintenance and 
managed services revenue in the public sector 
business grow by 15% to £17.2m.
McLaren Software, which was acquired in 
December 2010 and operates in the Engineering 
Document Management and Control (“EDMC”) 
market, delivered a maiden contribution to 
revenues of £4.7m, which represented organic 
growth of 27% over the same period prior to its 
acquisition.  Growth came from strong licence 
sales in new geographies such as Australia with 
sales to Chevron and Queensland Gas and also 
from sales to new customers in capital-intensive 
industries, such as Arcelor Mittal. 
The Solutions business increased revenues by 
12% to £4.7m (2010: £4.2m) as a result of a 
full year contribution from Grantfinder, acquired 
in May 2010.  Recurring revenues, which are 
derived from subscriptions to the UK’s leading 
grants information database, have increased 
to 70% (2010: 62%) and it is encouraging that 
in the current market environment subscription 
renewals have remained stable. 
The Recruitment business revenues grew by 3% 
to £3.1m (2010: £3.0m). Gross profit increased 
by 27% to £1.4m (2010: £1.1m) due to a 
strong performance in the specialist permanent 
recruitment business.
Chief Financial Officer’s Review Idox plc Annual Report and Accounts 2011 9
Idox ended the year with net debt of £2.4m 
(2010: net debt £0.9m) after funding the 
McLaren and LalPac acquisitions and retention 
payments relating to previous acquisitions, 
totalling £4.3m, a dividend payment of £2m and 
share buy backs of £0.3m. 
Since end of the financial year the Group has 
made a further two acquisitions.  Interactive 
Dialogues, a provider of e-learning platforms 
and content, was acquired on 7 November 
2011 for an initial consideration of €2m and will 
be integrated into the Solutions business.  A 
further €0.2m consideration will be payable in 
November 2012 subject to fulfilment of certain 
performance conditions.
CTSpace, which was acquired on 14 November 
2011 for £11.6m, is a provider of EDMC 
solutions and will be integrated with McLaren 
Software to create an EDMC business.  This 
division is expected to deliver around 30% 
of Group revenue in 2012, of which 55% is 
expected to be recurring maintenance and SaaS 
revenues.
The significantly enlarged EDMC business will 
be a leading provider of software and solutions 
to capital-intensive industries worldwide with 
around 70% of EDMC revenues expected to be 
generated internationally, predominantly from 
Europe and the US with a growing business in 
Australasia.
The recent acquisitions have been funded 
by new debt facilities provided by its existing 
bankers, Lloyds Banking Group.  A term loan 
of £12m together with a flexible revolving credit 
facility of a further £10m have been agreed. 
William Edmondson
Chief Financial Officer
26 January 2012
EBITDA increased by 33% 
to £11.6m (2010: £8.7m) 
Chief Financial Officer’s Review cont’d
For the year ended 31 October 2011 Idox plc Annual Report and Accounts 2011 10
For the year ended 31 October 2011
Board of Directors
Chairman:
Martin Brooks (Aged 61)
Martin Brooks was founding CEO of 
Financial Times Information, where he 
brought together Extel and Interactive 
Data Corporation to form the world’s 
leading supplier of securities valuation 
data (1994-98). He has spent over 30 
years in newspapers management, 
information publishing and IT, which 
started at the Financial Times in 
1977, after six years service with the 
Brigade of Gurkhas in the Asia Pacific 
region. He has also been an adviser 
or director to other bodies including 
the ICAEW and is currently Chairman 
of Cornwall Development Company, 
the economic development arm of 
Cornwall Council.
Peter
Lilley
Richard 
Kellett-Clarke
Martin
Brooks
Christopher
Wright
William 
Edmondson
Non-Executive Director:
Christopher Wright (Aged 53)
Christopher Wright was previously 
Global Head of Dresdner Kleinwort 
Capital.  He is now Chairman of 
EMAlternatives LLC, a Director 
of Merifin Capital, and holds 
directorships of Roper Industries 
Inc and other public and private 
companies in the USA and Europe.  
He is an independent Non-Executive 
Director and chairs the Remuneration 
Committee.
Chief Executive Officer:
Richard Kellett-Clarke (Aged 57)
Richard Kellett-Clarke has 28 years 
of directorial experience.  He joined 
Idox first as CFO in 2006, then COO 
in 2007.  He was appointed CEO in 
November 2007.  Before this he has 
held a number of CFO appointments 
with Brady plc, Pickwick Group plc, 
and in subsidiaries of Pearson PLC 
and Invensys plc.  In addition, he was 
a founder and Managing Director of 
AFX NEWS Ltd, now part of Thomson 
Reuters, IT Director of Financial Times 
Information, and Founding Director 
of Sealed Media Ltd. a DRM Internet 
start up (now part of Oracle). In 2011 
he joined the board of dotDigital 
Group plc. as a Non–Executive 
Director.
Chief Financial Officer:
William Edmondson (Aged 42)
William Edmondson previously spent 
7 years at Autodesk inc., latterly 
as Finance Director for the Europe, 
Middle-East, India & Africa region.  
Autodesk inc. is the world’s leader in 
2D and 3D Design software.  Prior 
to that he was a Divisional Controller 
at ITV plc and Finance Director of 
a Technology start-up focused on 
e-security.  He is a UK Chartered 
Accountant, having trained at 
PriceWaterhouseCoopers.
Non-Executive Director:
Rt. Hon. Peter Lilley MP (Aged 68)
Peter Lilley, MP for Hitchin and 
Harpenden, was Parliamentary Private 
Secretary to Ministers for Local 
Government and after a period at the 
Treasury served as Secretary of State 
for Trade and Industry and Secretary 
of State for Social Security until 1997.  
He is a Non-Executive Director and 
Deputy Chairman of Tethys Petroleum 
Ltd.  He is the senior independent 
Non-Executive Director of Idox and 
chairs the Audit Committee. Idox plc Annual Report and Accounts 2011 11
For the year ended 31 October 2011
Directors’ Report
The Directors are pleased to submit their report and audited financial statements for the year ended 
31 October 2011.
Principal Activities and Review of Business
The Company is a holding company.  The principal activities of the Group are the development and 
supply of information and knowledge management products and services.  A more detailed review 
of the business can be found in the Chairman’s Statement, the Chief Executive’s Statement and 
Chief Financial Officer’s Review on pages 4 to 9.
Results and Dividends
The audited financial statements for the year ended 31 October 2011 are set out on pages 22 to 
72. The Group’s profit for the year after tax amounted to £4,525,000 (2010: £3,638,000).  The 
Directors paid a dividend of 0.24 pence per share in the first half of the 2011 financial year, in 
respect of the year ended 31 October 2011.  The Directors will propose, at the forthcoming AGM, a 
final dividend of 0.36 pence per share in respect of the year ended 31 October 2011.
Directors and their Interests
The Directors who served during the year and their beneficial interests (including those of their 
immediate families) in the Company’s 1p ordinary share capital were as follows:
Number of Shares 31 October 2011 1 November 2010
C Wright 912,222 912,222
Rt. Hon. P B Lilley MP 533,000 533,000
M Brooks 
1
5,473,206 3,223,206
R G Q Kellett-Clarke 
2
10,134,848     5,634,848
W Edmondson 100,000 100,000
1    
2,952,127 (2010: 2,952,127) of these shares are held through a Self Invested Pension Plan and 769,231 (2010: nil) shares 
are held through certain members of his family.
2    
2,486,667 (2010: 1,616,667) of these shares are held through Self Invested Pension Plans and 1,969,231 (2010: 
1,200,000) shares are held through certain members of his family and a family trust.
In addition to the shareholdings listed above, the Directors have been granted options over ordinary 
shares.  Full details of these options are given in the Report on Remuneration on page 17.
Details of the Directors’ service contracts can be found in the Report on Remuneration on page 17.
Charitable and Political Donations
The Group made charitable donations of £1,135 during the year (2010: £1,000) and no political 
donations during the year (2010: £Nil).
Payment of Creditors
It is the group’s practice to agree credit terms with all suppliers and to pay all approved invoices 
within these agreed terms.  The average trade payable days for the year were 48 days (2010: 93 
days). Idox plc Annual Report and Accounts 2011 12
For the year ended 31 October 2011
Directors’ Report cont’d
Substantial Shareholdings
As at 30 November 2011 the Company was aware of the following interests in 3% or more of its 
issued share capital:
Shareholder Number of shares % Holding
ISIS Equity Partners 33,137,409 9.57
Herald Investment Management 30,316,667 8.76
Investec Wealth & Investment 19,965,611 5.77
Highclere International Investors 19,941,801 5.76
Liontrust 17,400,589 5.03
Williams De Broë 15,772,129 4.56
Octupus Investments 15,357,702 4.44
Kestrel Partners 10,435,790 3.01
Health, Safety and Environmental Policies
The Group recognises and accepts its responsibilities for health, safety and the environment 
(H,S&E) and has a dedicated team which provides advice and support in this area.  The team 
members regularly attend external H,S&E courses and internal reviews are performed on a regular 
basis to ensure compliance with best practice and all relevant legislation.
Disabled Employees
Application for employment by disabled persons are always fully considered, bearing in mind the 
aptitudes and abilities of the applicant concerned.  
In the event of members of staff becoming disabled, every effort is made to ensure that their 
employment with the Group continues and that appropriate training is arranged.  It is the policy of 
the Group that the training, career development and promotion of disabled employees should, as 
far as possible be identical with that of other employees.  
Employee Consultation
The Group consults employees through the National Company Council (NCC).  The NCC sits 
regularly during the year and is made up of representatives voted on the Council by employees.  An 
employee consultation policy is also in place.  Employees are encouraged to present their views 
and suggestions in respect of the Group’s performance and policies.  In addition, the Group has an 
intranet which facilitates faster and more effective communication.
An Employee Share Investment Trust is in place to allow employees a tax efficient way of investing 
in the Company. The Company purchases matching shares which become the property of the 
employee after a three year vesting period.
Financial Risk Management Objectives and Policies
The Group uses various financial instruments which include cash, equity investments, bank loans 
and items such as trade debtors and trade creditors that arise directly from its operations. The main 
purpose of these financial instruments is to raise finance for the Group’s operations. 
The main risks arising from the Group’s financial instruments are credit risk, liquidity risk and interest 
rate risk. The directors review these risks on an ongoing basis. This policy has remained unchanged 
from previous years. Idox plc Annual Report and Accounts 2011 13
For the year ended 31 October 2011
Directors’ Report cont’d
Credit Risk
The Group’s principal financial assets are cash and trade debtors. The credit risk associated with 
cash is limited as the counterparties have high credit ratings assigned by international credit-rating 
agencies. The principal credit risk arises therefore from its trade debtors. 
In order to manage credit risk, the management review the debt ageing on an ongoing basis, 
together with the collection history and third party credit references where appropriate. 
Liquidity Risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet 
foreseeable needs and to invest cash assets safely and profitably.
Interest Rate Risk
Any funds over and above the current working capital requirements of the Group are invested in 
high interest deposit accounts. The Group’s bank borrowings bear interest at rates linked to the 
LIBOR.
Principal Risks and Uncertainties
The principal risks and uncertainties affecting the Group include the following:
Political – the Group has a large customer base in local government. A change in spending  >
priorities by the current or a future Government could materially impact the Group.  However this 
risk is mitigated due to the contractual nature of the recurring revenue in the Group.  The Group 
has increased diversification through acquisitions to mitigate against political risks.
Economic – elements of the recruitment area of the business activity could be adversely affected  >
by a further slowdown in the economic environment.  However, in the event of an improvement 
in the economy, some recruitment revenue streams may improve. The software area of the 
business could be adversely affected if the government reduces the grants to local authorities 
in an economic downturn. However, all indications are that the government will maintain and 
may increase the grants during such a period. The Group has increased diversification through 
acquisitions to mitigate against economic risks.
Competitors – the Group has certain competitors for its software products. To mitigate this risk,  >
the Group continues to invest in and develop its software.  Competitor risk is also mitigated 
through the long term nature of customer relationships and recurring software maintenance 
revenue. Idox plc Annual Report and Accounts 2011 14
For the year ended 31 October 2011
Directors’ Report cont’d
Key performance indicators
Key financial performance indicators, including the management of profitability and working capital, 
monitored on an ongoing basis by management are set out below.
Indicator 2011 2010 Measure
Revenue (£000) 38,605 31,268
Profitability ratios
Gross margin 87% 83% Gross profit as a percentage of revenue 
EBITDA margin 30% 28% Profit before interest, tax, depreciation, 
amortisation, corporate finance costs, 
share option costs and impairments as a 
percentage of revenue
Other indicator
Debtors days 56 53 Year end trade debtors divided by turnover, 
multiplied by 365 days
Non-financial indicators
Idox group practises an integrated management system built around 
its ISO accreditations as follows:
Quality Management The group quality policy has been accredited to BS EN ISO 9001:2008 
for the development and the sale of products for document, content and 
information management.
Environmental Management The group environmental management system has been assessed 
and approved to accredited BS EN ISO 14001:2004, the approved 
systems applying to the following: the development and sale of 
products for document, content and information management.
Information Security Management The group information security management policy has been accred-
ited to BS EN ISO 9001:2008, the approved systems applying to the 
following: for the development and the sale of products for docu-
ment, content and information management.
Going Concern
The Directors have reviewed the Group’s budget and cash flows for 2012 in the context of the 
Group’s banking facilities and covenants, the level of recurring revenue within the business, the 
outlook for our chosen markets, and our current working capital resources, and are satisfied that 
it is appropriate to prepare accounts on a going concern basis. As a result of acquisitions post 
year end, on 14 November 2011 the Group put in place a revolving loan facility of £10m and an 
acquisition funding facility of £12m.  The revolving loan facility is for the period to November 2014 
and the acquisition funding facility is for the period to June 2015.  There are no events or conditions 
that may cast significant doubt about the ability of the Group to continue as a going concern.   
Post balance sheet events
The Group signed a revolving loan facility of £10m and an acquisition funding facility of £12m on 14 
November 2011. Idox plc Annual Report and Accounts 2011 15
For the year ended 31 October 2011
Directors’ Report cont’d
Disclosure of Information to Auditors
In so far as each of the directors is aware:
there is no relevant audit information of which the company’s auditors are unaware; and >
the directors have taken all steps that they ought to have taken to make themselves aware of any  >
relevant audit information and to establish that the auditors are aware of that information.
Auditors
A resolution to reappoint Grant Thornton UK LLP as auditors and to authorise the Directors to agree 
their remuneration will be placed before the forthcoming Annual General Meeting of the Company.
By order of the Board   Registered office
Jane Mackie    2nd Floor, 
Company Secretary   Chancery Exchange
     10 Furnival Street
     London, EC4A 1AB Idox plc Annual Report and Accounts 2011 16
For the year ended 31 October 2011
Report on Remuneration
Remuneration Committee
The Remuneration Committee operates within defined terms of reference.  The Remuneration Committee comprises the 
Chairman and two Non-Executive Directors.  It is chaired by Christopher Wright.
Remuneration Policy
The policy of the Group is to set levels of remuneration to attract, retain and motivate Executive Directors and key staff.  
The packages are designed to be competitive in value to those offered to the Directors of similar sized public companies 
in related sectors. It is the Board’s policy to align the interests of managers with those of our shareholders in the grant 
of option and other equity rewards which underlying securities grantees are very much encouraged to retain over the 
longer term.
The components of the Executive Directors’ remuneration packages are currently a basic salary, bonus, money 
purchase pension contributions and benefits in kind.  The benefits include car allowance, private medical cover, life 
cover and critical illness cover.  The bonus elements are dependent on the Executive Directors achieving performance 
criteria set out by the Remuneration Committee.  The criteria include targets for revenue and profits as well as for cash 
balances.  In addition, the Group operates share option schemes for the Executive Directors.  
  
Directors’ Remuneration (this information has been audited)
Basic salary 
and fees
 2011
Bonus
2011
Benefits 
in kind 
2011
Total
2011
Pension
2011
£000 £000 £000 £000 £000
Executive Directors
Martin Brooks 
1
102 5 1 108 -
Richard Kellett-Clarke 210 89 12 311 22
William Edmondson 140 35 10 185 7
Non Executive Directors
Christopher Wright 25 - - 25 -
Peter Lilley 25 - - 25 -
502 129 23 654 29
Basic salary 
and fees
 2010
Bonus
2010
Benefits 
in kind 
2010
Total
2010
Pension
2010
£000 £000 £000 £000 £000
Executive Directors
Martin Brooks 
1
100 50 1 151 -
Richard Kellett-Clarke 195 100 11 306 10
William Edmondson 129 35 10 174 6
Non Executive Directors
Christopher Wright 25 - - 25 -
Peter Lilley 25 - - 25 -
474 185 22 681 16
1 
Chairman
The amounts in respect of pension represent money purchase pension contributions. Idox plc Annual Report and Accounts 2011 17
For the year ended 31 October 2011
Report on Remuneration cont’d
Non-Executive Directors
The Board, based on a recommendation by the Chairman of the Remuneration Committee or, in the case of the 
Chairman, the remainder of the Board, determines the remuneration of the Non-Executive Directors.  The Non-Executive 
Directors are not eligible to join the pension scheme.  
Service Contracts
The Executive Directors have entered into service contracts with the Group that are terminable by either party on not 
less than six months prior notice. 
 
Share Options (this information has been audited)
The Directors believe it is important to incentivise key management and employees.  
The following options have been granted to the Directors over ordinary 1p shares in the Company:
Director
At start
of year
Granted 
during 
the year Exercised Lapsed
At end
of year
Exercise 
price
Exercise 
date
From
Exercise 
date
To
Richard Kellett-Clarke 2,250,000 - 2,250,000 - - 6.5p Feb 2007 Oct 2011
Richard Kellett-Clarke 2,250,000 - 2,250,000 - - 9p Feb 2007 Oct 2014
Richard Kellett-Clarke 275,000 - - - 275,000 15p Dec 2007 Dec 2017
Richard Kellett-Clarke 769,231 - - - 769,231 13p Aug 2008 Aug 2018
Richard Kellett-Clarke 666,667 - - - 666,667 15p Aug 2008 Aug 2018
Richard Kellett-Clarke 2,439,024 - - - 2,439,024 10.25p Mar 2010 Mar 2020
Richard Kellett-Clarke - 2,500,000 - 2,500,000 20p Mar 2011 Mar 2021
Martin Brooks 2,250,000 - 2,250,000 - - 6.5p Feb 2007 Oct 2011
Martin Brooks 2,250,000 - - - 2,250,000 9p Feb 2007 Oct 2014
Martin Brooks 275,000 - - - 275,000 15p Dec 2007 Dec 2017
Martin Brooks 423,077 - - - 423,077 13p Aug 2008 Aug 2018
Martin Brooks 366,667 - - - 366,667 15p Aug 2008 Aug 2018
Martin Brooks 975,610 - - - 975,610 10.25p Mar 2010 Mar 2020
Martin Brooks - 1,000,000 - 1,000,000 20p Mar 2011 Mar 2021
William Edmondson 1,268,293 - - - 1,268,293 10.25p Mar 2010 Mar 2020
William Edmondson - 1,500,000 - 1,500,000 20p Mar 2011 Mar 2021
Christopher Wright 243,902 - - - 243,902 10.25p Mar 2010 Mar 2020
Christopher Wright - 250,000 - 250,000 20p Mar 2011 Mar 2021
Peter Lilley 243,902 - - - 243,902 10.25p Mar 2010 Mar 2020
Peter Lilley - 250,000 - 250,000 20p Mar 2011 Mar 2021
Totals 16,946,373 5,500,000 6,750,000 - 15,696,373
The mid market price of the Company’s shares at close of business on 31 October 2011 was 23.2p and the high and 
low share prices during the year were 24.25p and 12.95p respectively.
The Company recognised total expenses of £1,064,000 (2010: £185,000) related to equity-settled share-based 
payment transactions during the year.
Directors’ Share Interests
The Directors’ shareholdings in the Company are listed in the Directors’ Report on page 11. Idox plc Annual Report and Accounts 2011 18
For the year ended 31 October 2011
Corporate Governance Report
Corporate Governance
The Group is committed to applying 
the highest principles of corporate 
governance commensurate with its 
size. The Group has adopted the 
Quoted Company Alliance (QCA) 
Corporate Governance Guidelines 
for AIM Companies as published in 
September 2010. The Group complies 
with the QCA Corporate Governance 
Guidelines except whereby:
 
the Board does not currently  >
undertake performance evaluation 
of the Board, its committees, and 
its individual directors
the Board held seven Board  >
meetings, three Audit Committee 
and two Remuneration Committee 
meetings during the year.  All 
Directors attended each Board 
meeting. Two Directors attended 
each Committee meeting.
Internal Control
The Board takes responsibility for 
establishing and maintaining reliable 
systems of control in all areas of 
operation. These systems of control, 
especially of financial control, can 
only provide reasonable, but not 
absolute, assurance against material 
misstatement or loss. 
The key matters relating to the system 
of internal control are set out below:
Idox plc has established an  >
operational management structure 
with clearly defined responsibilities 
and regular performance reviews
the Group operates a  >
comprehensive system for 
reporting financial and non-financial 
information to the Board including 
preparation and review of strategy 
plans and the preparation and 
review of annual budgets
financial results are monitored  >
against budgets, forecasts and 
other performance indicators with 
action dictated accordingly at each 
meeting
a structured approval process  >
based on assessment of risk and 
value delivered
sufficient resource is focused to  >
maintain and develop internal 
control procedures and information 
systems, especially in financial 
management.
The Board considers that there have 
been no substantial weaknesses 
in internal financial controls that 
have resulted in any material losses, 
contingencies or uncertainties which 
need to be disclosed in the accounts.
The Group supports an internal 
audit function that performs annual 
audits on its management systems.  
This function is supported by a 
management review of the audit 
findings.  
Following publication of Internal 
Control: Guidance for Directors on 
the Combined Code (the “Turnbull 
Guidance”), the Board confirms 
that there is an ongoing process for 
identifying, evaluating and managing 
the significant risks faced by the 
Group, and that this process has 
been in place for the year under 
review and up to the date of approval 
of the Annual Report and Accounts. 
This process is regularly reviewed by 
the Board and is consistent with the 
Turnbull Guidance. 
Statement of Directors’ 
Responsibilities
The Directors are responsible for 
preparing the Annual Report and the 
financial statements in accordance 
with applicable law and regulations.
Company law requires the directors 
to prepare financial statements for 
each financial year. Under that law 
the directors have to prepare the 
consolidated financial statements in 
accordance with International Financial 
Reporting Standards as adopted 
by the European Union (IFRSs). The 
directors have elected to prepare the 
company financial statements under 
UK Generally Accepted Accounting 
Practice (“UK GAAP”).  
The financial statements are required 
by law to give a true and fair view of 
the state of affairs of the group and 
parent company and of the profit or 
loss of the group for that period. In 
preparing these financial statements, 
the directors are required to:
select suitable accounting policies  >
and then apply them consistently
make judgements and estimates  >
that are reasonable and prudent
state whether applicable IFRSs  >
have been followed, subject to any 
material departures disclosed and 
explained in the financial statements
prepare the financial statements on  >
the going concern basis unless it is 
inappropriate to presume that the 
company will continue in business.
The Directors are responsible for 
keeping adequate accounting records 
that disclose with reasonable accuracy 
at any time the financial position of 
the Group and enable them to ensure 
that the financial statements comply 
with the Companies Act 2006.  They 
are also responsible for safeguarding 
the assets of the Group and hence 
for taking reasonable steps for the 
prevention and detection of fraud and 
other irregularities. Idox plc Annual Report and Accounts 2011 19
For the year ended 31 October 2011
Corporate Governance Report cont’d
The Directors are responsible for 
ensuring that the Directors’ Report 
and other information included in 
the Annual Report is prepared in 
accordance with United Kingdom 
company law. They are also 
responsible for ensuring that the 
Annual Report includes information 
required by the AIM Market Rules. 
The maintenance and integrity of the 
Group’s web site is the responsibility 
of the Directors; the work carried 
out by the auditors does not involve 
consideration of these matters and, 
accordingly, the auditors accept no 
responsibility for any changes that 
may have occurred to the information 
contained in the accounts since they 
were initially presented on the web 
site. 
Legislation in the United Kingdom 
governing the preparation and the 
dissemination of the accounts and 
other information included in annual 
reports may differ from legislation in 
other jurisdictions. 
Accounting Policies
The Board considers the 
appropriateness of its accounting 
policies on an annual basis. The Board 
believes that its accounting policies 
are appropriate in particular in relation 
to income recognition and research 
and development.
Board of Directors
The Board, comprising the Chairman, 
the Chief Executive Officer, the Chief 
Financial Officer and two Non-
Executive Directors, is responsible 
for the overall strategy and direction 
of Idox plc as well as for approving 
potential acquisitions, major capital 
expenditure items and financing 
matters. The Board has a formal 
schedule of business reserved to it 
and meets regularly during the year. 
The Board is supplied in a timely 
manner with information in a form 
and of a suitable quality appropriate 
to enable it to discharge its duties. 
Advice from independent sources 
is available if required. The Board 
monitors exposure to key business 
risks and reviews the strategic 
direction of the Group, the annual 
budgets as well as their progress 
against those budgets.
The Board members and their 
roles are described on page 10.  In 
accordance with the Company’s 
Articles of Association, one third of 
the Directors are required to retire 
by rotation at the Annual General 
Meeting.
Shareholder Relations
Idox plc is committed to open 
communication with all its 
shareholders. The Directors hold 
regular meetings with institutional 
shareholders to discuss and review 
the Group’s activities and objectives. 
Communication with private 
shareholders is principally through 
the Annual General Meeting, where 
participation is encouraged and where 
the Board is available to answer 
questions. Idox plc maintains up-
to-date information on the Investor 
Relations section of its website www.
Idoxplc.com.
Every shareholder has access to a 
full annual report each year end and 
an interim report at the half year end. 
Care is taken to ensure that any price 
sensitive information is released to all 
shareholders, institutional and private, 
at the same time in accordance 
with London Stock Exchange 
requirements. 
Idox plc strives to give a full, 
timely and realistic assessment 
of its business in a balanced way, 
in all price-sensitive reports and 
presentations. 
The Group has adopted the Quoted 
Company Alliance (QCA) suggested 
terms of reference for the various 
Board committees as set out by the 
QCA.
The Audit Committee
The Audit Committee is chaired by 
Peter Lilley and includes Christopher 
Wright. The Report of the Audit 
Committee can be found on page 20.
The Nomination Committee
The Nomination Committee is 
chaired by Peter Lilley and includes 
Christopher Wright. 
The Remuneration Committee
The Remuneration Committee is 
chaired by Christopher Wright and 
includes Peter Lilley.  This Committee 
determines the remuneration and 
benefits packages for the Executive 
Directors and any changes to the 
service contracts. The Committee also 
approves any share related incentive 
schemes within the Group. 
  Idox plc Annual Report and Accounts 2011 20
For the year ended 31 October 2011
Report of the Audit Committee
The Audit Committee operates within agreed 
terms of reference, which can be found on the 
Company’s website.
Independence of External Auditors
The Committee keeps under review the 
relationship with the external auditors including:
the independence and objectivity of the  >
external auditors, taking into account the 
relevant UK professional and regulatory 
requirements and the relationship with the 
auditor as a whole, including the provision of 
the non-audit services
the consideration of audit fees and any fees  >
for non-audit services.
The Audit Committee develops and 
recommends to the Board the Group’s policy 
in relation to the provision of non-audit services 
by the auditors, and ensures that the provision 
of such services does not impair the external 
auditor independence.
Peter Lilley
Chairman of the Audit Committee
26 January 2012
Membership and Meetings
The Audit Committee is a committee of the 
Board and is comprised of two Non-Executive 
Directors: Peter Lilley and Christopher Wright.  
The Audit Committee invites the Executive 
Directors, the external auditors and other senior 
managers to attend its meetings as appropriate. 
The Company Secretary is also the Secretary of 
the Audit Committee.
The Audit Committee is considered to have 
sufficient, recent and relevant financial 
experience to discharge its functions.
During the period under review, the Audit 
Committee met three times.
Role, Responsibilities and Terms of 
Reference
The Audit Committee’s role is to assist the Board 
in the effective discharge of its responsibilities for 
financial reporting and internal control.
The Audit Committee’s responsibilities include:
to review the integrity of the annual and  >
interim financial statements of the Group 
ensuring they comply with legal requirements, 
accounting standards and AIM rules, and any 
other formal announcements relating to the 
Group’s financial performance 
to review the Group’s internal financial control  >
and risk management systems
monitor and review the requirement for an  >
internal audit function
to review the arrangements for staff to  >
whistle-blow on financial reporting and other 
matters
safeguard the auditor’s objectivity and  >
independence when non-audit services are 
provided
oversee the relationship with the external  >
auditor, including approval of their 
remuneration, agreeing the scope of the audit 
engagement, assessing their independence, 
monitoring the provision of non-audit services, 
and considering their reports on the Group’s 
financial statements. Idox plc Annual Report and Accounts 2011 21
Independent Auditor’s report to the members of 
Idox plc
We have audited the group financial statements 
of Idox plc for the year ended 31 October 2011 
which comprise the consolidated statement 
of comprehensive income, the consolidated 
balance sheet, the consolidated statement 
of changes in equity, the consolidated cash 
flow statement and the related notes.  The 
financial reporting framework that has been 
applied in their preparation is applicable law 
and International Financial Reporting Standards 
(IFRSs) as adopted by the European Union.
This report is made solely to the company’s 
members, as a body, in accordance with 
Chapter 3 of Part 16 of the Companies Act 
2006. Our audit work has been undertaken so 
that we might state to the company’s members 
those matters we are required to state to them 
in an auditor’s report and for no other purpose. 
To the fullest extent permitted by law, we do not 
accept or assume responsibility to anyone other 
than the company and the company’s members 
as a body, for our audit work, for this report, or 
for the opinions we have formed.
Respective responsibilities of Directors and 
Auditor
As explained more fully in the Directors’ 
Responsibilities Statement set out on pages 
18 & 19, the directors are responsible for the 
preparation of the group financial statements 
and for being satisfied that they give a true 
and fair view. Our responsibility is to audit 
and express an opinion on the group financial 
statements in accordance with applicable law 
and International Standards on Auditing (UK and 
Ireland). Those standards require us to comply 
with the Auditing Practices Board’s (APB’s) 
Ethical Standards for Auditors.
Scope of the audit of the financial 
statements
A description of the scope of an audit of financial 
statements is provided on the APB’s website at 
www.frc.org.uk/apb/scope/private.cfm
Opinion on financial statements
In our opinion the group financial statements:
give a true and fair view of the state of the  >
group’s affairs as at 31 October 2011 and of 
its profit for the year then ended; 
have been properly prepared in accordance  >
with IFRSs as adopted by the European 
Union; and
have been prepared in accordance with the  >
requirements of the Companies Act 2006.
Opinion on other matter prescribed by the 
Companies Act 2006
In our opinion the information given in the 
Directors’ Report for the financial year for which 
the group financial statements are prepared is 
consistent with the group financial statements.
Matters on which we are required to report 
by exception
We have nothing to report in respect of the 
following:
Under the Companies Act 2006 we are required 
to report to you if, in our opinion:
certain disclosures of directors’ remuneration  >
specified by law are not made; or
we have not received all the information and  >
explanations we require for our audit.
Other matter
We have reported separately on the parent 
company financial statements of Idox plc for the 
year ended 31 October 2011.
Steve Maslin
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants
London
26 January 2012 Idox plc Annual Report and Accounts 2011 22
For year ended 31 October 2011
Consolidated Statement of Comprehensive 
Income 
Note 2011 2010
£000 £000
Revenue 2 38,605 31,268
External charges (5,157) (5,290)
Gross margin 33,448 25,978
Staff costs 4 (17,400) (14,170)
Other operating charges (4,487) (3,091)
Earnings before goodwill impairment, amortisation, 
depreciation, restructuring, corporate finance and 
share option costs 11,561 8,717
Depreciation 10 (499) (403)
Amortisation 11 (3,738) (2,260)
Restructuring costs 4 (211) (187)
Corporate finance costs 5 (281) (438)
Share option costs 23 (1,064) (185)
Operating profit 3 5,768 5,244
Finance income 6 247 15
Finance costs 6 (401) (316)
Profit before taxation 5,614 4,943
Income tax expense 8 (1,089) (1,305)
Profit for the year 4,525 3,638
Other comprehensive income for the year 
Available-for-sale financial assets
- transferred to profit for the year
(35) 35
Exchange gains on retranslation of foreign operations 41 -
Other comprehensive income for the year, net of tax 6 35
Total comprehensive income for the year attributable 
to owners of the parent
4,531 3,673
Earnings per share
Basic 9 1.31p 1.07p
Diluted 9 1.28p 1.05p
The accompanying accounting policies and notes form an integral part of these financial statements. Idox plc Annual Report and Accounts 2011 23
At 31 October 2011
Consolidated Balance Sheet
Note 2011 2010
£000 £000
ASSETS
Non-current assets
Property, plant and equipment 10 601 504
Intangible assets 11 48,611 44,629
Other long-term financial assets 13 - 855
Deferred tax assets 20 495 283
Total non-current assets 49,707 46,271
Current assets
Trade and other receivables 15 8,843 5,915
Cash and cash equivalents 14 - 2,004
Total current assets 8,843 7,919
Total assets 58,550 54,190
LIABILITIES
Current liabilities
Trade and other payables 16 2,304 2,784
Other liabilities 17 13,315 11,794
Provisions 18 117 133
Current tax 975 1,052
Borrowings 19 2,408 1,000
Total current liabilities 19,119 16,763
Non-current liabilities
Deferred tax liabilities 20 5,060 4,549
Borrowings 19 - 1,866
Total non-current liabilities 5,060 6,415
Total liabilities 24,179 23,178
Net assets 34,371 31,012 Idox plc Annual Report and Accounts 2011 24
At 31 October 2011
Consolidated Balance Sheet cont’d
Note 2011 2010
£000 £000
EQUITY
Called up share capital 22 3,463 3,442
Capital redemption reserve 1,112 1,112
Share premium account 10,017 9,903
Treasury reserve (204) (455)
Share options reserve 1,366 630
Merger reserve 1,294 1,294
ESOP trust (93) (93)
Foreign currency retranslation reserve 41 -
Retained earnings 17,375 15,179
Total equity 34,371 31,012
The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2012 and are 
signed on its behalf by:
William Edmondson                                                  Richard Kellett-Clarke
Chief Financial Officer                                                     Chief Executive Officer
The accompanying accounting policies and notes form an integral part of these financial statements.
Company name: Idox plc   Company number: 03984070  Idox plc Annual Report and Accounts 2011 25
For the year ended 31 October 2011
This page left intentionally blank Idox plc Annual Report and Accounts 2011 26
At 31 October 2011
Consolidated Statement of Changes in Equity
Called 
up share 
capital
Capital 
redemption 
reserve
Share
premium
account
£000 £000 £000
At 1 November 2009 3,442 1,112 9,903
Transfer on exercise of share options - - -
Purchase of treasury shares - - -
Share options granted - - -
Share repurchase - - -
Equity dividends paid - - -
ESOP trust - - -
Transactions with owners - - -
Profit for the period - - -
Other comprehensive income 
Fair value gain on investment
- - -
Total comprehensive income for the period - - -
Balance at 31 October 2010 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 - - -
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 year - - -
Total comprehensive income for the period - - -
At 31 October 2011 3,463 1,112 10,017
Please note this table above expands onto the following page.
The accompanying accounting policies and notes form an integral part of these financial statements. Idox plc Annual Report and Accounts 2011 27
At 31 October 2011
Consolidated Statement of Changes in Equity 
cont’d
Treasury
 reserve
Share
options 
reserve
Merger 
reserve
ESOP
Trust
Foreign 
currency 
retranslation
 reserve
Retained 
earnings
Total
£000 £000 £000 £000 £000 £000 £000
(212) 454 1,294 (88) - 12,268 28,173
- (9) - - - (5) (14)
(249) - - - - - (249)
- 185 - - - - 185
6 - - - - - 6
- - - - - (757) (757)
- - - (5) - - (5)
(243) 176 - (5) - (762) (834)
- - - - - 3,638 3,638
- - - - - 35 35
- - - - - 3,673 3,673
(455) 630 1,294 (93) - 15,179 31,012
- - - - - - 135
- (258) - - - 243 (15)
972 - - - - (501) 471
- 994 - - - - 994
(721) - - - - - (721)
- - - - - (2,036) (2,036)
251 736 - - - (2,294) (1,172)
- - - - - 4,525 4,525
- - - - 41 - 41
- - - - - (35) (35)
- - - - 41 4,490 4,531
(204) 1,366 1,294 (93) 41 17,375 34,371
Please note this table above has been expanded from the previous page. Idox plc Annual Report and Accounts 2011 28
At 31 October 2011
Consolidated Cash Flow Statement
2011 2010
£000 £000
Cash flows from operating activities
Profit for the period before taxation 5,614 4,943
Adjustments for:
Depreciation 499 403
Amortisation 3,738 2,260
Loss on disposal of property, plant and equipment - 160
Finance income (247) (15)
Finance costs 146 189
Debt issue costs amortisation 134 85
Share option costs 994 185
Exchange losses (5) 8
Movement in receivables (2,050) 1,055
Movement in payables (1,371) (563)
Cash generated by operations 7,452 8,710
Tax on profit paid (2,132) (1,009)
Net cash from operating activities 5,320 7,701
Cash flows from investing activities
Acquisition of subsidiaries net of cash acquired (4,263) (5,543)
Sale/(purchase) of available-for-sale financial assets 1,038 (820)
Purchase of property, plant and equipment (568) (613)
Purchase of intangible assets (668) (3,470)
Finance income 29 15
Net cash used in investing activities (4,432) (10,431)
Cash flows from financing activities
Interest paid (134) (189)
Loan repayments (3,000) (1,000)
Equity dividends paid (2,036) (757)
Sale/purchase of shares (130) (267)
Net cash flows from financing activities (5,300) (2,213)
Net movement on cash and cash equivalents (4,412) (4,943)
Cash and cash equivalents at the beginning of the period 2,004 6,947
Cash and cash equivalents at the end of the period (2,408) 2,004
The accompanying accounting policies and notes form an integral part of these financial statements. Idox plc Annual Report and Accounts 2011 29
For the year ended 31 October 2011
Notes to the Accounts
1 ACCOUNTING POLICIES
General Information
Idox plc is a leading supplier of software and services for the management of local government and other organisations. 
The company is a public limited company which is listed on the London Alternative Investment Market and is 
incorporated and domiciled in the UK. The address of its registered office is 2nd Floor, Chancery Exchange, 10 Furnival 
Street, London, EC4A 1AB. The registered number of the company is 03984070.
The financial statements are prepared in pound sterling.
Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as 
adopted by the European Union (EU) and the Companies Act 2006 applicable to companies reporting under IFRS.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of 
certain financial assets and liabilities, being available for sale investments.
As set out on page 14 of the Directors’ Report, the financial statements have been prepared on a going concern basis.
International Financial Reporting Standards and Interpretations issued but not yet effective
At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to 
existing standards have been published that are mandatory for forthcoming financial periods, but which the Group has 
not adopted early.  None of these are considered relevant to the Group’s operations.
Adoption of new and revised standards
The following new standards and amendments to standards have been adopted by the Group during the year.
IAS 24 (Revised 2009) “Related Party Disclosures” - effective 1 January 2011. The revised standard modifies the 
definition of related parties.
IAS 32 Amendment: Classification of Rights Issues.  The Amendment alters IAS 32 so that rights, options or warrants to 
acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments 
if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own (non-
derivative) equity instruments.  
Amendments to IFRS 2 – Group cash-settled share based payment transactions.  This amendment clarifies that an 
entity that receives goods or services from its suppliers (including employees) must apply IFRS 2 even where the 
obligation to make the required share-based cash payment lies with another group entity.    
Improvements to IFRS issued May 2010 – part effective 1 January 2011.
Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including 
expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future.  The resulting accounting estimates and 
assumptions will, by definition, seldom equal the related actual results.  The Group has evaluated the estimates 
and assumptions that have been made in relation to the carrying amounts of assets and liabilities in these financial 
statements.  The estimates and assumptions which have the most significant impact on the financial statements which 
are recognised in the financial statements are as follows: Idox plc Annual Report and Accounts 2011 30
For the year ended 31 October 2011
Notes to the Accounts
(i) Intangible assets
The Group recognises intangible assets acquired 
as part of business combinations at fair value 
at the date of acquisition.  The determination of 
these fair values is based upon management’s 
judgement and includes assumptions on the 
timing and amount of future incremental cash 
flows generated by the assets and selection of 
an appropriate cost of capital.  Furthermore, 
management must estimate the expected 
useful lives of intangible assets and charge 
amortisation on those assets accordingly.  In 
determining the useful economic life of the 
intangible software assets, management has 
given consideration to the length of time that its 
own software is typically used within its market.  
In addition, management reviewed competitor 
products and the length of time they had also 
been in use.
Consideration was also given as to the likelihood 
that a new competitor could enter the market 
with a new product.  This was considered 
unlikely due to the up-front capital investment 
which would be required to develop a new 
product, the requirement for reference sites to 
demonstrate the product, and the long life cycles 
which products have in the market.  For details 
on the estimates made in relation to intangible 
assets, see note 11.
(ii) Development costs
The Group reviews half yearly whether the 
recognition requirements for development 
costs have been met.  This is necessary 
as the economic success of any product 
development is uncertain and may be subject 
to future technical problems at the time of 
recognition.  Judgements are based on the 
information available at each balance sheet 
date.  In addition, all internal activities related to 
the research and development of new software 
products are continuously monitored by the 
directors. See note 11 for further information.
(iii) Impairment of goodwill
The Group is required to test, as least annually, 
whether goodwill has suffered any impairment.  
The recoverable amount is determined based 
upon value-in-use and net realisable value 
calculations.  The value-in-use method requires 
the estimation of future cash flows and the 
choice of a suitable discount rate in order to 
calculate the present value of these cash flows. 
Pre-tax discount rates have been applied and 
are based on WACC calculations.   See note 11 
for further commentary.
(iv) Revenue recognition
The group recognises revenue on certain 
contracts such as work in progress, prior 
to an invoice being raised, where work has 
been completed and there is a high degree 
of certainty of the contract being completed 
and the invoice raised and cash received. See 
paragraph headed ‘Revenue’ below for more 
detail on how the Group accounts for revenue. 
(v) Dilapidations
Dilapidation provisions are management’s best 
estimates based on actual costs incurred in 
existing or similar properties. See note 18 for 
details of the amounts included in the balance 
sheet at the year end.
(vi) Contingent consideration
The contingent consideration provision is the 
maximum undiscounted amount which will be 
paid.  
Basis of consolidation
The Group accounts consolidate the accounts 
of the Company and its subsidiary undertakings 
drawn up to 31 October each year.  Subsidiaries 
are those entities over which the Group has the 
power to control the financial and operating 
policies.  Over all its subsidiaries, Idox plc 
obtains and exercises control through 100% of 
the voting rights.
The Group elected not to apply IFRS 3 Business 
Combinations retrospectively to business 
combinations prior to 1 November 2006.  
Accordingly the classification of the combination 
(acquisition, reverse acquisition or merger) 
remains unchanged from that used under UK 
GAAP .  
Assets and liabilities are recognised at the date 
of transition if they would be recognised under 
IFRS, and are measured using their UK GAAP 
carrying amount immediately post-acquisition as 
deemed cost under IFRS, unless IFRS requires 
fair value measurement.  Deferred tax is adjusted 
for the impact of any consequential adjustments 
after taking advantage of the transitional 
provisions. Idox plc Annual Report and Accounts 2011 31
For the year ended 31 October 2011
Notes to the Accounts cont’d
All inter-company transactions are eliminated on 
consolidation. 
For business combinations occurring since 
1 November 2009, the requirements of IFRS 
3R have been applied.  The consideration 
transferred by the Group to obtain control of 
a subsidiary is calculated as the sum of the 
acquisition date fair values of assets transferred, 
liabilities incurred and the equity interests issued 
by the Group, which includes the fair value of 
any asset or liability arising from a contingent 
consideration arrangement.   Acquisition costs 
are expensed as incurred.
Revenue
Revenue represents the amounts receivable in 
respect of goods and services provided during 
the year, stated net of value added tax.  Where 
work has been done, but a billing milestone has 
not been reached, the income has been accrued 
and included in amounts recoverable within 
trade and other receivables. 
Revenue is measured at the fair value of the right 
to consideration. The Group derives its revenue 
streams from software solutions, information 
solutions and recruitment services.  
Software licences revenue is recognised when 
the licence is delivered.  Where the licence 
is bespoke, revenue is recognised when 
the licence is delivered and the customer 
has accepted the licence as fully functional.  
Software consultancy revenue is recognised 
in accordance with the percentage of value 
delivered to the customer.  For small value 
orders, the whole invoice amount is recognised 
at the billing point. 
The revenues for maintenance and managed 
service contracts are spread evenly over the life 
of the agreement, which is typically one year.  
Revenue derived from information solutions 
content is recognised over the life of the 
subscription, which is typically one year.  
Revenue from projects is recognised over the life 
of the project in accordance with the stage of 
completion.  Revenue from information solutions 
based managed services is recognised on a 
usage basis as the service is performed.
Recruitment revenue from permanent 
placements is recognised in the month when 
the placement starts.  Revenue from contract 
recruitment is recognised as the service is 
performed.
Contract revenue
The amount of profit attributable to the stage of 
completion of a long term contract is recognised 
only when the outcome of the contract can be 
foreseen with reasonable certainty. Revenue for 
such contracts is stated at the cost appropriate 
to their stage of completion plus attributable 
profits, less amounts recognised in previous 
years. Provision is made for any losses as they 
are foreseen.
Amounts recoverable on contracts are included 
in trade and other receivables and represent 
revenue recognised in excess of payments on 
account.
Segmental reporting
Operating segments are reported in a manner 
consistent with the internal reporting provided 
to the chief operating decision-maker.  The chief 
operating decision-maker has been identified as 
the steering committee, which comprises the 
Chief Executive Officer and the Chief Financial 
Officer.
Goodwill
Goodwill is stated after separate recognition of 
identifiable intangible assets.  It is calculated 
as the excess of the sum of a) fair value of 
consideration transferred, b) the recognised 
amount of any non-controlling interest in the 
acquiree and c) acquisition-date fair value of 
any existing equity interest in the acquiree, over 
the acquisition-date fair values of identifiable net 
assets.  If the fair values of the identifiable net 
assets exceed the sum calculated above, the 
excess amount (i.e. gain on a bargain purchase) 
is recognised in profit or loss immediately.
Cash-generating units to which goodwill has 
been allocated are tested for impairment at 
least annually.  All other individual assets or 
cash-generating units are tested for impairment 
whenever events or changes in circumstances 
indicate that the carrying amount may not be 
recoverable. Idox plc Annual Report and Accounts 2011 32
For the year ended 31 October 2011
Notes to the Accounts cont’d
Goodwill is carried at cost less accumulated 
impairment losses.  Negative goodwill is 
recognised immediately after acquisition in 
the statement of comprehensive income.  
Unallocated goodwill on acquisitions relates 
mainly to workforce valuation, synergies and 
economies of scale obtained on combining 
acquisitions with existing operations.
Goodwill written off to reserves prior to the 
date of transition to IFRS remains in reserves.  
There is no re-instatement of goodwill that was 
amortised prior to transition to IFRS.  Goodwill 
previously written off to reserves is not written 
back to profit or loss on subsequent disposal.
Other intangible assets
Intangible assets with a finite useful life are 
amortised to the consolidated statement of 
comprehensive income on a straight-line basis 
over their estimated useful lives, which are 
reviewed on an annual basis.  Amortisation 
commences when the asset is available for 
use.  The residual values of intangible assets are 
assumed to be zero.
(i) Research and development
Expenditure on research (or the research 
phase of an internal project) is recognised as 
an expense in the period in which it is incurred.  
Development costs incurred are capitalised 
when all the following conditions are satisfied:
completion of the intangible asset is  >
technically feasible so that it will be available 
for use or sale
the group intends to complete the intangible  >
asset and use or sell it
the group has the ability to use or sell the  >
intangible asset
the intangible asset will generate probable  >
future economic benefits.  Among other 
things, this requires that there is a market for 
the output from the intangible asset or for the 
intangible asset itself, or, if it is to be used 
internally, the asset will be used in generating 
such benefits
there are adequate technical, financial and  >
other resources to complete the development 
and to use or sell the intangible asset, and
the expenditure attributable to the intangible  >
asset during its development can be 
measured reliably.
Development costs not meeting the criteria 
for capitalisation are expensed as incurred.  
The cost of an internally generated intangible 
asset comprises all directly attributable costs 
necessary to create, produce, and prepare 
the asset to be capable of operating in the 
manner intended by management.  Amortisation 
commences upon completion of the asset, 
and is shown separately on the statement of 
comprehensive income.
Careful judgement by the directors is applied 
when deciding whether the recognition 
requirements for development costs have been 
met.  This is necessary as the economic success 
of any product development is uncertain and 
may be subject to future technical problems at 
the time of recognition.  Judgements are based 
on the information available at each balance 
sheet date.  In addition, all internal activities 
related to the research and development of new 
software products are continuously monitored by 
the directors.
Amortisation is calculated using the straight line 
method over a period of 5 years.
(ii) Customer relationships
Customer relationships represent the purchase 
price of customer lists and contractual 
relationships purchased on the acquisition of 
CAPS Solutions Limited, Plantech Limited, 
J4B Software and Publishing Limited, Strand 
Electoral Management Services Limited, 
Grantfinder Limited, McLaren Software Limited 
and Lalpac Limited.  These relationships are 
carried at cost less accumulated amortisation 
and accumulated impairment losses.  
Amortisation is calculated using the straight line 
method over a period of 20, 10 and 5 years.
(iii) Trade names
Trade names represent the named intangible 
asset recognised on the acquisition of CAPS 
Solutions Limited, Plantech Limited, J4B 
Software and Publishing Limited, Strand 
Electoral Management Services Limited,  Idox plc Annual Report and Accounts 2011 33
For the year ended 31 October 2011
Notes to the Accounts cont’d
Grantfinder Limited, McLaren Software Limited 
and Lalpac Limited.  These trade names are 
carried at cost less accumulated amortisation 
and accumulated impairment losses.  
Amortisation is calculated using the straight line 
method over a period of 20, 10 and 5 years.
(iv) Software
Software represents the Uniform, Acolaid, 
Enterprise Engineer and electoral and licensing 
software purchased on the acquisition of CAPS 
Solutions Limited, Plantech Limited, McLaren 
Software Limited, Strand Electoral Management 
Services Limited and Lalpac Limited.  The 
software is carried at cost less accumulated 
amortisation and accumulated impairment 
losses.  Amortisation is calculated using the 
straight line method over a period of 5 and 10 
years.  Software also includes software licences 
purchased which are amortised using the 
straight line method over a period of 3 years.
(v) Database
Database represents the grant information 
database purchased on the acquisition of J4B 
Software & Publishing Limited and Grantfinder 
Limited.  The database is carried at fair value 
less accumulated amortisation and accumulated 
impairment losses.  Amortisation is calculated 
using the straight line method over a period of 5 
years.
(vi) Order backlog
Order backlog represents the managed service 
contracts and subscription deferred revenue 
purchased on the acquisition of 11 land and 
property information solution contracts and 
Grantfinder Limited. Amortisation on the 
managed service deferred revenue is calculated 
based on the weighting and length of each 
contract purchased.  Subscription deferred 
revenue is calculated using the straight line 
method over a period of 5 years.
Impairment
For the purposes of assessing impairment, 
assets are grouped at the lowest levels for which 
there are separately identifiable cash flows (cash-
generating units).  As a result, some assets are 
tested individually for impairment and some are 
tested at cash-generating unit level.  Goodwill is 
allocated to those cash-generating units that are 
expected to benefit from synergies of the related 
business combination and represent the lowest 
level within the group at which management 
monitors the related cash flows.
Goodwill, other individual assets or cash-
generating units that include goodwill, other 
intangible assets with an indefinite useful life, 
and those intangible assets not yet available for 
use are tested for impairment at least annually.  
All other individual assets or cash-generating 
units are tested for impairment whenever events 
or changes in circumstances indicate that the 
carrying amount may not be recoverable.
An impairment loss is recognised for the amount 
by which the asset’s or cash-generating unit’s 
carrying amount exceeds its recoverable 
amount.  The recoverable amount is the higher 
of fair value, reflecting market conditions 
less costs to sell, and value in use based on 
an internal discounted cash flow evaluation.  
Impairment losses recognised for cash-
generating units, to which goodwill has been 
allocated, are credited initially to the carrying 
amount of goodwill.  Any remaining impairment 
loss is charged pro rata to the other assets in 
the cash generating unit.  With the exception of 
goodwill, all assets are subsequently reassessed 
for indications that an impairment loss previously 
recognised may no longer exist.
Property, plant and equipment
Items of property, plant and equipment are 
stated at cost less accumulated depreciation.
Depreciation is charged to the income 
statement using the following rates and bases 
so as to write off the cost or valuation of 
items of property, plant and equipment over 
their expected useful lives.  The rates that are 
generally applicable are:
Computer hardware 50% and 100% 
straight line
Fixtures, fittings and 
equipment
25% straight line
Library books and 
journals
33 1/3% straight line
Useful economic lives and residual values are 
reviewed annually. Idox plc Annual Report and Accounts 2011 34
For the year ended 31 October 2011
Notes to the Accounts cont’d
Employee benefits
Defined contribution pension plans
Contributions paid to private pension plans of 
certain employees are charged to the income 
statement in the period in which they become 
payable. Contributions paid to the group 
personal pension plans of employees are 
charged to the income statement in the period in 
which they become payable.
Share-based payment transactions
All share-based payment arrangements granted 
after 7 November 2002 that had not vested 
prior to 1 November 2006 are recognised in the 
financial statements.
All goods and services received in exchange 
for the grant of any share-based payment are 
measured at their fair values.  Where employees 
are rewarded using share-based payments, 
the fair values of employees’ services are 
determined indirectly by reference to the fair 
value of the instrument granted to the employee.  
This fair value is appraised at the grant date 
and excludes the impact of non-market vesting 
conditions (for example, profitability and sales 
growth targets).
All equity-settled share-based payments are 
ultimately recognised as an expense in the 
income statement with a corresponding credit to 
the share option reserve.
If vesting periods or other non-market vesting 
conditions apply, the expense is allocated 
over the vesting period, based on the best 
available estimate of the number of share 
options expected to vest.  Estimates are revised 
subsequently if there is any indication that the 
number of share options expected to vest 
differs from previous estimates.  Any cumulative 
adjustment prior to vesting is recognised in the 
current period.  No adjustment is made to any 
expense recognised in prior periods if share 
options that have vested are not exercised.
Upon exercise of share options, the proceeds 
received net of attributable transaction costs are 
credited to reserves.
Reserves
Equity comprises the following:
“Share premium” represents the excess over  >
nominal value of the fair value of consideration 
received for equity shares, net of expenses of 
the share issue.
“Capital redemption reserve” represents when  >
the entire deferred ordinary share capital was 
bought in exchange for one ordinary 1p share. 
“Merger reserve” which arose as a result of  >
a group reconstruction that occurred on 17 
November 2000.  This represents the issued 
share capital and share premium account in 
the Company’s subsidiary undertaking, Idox 
Software Limited.
“Share options reserve” represents shares to  >
be issued on potential exercise of those share 
options that have been accounted for under 
“IFRS 2 Share Based Payments”.
“ESOP trust” represents share capital  >
purchased to satisfy the liability of the 
employee share scheme. Purchased shares 
are classified within the ESOP trust reserve 
and presented as a deduction from total 
equity.
“Retained earnings” represents retained  >
profits.
“Treasury reserve” represents shares  >
repurchased by the company to be held for 
redistribution as share options.
Taxation
Tax on the profit or loss for the year comprises 
current and deferred tax.  Current tax is 
charged to the statement of comprehensive 
income except where it relates to tax on items 
recognised directly in equity, in which case it is 
charged to equity.
Current tax is the tax currently payable based on 
taxable profit for the year.  
Deferred income taxes are calculated using 
the liability method on temporary differences.  
Deferred tax is generally provided on the 
difference between the carrying amounts  Idox plc Annual Report and Accounts 2011 35
For the year ended 31 October 2011
Notes to the Accounts cont’d 
of assets and liabilities and their tax bases.  
However, deferred tax is not provided on the 
initial recognition of goodwill, nor on the initial 
recognition of an asset or liability unless the 
related transaction is a business combination or 
affects tax or accounting profit.  Deferred tax on 
temporary differences associated with shares in 
subsidiaries is not provided if reversal of these 
temporary differences can be controlled by the 
group and it is probable that reversal will not 
occur in the foreseeable future.  In addition, tax 
losses available to be carried forward as well as 
other income credits to the group are assessed 
for recognition as deferred tax assets.
Deferred tax liabilities are provided in full, 
with no discounting.  Deferred tax assets are 
recognised to the extent that it is probable that 
the underlying deductible temporary differences 
will be able to be offset against future taxable 
income.  Current and deferred tax assets and 
liabilities are calculated at tax rates that are 
expected to apply to their respective period 
of realisation, provided they are enacted or 
substantively enacted at the balance sheet date.
Changes in deferred tax assets or liabilities are 
recognised as a component of tax expense in 
the statement of comprehensive income, except 
where they relate to items that are charged or 
credited directly to equity in which case the 
related deferred tax is also charged or credited 
directly to equity.
Operating leases
Leases where the lessor retains substantially all 
the risks and rewards of ownership are classified 
as operating leases.  All leases are operating in 
nature.  Amounts paid under operating leases 
are charged to the statement of comprehensive 
income on a straight line basis over the lease 
term.
Dividend distributions
Interim dividends in respect of equity shares 
are recognised in the financial statements in the 
period in which they are paid.
Final dividends in respect of equity shares are 
recognised in the financial statements in the 
period that the dividends are formally approved.
Foreign currency translation
The functional and presentation currency of 
Idox plc and its United Kingdom subsidiaries 
is the pound sterling (£).  Transactions in 
foreign currencies are initially recorded at the 
functional currency rate ruling at the date 
of the transaction.  Monetary assets and 
liabilities denominated in foreign currencies 
are retranslated at the functional currency rate 
of exchange ruling at the balance sheet date.  
All differences are taken to the consolidated 
statement of comprehensive income.
In the consolidated financial statements, the 
assets and liabilities of non-sterling functional 
currency subsidiaries, are translated into pound 
sterling at the rate of exchange ruling at the 
balance sheet date. The results of non-sterling 
functional currency subsidiaries are translated 
into pound sterling using average rates of 
exchange. Exchange adjustments arising are 
taken to a separate component of equity and 
reported in the consolidated statement of 
comprehensive income.
Capital policy
The Group’s objectives when managing 
capital are to safeguard the Group’s ability to 
continue as a going concern in order to provide 
returns for shareholders and benefits for other 
stakeholders and to maintain a capital structure 
that optimises the cost of capital.  In order to 
maintain or adjust the capital structure, the 
Group may adjust the amount of dividends paid 
to shareholders, return capital to shareholders or 
issue new shares. 
Financial instruments
Financial assets and financial liabilities are 
recognised on the Group’s balance sheet when 
the Group has become a party to the contractual 
provisions of the instrument.
Financial assets
Financial assets are classified according to the 
substance of the contractual arrangements 
entered into.  
Trade and other receivables
Trade receivables do not carry any interest and 
are initially stated at their fair value, as reduced 
by appropriate allowances for estimated 
irrecoverable amounts.  All receivables are  Idox plc Annual Report and Accounts 2011 36
For the year ended 31 October 2011
Notes to the Accounts cont’d
considered for impairment.  Provision against 
trade receivables is made when there is 
objective evidence that the group will not be 
able to collect all amounts due in accordance 
with the original terms of those receivables.  The 
amount of the write-down is determined as the 
difference between the assets carrying value and 
the present value of estimated future cash flows.
Cash and cash equivalents
Cash and cash equivalents comprise cash on 
hand and on deposit and are subject to an 
insignificant risk of changes in value.  
Investments
Investments consist of available-for-sale 
investments in equity instruments which are 
measured at market prices.  Movements 
in market value are recognised through the 
consolidated statement of comprehensive 
income.  In the event of a disposal of an 
available-for-sale financial asset , the cumulative 
gain or loss previously recognised in other 
comprehensive income is transferred to the profit 
and loss account.
Financial liabilities and equity
Financial liabilities and equity instruments are 
classified according to the substance of the 
contractual arrangements entered into.  An 
equity instrument is any contact that evidences 
a residual interest in the assets of the group after 
deducting all of its financial liabilities.
Bank borrowings
Interest-bearing bank loans and overdrafts 
are recorded initially at fair value, net of direct 
transaction costs.  Such instruments are 
subsequently carried at their amortised cost and 
finance charges, including premiums payable 
on settlement or redemption, are recognised 
in the income statement over the term of the 
instrument using an effective rate of interest.
Trade and other payables
Trade and other payables are not interest-
bearing, are initially stated at their fair value and 
subsequently at amortised cost.
Equity instruments
Equity instruments issued by the company are 
recorded at the proceeds received, net of direct 
issue costs. Idox plc Annual Report and Accounts 2011 37
For the year ended 31 October 2011
Notes to the Accounts cont’d
2 SEGMENTAL ANALYSIS
As at 31 October 2011, the Group is primarily organised into three main business segments, which are detailed below.
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.
Software – providing local authorities with software & managed services which deliver seamless integration and  >
automation from user interfaces through to document storage alongside the development and implementation of 
proprietary software products for the engineering market
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 of 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 tax, interest payments and share option charges.  The assets and liabilities of the Group are not reviewed 
by the chief executive 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.
The segment revenues by geographic location for the year ended 31 October 2011 are as follows:
United Kingdom
£000
USA
£000
Europe
£000
Australia
£000
Rest of World
£000
Total
£000
Revenues from external 
customers
33,786 1,884 1,551 1,255 129 38,605
The segment revenues by geographic location for the year ended 31 October 2010 are as follows:
United Kingdom
£000
USA
£000
Europe
£000
Australia
£000
Rest of World
£000
Total
£000
Revenues from external 
customers
30,724 - 544 - - 31,268
Revenues are attributed to individual countries on the basis of the location of the customer.  The new geographic 
locations disclosed in 2011 are as a result of the acquisition of McLaren Software Group Limited during the current 
financial year.  Idox plc Annual Report and Accounts 2011 38
For the year ended 31 October 2011
Notes to the Accounts cont’d
The segment results by business unit for the year ended 31 October 2011 are as follows:
Software
£000
Solutions
£000
Recruitment
£000
Total
£000
Revenues from external customers 30,787 4,707 3,111 38,605
Cost of sales (3,105) (310) (1,742) (5,157)
Gross profit 27,682 4,397 1,369 33,448
Operating costs (17,093) (3,794) (1,000) (21,887)
Profit before interest, tax, depreciation, amortisation, share option 
and redundancy costs 10,589 603 369 11,561
Depreciation (402) (90) (7) (499)
Amortisation (3,007) (722) (9) (3,738)
Share options costs (962) (102) - (1,064)
Redundancy (194) (17) - (211)
Profit before interest and taxation 6,024 (328) 353 6,049
Interest receivable 3 - - 3
Segment profit (see reconciliation below) 6,027 (328) 353 6,052
The segment results for the year ended 31 October 2010 are as follows:
Software
£000
Solutions
£000
Recruitment
£000
Total
£000
Revenues from external customers 24,140 4,165 2,963 31,268
Cost of sales (3,125) (348) (1,817) (5,290)
Gross profit 21,015 3,817 1,146 25,978
Operating costs (12,749) (3,530) (982) (17,261)
Profit before interest, tax, depreciation, amortisation, share option 
and redundancy costs
8,266 287 164 8,717
Depreciation (311) (90) (2) (403)
Amortisation (1,822) (429) (9) (2,260)
Share options costs (185) - - (185)
Redundancy (113) (49) (25) (187)
Profit before interest and taxation 5,835 (281) 128 5,682
Interest receivable 8 - - 8
Segment profit (see reconciliation below) 5,843 (281) 128 5,690 Idox plc Annual Report and Accounts 2011 39
For the year ended 31 October 2011
Notes to the Accounts cont’d
Reconciliations of reportable profit
2011 2010
£000 £000
Profit:
Total profit for reportable segments 6,052 5,690
Corporate finance costs (281) (438)
Net financial costs (157) (309)
Profit before taxation 5,614 4,943
Other financial costs relate to loan interest, exchange differences, bank loan facility fee amortisation and interest 
receivable which have not been included in reportable segments.
3 OPERATING PROFIT FOR THE YEAR
Operating profit for the year has been arrived at after charging: 
2011 2010
£000 £000
Auditors’ remuneration:
- Fees payable to the company auditor for the audit of the parent company & consolidated annual accounts 32 25
- The audit of the company’s subsidiaries, pursuant to legislation 90 46
- Other services pursuant to legislation - 16
- Tax services 75 15
Bank facility fee amortisation 234 85
Operating lease rentals – buildings 624 367
Depreciation – property, plant & equipment, owned 499 403
Amortisation of intangibles 3,738 2,260
Loss of disposal of property, plant and equipment - 160
Equity-settled share-based payments 1,064 185
Foreign exchange loss/(gain) 21 42
4 DIRECTORS AND EMPLOYEES
Staff costs during the year were as follows:
2011 2010
£000 £000
Wages and salaries 15,150 12,333
Social security costs 1,737 1,415
Pension costs 513 422
Share based payment charge 1,064 185
18,464 14,355
During the year the group incurred restructuring costs of £211,000 (2010:£187,000). The restructuring costs represent 
redundancy payments to former staff. Idox plc Annual Report and Accounts 2011 40
For the year ended 31 October 2011
Notes to the Accounts cont’d
The average number of employees of the group during the year was 363 (2010: 332) and is made up as follows:
2011 2010
No No
Office and administration (including Directors of the company and its subsidiary undertakings) 37 40
Sales 43 44
Development 73 82
Operations 107 97
Solutions 84 56
Recruitment 19 13
363 332
Remuneration in respect of directors was as follows:
2011 2010
£000 £000
Emoluments 654 681
Pension contributions 29 16
Share based payment charge 514 165
1,197 862
The amounts set out above include remuneration in respect of the highest paid director as follows: 
2011 2010
£000 £000
Aggregate emoluments 311 306
Pension contributions 22 10
333 316
Details of the remuneration for each director are included in the remuneration report which can be found on page 16 but 
which does not form part of the audited accounts.
5 CORPORATE FINANCE COSTS
Corporate finance costs are incurred by the Group through acquisition activity.  Following the implementation of IFRS 3 
R all acquisition related costs are expensed in the period incurred rather than added to the cost of investment. Idox plc Annual Report and Accounts 2011 41
For the year ended 31 October 2011
Notes to the Accounts cont’d
6 FINANCE INCOME AND COSTS
2011 2010
£000 £000
Interest receivable 5 15
Bank loans interest payable (146) (189)
Bank loan facility fee amortisation (234) (85)
Fair value loss on financial liabilities recognised in profit or loss (21) (42)
Profit on sale of available-for-sale financial assets 218 -
Dividends receivable 24 -
Net finance costs (154) (301)
7 DIVIDENDS
2011 2010
£000 £000
Final dividend paid in respect of the year ended 31 October 2010 and 31 October 2009 1,205 413
Pence per ordinary share 0.35p 0.12p
Interim dividend paid in respect of the year ended 31 October 2011 and 31 October 2010 831 344
Pence per ordinary share 0.24p 0.10p
The directors have proposed the payment of a final dividend of 0.36p per share, which would amount to £1,246,427 
(2010: 0.35p). Idox plc Annual Report and Accounts 2011 42
For the year ended 31 October 2011
Notes to the Accounts cont’d
8 INCOME TAX
The tax charge is made up as follows:
2011 2010
£000 £000
Current tax
Corporation tax on profits for the period 2,046 1,909
Foreign tax on overseas companies 8 -
Under/(over) provision in respect of prior periods 3 (37)
Total current tax 2,057 1,872
Deferred tax
Origination and reversal of temporary differences (715) (373)
Amortisation of intangibles difference in tax rate (120) (198)
Adjustments in respect of prior periods (133) 4
Total deferred tax (968) (567)
Total tax charge 1,089 1,305
Unrelieved trading losses of £6,960,000 (2010: £116,000) which, when calculated at the standard rate of corporation 
tax in the United Kingdom of 27% (2010: 28%), amounts to £1,879,000 (2010: £32,000). These remain available to 
offset against future taxable trading profits.
Factors affecting the tax charge in the period:
2011 2010
£000 £000
Profit before taxation 5,614 4,943
Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 27% (2010: 28%) 1,516 1,384
Effects of:
Tax losses utilised (491) -
Expenses not deductible for tax purposes 205 156
Marginal relief - (4)
Capital allowances in excess of depreciation 50 -
Other timing differences 104 -
R&D enhanced relief (60) -
Prior year deferred tax (118) 4
Difference in deferred tax rate (120) (198)
Adjustments to tax charge in respect of prior year 3 (37)
1,089 1,305 Idox plc Annual Report and Accounts 2011 43
For the year ended 31 October 2011
Notes to the Accounts cont’d
9 EARNINGS PER SHARE
The earnings per ordinary 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:
2011 2010
£000 £000
Profit for the year 4,525 3,638
Basic earnings per share
Weighted average number of shares in issue 344,267,741 341,003,888
Basic earnings per share 1.31p 1.07p
Weighted average number of shares in issue 344,267,741 341,003,888
Add back:
Treasury shares 230,000 2,525,500
ESOP shares 178,494 628,978
Allotted, called up and fully paid share capital 344,676,235 344,158,366
Diluted earnings per share
Weighted average number of shares in issue used in basic earnings per share calculation 344,267,741 341,003,888
Dilutive share options 9,096,287 5,841,718
Weighted average number of shares in issue used in dilutive earnings per share calculation 353,364,028 346,845,606
Diluted earnings per share 1.28p 1.05p
Normalised earnings per share
Add back:
Amortisation 3,738 2,260
Impairment - -
Share option costs 1,064 185
Corporate finance costs 281 438
Restructuring costs 211 187
Tax effect (1,303) (737)
Normalised profit for year 8,516 5,971
Weighted average number of shares in issue 344,267,741 341,003,888
Normalised earnings per share 2.47p 1.75p
Normalised diluted earnings per share 2.41p 1.72p Idox plc Annual Report and Accounts 2011 44
For the year ended 31 October 2011
Notes to the Accounts cont’d
10  PROPERTY, PLANT AND EQUIPMENT
Computer 
hardware
Fixtures, fittings 
and equipment
Library books 
and journals Total
£000 £000 £000 £000
Cost 
At 1 November 2009 1,985 849 608 3,442
Additions 246 3 60 309
Additions on acquisition 1 - - 1
Disposals (1,464) (571) (518) (2,553)
At 31 October 2010 768 281 150 1,199
Additions 352 202 14 568
Additions on acquisition 27 1 - 28
Disposals (283) (40) (9) (332)
At 31 October 2011 864 444 155 1,463
Depreciation
At 1 November 2009 1,513 689 483 2,685
Provided in the year 304 70 29 403
Eliminated on disposal (1,340) (570) (483) (2,393)
At 31 October 2010 477 189 29 695
Provided in the year 355 79 65 499
Eliminated on disposal (283) (40) (9) (332)
At 31 October 2011 549 228 85 862
Net book amount at 31 October 2011 315 216 70 601
Net book amount at 31 October 2010 291 92 121 504
Net book amount at 1 November 2009 472 160 125 757
The Group has pledged the above assets to secure banking facilities granted to the Group. Idox plc Annual Report and Accounts 2011 45
For the year ended 31 October 2011
Notes to the Accounts cont’d
11 INTANGIBLE ASSETS
Goodwill
Customer 
relationships Trade names Software
Development 
costs Database
Order 
backlog Total
£000 £000 £000 £000 £000 £000 £000 £000
Cost 
At 1 November 2009 21,802 7,274 3,225 3,935 925 406 - 37,567
Additions - - - 304 570 - - 874
Additions on acquisition 4,394 3,621 588 449 - 155 4,200 13,407
At 31 October 2010 26,196 10,895 3,813 4,688 1,495 561 4,200 51,848
Additions - - - 87 573 8 - 668
Additions on acquisition 1,772 2,659 1,192 1,099 297 - - 7,019
Fair value adjustment 33 - - - - - - 33
Disposals - - - (63) - - - (63)
At 31 October 2011 28,001 13,554 5,005 5,811 2,365 569 4,200 59,505
Amortisation and
impairment losses
At 1 November 2009 2,565 867 377 933 176 41 - 4,959
Amortisation for the year - 577 201 527 244 96 615 2,260
At 31 October 2010 2,565 1,444 578 1,460 420 137 615 7,219
Amortisation for the year - 1,051 454 741 389 121 982 3,738
Disposals - - - (63) - - - (63)
At 31 October 2011 2,565 2,495 1,032 2,138 809 258 1,597 10,894
Carrying amount at 
31 October 2011 25,436 11,059 3,973 3,673 1,556 311 2,603 48,611
Carrying amount at 
31 October 2010 23,631 9,451 3,235 3,228 1,075 424 3,585 44,629
Carrying amount at 
1 November 2009 19,237 6,407 2,848 3,002 749 365 -- 32,608 Idox plc Annual Report and Accounts 2011 46
For the year ended 31 October 2011
Notes to the Accounts cont’d
During the year, goodwill was reviewed for impairment in accordance with IAS 36, Impairment of assets. Impairment 
charges of £Nil (2010: £Nil) arose as a result of this review.
The remaining useful lives and carrying value of the above intangibles assets is as follows:
2011 2010 2011 2010
Remaining 
amortisation period 
(years)
Remaining 
amortisation period 
(years)
Carrying value
£000
Carrying value
£000
CAPS intangibles:
Customer relationships 15.5 16.5 4,544 4,837
Trade names 15.5 16.5 1,935 2,060
Software 5.5 6.5 1,675 1,980
Plantech intangibles:
Customer relationships 16 17 926 984
Trade names 16 17 416 442
Software 6 7 504 588
Development costs - 0.5 - 25
j4b intangibles:
Customer relationships (product) 2.5 3.5 62 87
Customer relationships (project) 7.5 8.5 98 110
Trade names 7.5 8.5 154 175
Database 2.5 3.5 202 284
GRANTfinder intangibles
Trade name 8.5 9.5 198 221
Database 3.5 4.5 109 140
Customer contracts and relationships 3.5 4.5 910 1,170
Order backlog 3.5 4.5 910 1,170
Strand intangibles
Trade name 8.75 9.75 266 337
Software 3.75 4.75 333 422
Customer relationships 3.75 4.75 2,031 2,263
LAMP contracts intangibles
Backlog order book 9 10 1,693 2,415
Intelligent Resources intangibles
Software 3 4 27 36 Idox plc Annual Report and Accounts 2011 47
For the year ended 31 October 2011
Notes to the Accounts cont’d
2011 2010 2011 2010
Remaining 
amortisation period 
(years)
Remaining  
amortisation period 
(years)
Carrying value
£000
Carrying value
£000
Development costs 4 5 1,556 1,050
Software costs 2 3 186 202
McLaren Intangibles:
Customer relationships 9 - 925 -
Trade names 4 - 848 -
Software 4 - 636 -
Lalpac intangibles:
Customer relationships 9.5 - 1,563 -
Trade names 9.5 - 156 -
Software 9.5 - 312 -
Impairment test for goodwill
For this review goodwill was allocated to individual Cash Generating Units (CGU) on the basis of the Group’s operations.
The carrying value of goodwill by each CGU is as follows:
2011 2010
£000 £000
Cash Generating Units (CGU)
Software 19,642 17,870
Idox Information Solutions 3,837 3,804
TFPL Recruitment 1,957 1,957
25,436 23,631
The recoverable amount of all CGU’s has been determined using value-in-use calculations.  These calculations use pre-
tax cash flow projections based on financial budgets approved by management covering the next five financial years.  
Cash flows beyond this period are extrapolated using the estimated growth rates stated below.
For value in use calculations, the growth rates and margins used to estimate future performance are based on 
management’s best estimate of short term performance based on an assessment of market opportunities and macro-
economic conditions. In the year to 31 October 2011 and the year to 31 October 2010, the Weighted Average Cost of 
Capital for the Group has been used as an appropriate discount rate to apply to cash flows. This represents the overall 
required return on the Group as a whole and is also considered appropriate to each CGU.
The Weighted Average Cost of Capital for the Group has been applied to CGU cash flows rather than calculating a 
separate one for each CGU.  This had been done given the common factors such as equity and debt which cannot be 
apportioned to individual CGUs. Idox plc Annual Report and Accounts 2011 48
For the year ended 31 October 2011
Notes to the Accounts cont’d
The assumptions used for the value in use calculations are as follows and are considered appropriate for each of the risk 
profiles of the respective CGU:
2011 2010
Discount rate 12.5% 12.5%
Growth rate 2% 2%
These assumptions have been used for the analysis of each CGU.
Sensitivities have been run on cash flow forecasts for all CGU’s. Management are satisfied that the key assumptions are 
achievable and that reasonably possible changes to those key assumptions would not lead to the carrying amount of the 
relevant CGU exceeding the recoverable amount.
12 FINANCIAL ASSETS AND LIABILITIES
Categories of financial assets and liabilities
The disclosures detailed below are as required by IFRS 7 Financial Instruments: Disclosures.  The carrying amounts 
presented on the Balance Sheet relate to the following categories of assets and liabilities:
2011 2010
Financial assets Note £000 £000
Available-for-sale financial assets
Securities and debentures 13 - 855
Loans and receivables:
Trade and other receivables 15 7,835 5,093
Cash and cash equivalents 14 - 2,004
7,835 7,097
2011 2010
Financial liabilities Note £000 £000
Financial liabilities measured at amortised cost:
Non-current: 19 - 1,866
Borrowings - 1,866
Current:
Borrowings 19 2,408 1,000
Trade and other payables 16 2,304 2,784
4,712 3,784 Idox plc Annual Report and Accounts 2011 49
For the year ended 31 October 2011
Notes to the Accounts cont’d
13 OTHER LONG TERM FINANCIAL ASSETS
Other long-term financial assets include the following investments, in accordance with the fair value hierarchy these are 
defined as level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities.
2011 2010
£000 £000
Securities and debentures
Listed equity securities - 855
The listed equity securities were sold during the year, realising a gain of £218,000.  The listed securities are traded on 
the London stock exchange.  In the prior year, the assets were stated at fair value.  Fair values were determined by 
reference to their quoted bid price at the reporting date..
14 CASH AND CASH EQUIVALENTS
2011 2010
£000 £000
Cash at bank and in hand - 2,004
Bank overdraft (2,408) -
Cash and cash equivalents per cash flow statements (2,408) 2,004
15 TRADE AND OTHER RECEIVABLES
2011 2010
£000 £000
Trade receivables, gross 6,204 4,778
Allowance for credit losses (231) (269)
Trade receivables, net 5,973 4,509
Amounts recoverable on contracts 1,695 484
Other receivables 167 100
Financial assets 7,835 5,093
Prepayments and accrued income 1,008 822
Non-financial assets 1,008 822
Trade and other receivables 8,843 5,915
All of the closing Group trade receivables are in UK Sterling with the exception of:-
J4B Nederland BV  Euros €89,000 €117,000
Idox Information Solutions Limited Euros €75,000 Nil
McLaren Software Limited Euros €363,000 Nil
McLaren Software Limited Australian dollars $865,000 Nil
McLaren Software Limited US dollars $190,000 Nil
McLaren Software Inc US dollars $798,000 Nil
McLaren Software Inc Canadian dollars $65,000 Nil Idox plc Annual Report and Accounts 2011 50
For the year ended 31 October 2011
Notes to the Accounts cont’d
Amounts recoverable on contracts represent work completed and delivered to the customer, but due to the contractual 
payment terms have not yet been invoiced.
Credit quality of financial assets
The maximum exposure for the Group to credit risk for trade receivables at the reporting date by type of customer was:
2011 2010
£000 £000
Local authorities and other public bodies 2,973 3,578
Private companies 3,231 1,200
6,204 4,778
The ageing of trade receivables at the reporting date for the Group was:
Gross Impairment Gross Impairment
2011 2011 2010 2010
£000 £000 £000 £000
Not past due 3,543 - 3,411 -
Past due 0 to 30 days 888 - 268 -
Past due 31 to 60 days 429 - 31 -
More than 61 days 1,344 231 1,068 269
6,204 231 4,778 269
Movements in the provision for impairment of receivables for the Group were as follows:
2011 2010
£000 £000
At 1 November 269 380
Charge for the year 402 65
Utilised (440) (176)
At 31 October 231 269
The provision allowance in respect of trade receivables is used to record impairment losses unless the Group is 
satisfied that no recovery of the amount owing is possible.  At that point the amounts are considered irrecoverable 
and are written off against the trade receivable directly.  Where trade receivables are past due an assessment is made 
of individual customers and the outstanding balance.  No provision is required in respect of amounts owed by group 
undertakings.
The credit quality of the holders of the Cash at bank is AA and AAA rated.  
16 TRADE AND OTHER PAYABLES 
2011 2010
£000 £000
Trade payables 673 1,346
Accruals 1,631 1,438
2,304 2,784 Idox plc Annual Report and Accounts 2011 51
For the year ended 31 October 2011
Notes to the Accounts cont’d
The carrying values of trade and other payables are considered to be a reasonable approximation of fair value.  Accruals 
represent liabilities which have been recognised at the balance sheet date.  The majority of this will be released during 
the next six months.
17 OTHER LIABILITIES
2011 2010
£000 £000
Social security and other taxes 547 424
Other payables 1,902 1,969
Deferred income 10,866 9,401
13,315 11,794
Deferred income represents software revenue where billing milestones have been reached but the appropriate 
proportion of work has not been completed and maintenance, managed service and subscription revenues which are 
spread over the period, typically one year, for which the service is supplied.
18 PROVISIONS
2011 2010
£000 £000
At 1 November 133 138
Provision made during the year 4 8
Provision utilised during the year (20) (13)
At 31 October 117 133
The opening and closing provisions relate to estimated dilapidation costs expected to arise on exit of leased properties.
19 BORROWINGS 
All borrowings are held at amortised cost and after set-off for unamortised loan facility fees are summarised as follows:
2011 2010
£000 £000
Current
Bank borrowings 2,408 1,000
Non-current
Bank borrowings - 1,866
Total borrowings 2,408 2,866
During the year the group made an early repayment of £2.5m of the term loan, in addition to the scheduled repayment 
of £0.5m.  The loan was fully repaid in April 2011.  During the period the loan was held, the average interest rate paid 
was 4.76% (2010: 4.28%).  
During the year the Group agreed a short term £6m working capital facility with the Bank of Scotland Plc with an interest 
rate of 3.5%.   Idox plc Annual Report and Accounts 2011 52
For the year ended 31 October 2011
Notes to the Accounts cont’d
As security for the above loans, the Bank of Scotland Plc holds a bond and floating charge over the assets of the 
Group, a composite guarantee supported by each Group company and a share pledge in respect of the entire issued 
share capital of each subsidiary company.
The directors’ estimate that the fair value of the Group’s borrowing is not significantly different to the carrying value.
20 DEFERRED INCOME TAX
Deferred tax assets and liabilities are summarised as follows:
2011 2010
£000 £000
Deferred tax assets 495 283
Deferred tax liabilities (non current) (5,060) (4,549)
(5,060) (4,549)
The movement in the year in the net deferred tax provision was as follows:
2011 2010
£000 £000
At 1 November (4,266) (3,186)
Credit to income for the year 847 375
Credit to equity - (4)
Adjustment for changes in rate 120 198
Charged to goodwill for the year (1,266) (1,649)
At 31 October (4,565) (4,266)
The movement in deferred income tax assets and liabilities during the year, is as follows:
Share-based 
payments
Other temporary 
differences
Total deferred tax 
asset
Accelerated tax 
depreciation
Total deferred tax 
liability
£000 £000 £000 £000 £000
At 1 November 2009 109 206 315 (3,501) (3,501)
Charge/(credit) to income - (32) (32) 407 407
Charge/(credit) to equity - - - (4) (4)
Changes in rate - - - 198 198
Deferred tax recognised on acquisition - - - (1,649) (1,649)
At 31 October 2010 109 174 283 (4,549) (4,549)
Charge/(credit) to income - 212 212 635 635
Charges in rate - - - 120 120
Deferred tax recognised on acquisition - - - (1,266) (1,266)
At 31 October 2011 109 386 495 (5,060) (5,060)
There were no unprovided deferred tax assets at 31 October 2011 or 31 October 2010.  Idox plc Annual Report and Accounts 2011 53
For the year ended 31 October 2011
Notes to the Accounts cont’d
21 RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s principal financial instruments comprise cash and cash equivalents, short term deposits and bank 
borrowings. The main purpose of these financial instruments is to finance the Group’s operations. The Group has 
other financial instruments which mainly comprise trade receivables and trade payables which arise directly from its 
operations.
Risk management is carried out by the finance department under policies approved by the board of directors. The 
Group finance department identifies, evaluates and manages financial risks. The board provides guidance on overall risk 
management including foreign exchange risk, interest rate risk, credit risk, and investment of excess liquidity.
The impact of the risks required to be discussed under IFRS 7 are detailed below:
Market risk
(i) Foreign exchange risk
Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in 
a currency that is not the group’s functional currency.  The Group has minimal exposure to foreign exchange risk as a 
result of natural hedges arising between sales and cost transactions.
(ii) Price risk
The Group is exposed to equity securities price risk due to investments held by the Group.  The Group is not exposed 
to commodity price risk.
(iii) Cash flow and fair value interest rate risk
The Group is exposed to interest rate risk in respect of cash balances held with banks and other highly rated 
counterparties.
The Group’s main interest rate risk arises from long-term borrowings.  Borrowings issued at variable rates expose the 
Group to cash flow interest rate risk.  Borrowings issued at fixed rates expose the Group to fair value interest rate risk.  
During 2011 and 2010, all the Group’s borrowings at variable rate were denominated in UK Sterling.
Credit risk
The Group’s maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at the 
reporting date, as summarised below:
2011 2010
Classes of financial  assets - carrying amounts £000 £000
Cash and cash equivalents - 2,004
Trade receivables 5,973 4,509
Amounts recoverable on contracts 1,695 484
Assets available for sale - 855
Other receivables 167 100
Financial assets at fair value 7,835 7,952
Credit risk is managed on a group basis.  Credit risks arise from cash and cash equivalents and deposits with banks 
and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed 
transactions.  
The Group’s credit risk is primarily attributable to its trade receivables.  It is the policy of the Group to present the 
amounts in the balance sheet net of allowances for doubtful receivables, estimated by the Group’s management based 
on prior experience and the current economic environment. The Group reviews the reliability of its customers on a 
regular basis, such a review takes into account the nature of the Group’s trading history with the customer. Idox plc Annual Report and Accounts 2011 54
For the year ended 31 October 2011
Notes to the Accounts cont’d
The credit risk on liquid funds is limited because the counterparties are three banks with high credit-ratings assigned 
by international credit-rating agencies. Management does not expect any losses from non-performance of these 
counterparties.
None of the Group’s financial assets are secured by collateral or other credit enhancements.
Liquidity risk
The Group closely monitors its access to bank and other credit facilities in comparison to its outstanding commitments 
on a regular basis to ensure that it has sufficient funds to meet obligations of the Group as they fall due.
The board receives regular debt management forecasts which estimate the cash inflows and outflows over the next 
twelve months, so that management can ensure that sufficient financing is in place as it is required.  Surplus cash within 
the Group is put on deposit in accordance with limits and counterparties agreed by the Board, the objective being to 
maximise return on funds whilst ensuring that the short-term cashflow requirements of the Group are met.
Detailed analysis of the debt facilities taken out and available to the Group are disclosed in note 19.  
 
As at 31 October 2011, the Group’s financial liabilities have contractual maturities (including interest payments where 
applicable) as summarised below:
Current Current Non-current Non-current
Within 6 months 6 – 12 months 1 – 5 years Later than 5 years
£000 £000 £000 £000
Bank borrowings 2,408 - - -
Trade and other payables 2,304 - - -
This compares to the maturity of the Group’s financial liabilities in the previous reporting period as follows:
Current Current Non-current Non-current
Within 6 months 6 – 12 months 1 – 5 years Later than 5 years
£000 £000 £000 £000
Bank borrowings 565 553 2,095 -
Trade and other payables 2,784 - - -
The above amounts reflect the contractual undiscounted cashflows, which may differ from the carrying values of the 
liabilities at the reporting date.
Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in 
order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure 
to reduce the cost of capital.  In order to maintain or adjust the capital structure, the Group may adjust the amount of 
dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debts. Idox plc Annual Report and Accounts 2011 55
For the year ended 31 October 2011
Notes to the Accounts cont’d
Capital for the reporting periods under review is summarised as follows:
2011 2010
£000 £000
Total equity 34,371 31,012
Less unrestricted cash and cash equivalents (note 14) - (2,004)
34,371 29,008
Total equity 34,371 31,012
Borrowings 2,408 2,866
36,779 33,878
Capital-to-overall financing ratio 0.93 0.86
22 SHARE CAPITAL
2011 2010
£000 £000
Authorised:
650,000,000 ordinary shares of 1p each (2010: 650,000,000) 6,500 6,500
Allotted, called up and fully paid
As at 1 November 3,442 3,442
Issued and allotted during the year 21 -
346,229,842 ordinary shares of 1p each (2010: 344,158,366) 3,463 3,442
Movement in issued share capital in the year
During the year to 31 October 2011, six employees exercised share options.  To satisfy the exercise of two of these 
options, the company issued and allotted 2,071,476 new ordinary shares of 1p each.
The company has one class of ordinary shares which carry no right to fixed income.
At 31 October 2011, there were 232,174 (2010: 670,953) shares in issue under ESOP .  During the year the average 
issue share price was 11.1p (2010: 11.2p).
At 31 October 2011 there were 955,000 (2010: 3,838,000) shares held in treasury. Idox plc Annual Report and Accounts 2011 56
For the year ended 31 October 2011
Notes to the Accounts cont’d
23 SHARE OPTIONS
The company has an unapproved share option scheme for all employees (including directors). All share options are 
exercisable at a price equal to the average market price of the company’s shares on the date of grant. The vesting 
period is quarterly from the date of grant. The options are normally settled in equity once exercised.
Details of all share options over 1p Ordinary shares, falling within the measurement and recognition criteria of IFRS 2 
“Share-based Payment”, including their contractual life and exercise prices are as follows:
At start of year Granted Exercised At end of year Exercise price
Exercise date 
from
Exercise date 
to
4,500,000 - (4,500,000) - 6.50p Feb 2007 Oct 2011
4,500,000 - (2,250,000) 2,250,000 9.00p Feb 2007 Oct 2014
2,066,000 - (420,000) 1,646,000 7.50p May 2007 May 2017
615,385 - (115,385) 500,000 8.125p Jun 2007 Jun 2017
550,000 - - 550,000 15.00p Dec 2007 Dec 2017
960,000 - (960,000) - 12.50p May 2008 May 2018
1,192,308 - - 1,192,308 13.00p Aug 2008 Aug 2018
1,033,334 - - 1,033,334 15.00p Aug 2008 Aug 2018
8,105,366 - - 8,105,366 10.25p Mar 2010 Mar 2020
- 12,400,000 - 12,400,000 20.00p Mar 2011 Mar 2021
- 1,325,000 - 1,325,000 18.00p Mar 2011 Mar 2021
23,522,393 13,725,000 (8,245,385) 29,002,008
The following table sets out the number of share options and associated weighted average exercise price (WAEP) 
outstanding during the year.
2011 2010
WAEP WAEP
No Pence No Pence
Outstanding at the beginning of the year 23,522,393 9.55 15,717,027 8.13
Granted during the year 13,725,000 19.81 8,105,366 10.25
Exercised during the year (8,245,385) 7.95 (300,000) 7.5
Outstanding at the end of the year 29,002,008 14.86 23,522,393 9.55
Exercisable at the end of the year 13,945,648 12.31 15,922,578 8.92
The share options outstanding at the end of the year have a weighted average remaining contractual life of 7 years. The 
share options exercised during the year had a weighted average share price of 7.95p.
No share options lapsed during the year.   Idox plc Annual Report and Accounts 2011 57
For the year ended 31 October 2011
Notes to the Accounts cont’d
The fair values were calculated using the Black-Schöles Pricing Model and the following information.
Date of issue
Number 
granted
Weighted 
average share 
price
Weighted 
average 
exercise price
Expected 
volatility Expected life Risk free rate
Expected 
dividend yield
Weighted 
average fair 
value at grant 
date
No. pence pence % Years % %   £
Mar 2011 12,400,000 17.46 20.0 40 10 4.65 0.6 0.09
Mar 2011 1,325,000 17.46 18.0 40 10 4.65 0.6 0.09
Expected volatility was determined by calculating the historical volatility of the company’s share price over the previous 3 
years. The expected life used in the model has been adjusted, based on the management’s best estimate, for the effects of 
non-transferability, exercise restrictions and behavioural considerations.
The company recognised total expenses of £1,064,000 (2010: £185,000) related to equity-settled share-based payment 
transactions during the year.
Transitional Provisions
Under the transitional provisions of IFRS 2 share options granted prior to 7 November 2002 but not vested at 1 November 
2006 fall outside the measurement and recognition criteria of IFRS 2 “Share-based Payment”.
Details of all such share options over 1p Ordinary shares, including their contractual life and exercise prices, are as follows:
At  start of 
the year
Exercised Lapsed At end of the year Exercise price Exercise date from Exercise date to
166,667 - (166,667) - 12.00p Dec 2003 Dec 2013
1,419,085 - (1,419,085) - 15.50p Feb 2002 Nov 2012
1,863,636 (909,091) - 954,545 11.00p Oct 2002 Oct 2012
4,000,000 (1,000,000) - 3,000,000 10.00p Sep 2004 May 2014
7,449,388 (1,909,091) (1,585,752) 3,954,545
For those share options the table below summarises the number of these share options and the associated weighted average 
exercise price (WAEP) outstanding during the year.
2011 2010
WAEP WAEP
No Pence No Pence
Outstanding at the beginning of the year 7,449,388 11.34 11,564,429 11.75
Exercised during the year (1,909,091) 10.48 - -
Lapsed during the year (1,585,752) 15.13 (4,115,041) 12.91
Outstanding at the end of the year 3,954,545 10.24 7,449,388 11.34
Exercisable at the end of the year 3,954,545 10.24 7,449,388 11.34 Idox plc Annual Report and Accounts 2011 58
For the year ended 31 October 2011
Notes to the Accounts cont’d
24 ACQUISITIONS
McLaren Software Group Limited
On 13 December 2010, the Group acquired the entire share capital of McLaren Software Group Limited (McLaren) for a 
consideration of £3.
McLaren is a leading supplier of engineering document management and control applications serving many leading 
international companies in industries including oil & gas, mining, utilities, pharmaceuticals and transportation.
The acquisition of McLaren extends Idox’s core skills in planning and building documents management into the related 
area of engineering drawings.  This will provide Idox with the opportunity of broadening its activities into complementary 
UK and international markets in both the private and public sector, particularly where the management of complex 
engineering systems interacts with regulatory oversight.
Goodwill arising on the acquisition of McLaren has been capitalised and consists largely of the workforce value, 
synergies and economies of scale expected from combining the operations of McLaren with Idox.  None of the goodwill 
recognised is expected to be deductible for income tax purposes.  The purchase of McLaren has been accounted for 
using the acquisition method of accounting.
Book value
£000
Fair value 
adjustments
£000
Fair value
£000
Intangible assets - 2,812 2,812
Property, plant and equipment 31 (19) 12
Trade receivables 448 - 448
Other receivables 121 (37) 84
TOTAL ASSETS 600 2,756 3,356
Trade payables 65 - 65
Deferred revenue 1,276 - 1,276
Other creditors 1,410 10 1,420
Bank debt 1,000 - 1,000
Deferred tax liability - 731 731
TOTAL LIABILITIES 3,751 741 4,492
NET ASSETS (1,136)
Purchased goodwill capitalised 1,136
Total consideration £3
The fair values stated above are provisional. The fair value adjustment for the intangible assets relates to trade names, 
customer relationships 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.
Other adjustments were made to the accrued income, to bring it in line with group policy, and consultancy fees.
The revenue included in the consolidated statement of comprehensive income since 13 December 2011 contributed by 
McLaren was £4,655k.  McLaren also contributed profit of £755k over the same period. Idox plc Annual Report and Accounts 2011 59
For the year ended 31 October 2011
Notes to the Accounts cont’d
Had McLaren been consolidated from 1 November 2010, the beginning of the Group’s financial year, the consolidated 
statement of comprehensive income would have included revenue of £4,987k and a profit of £395k.
 
LalPac Limited
On 5 May 2011, the Group acquired the entire share capital of LalPac Limited (LalPac) for a consideration of £2,575k, 
which was satisfied as detailed below. 
LalPac is one of the UK’s leading providers of licensing management software and services, supplying 131 local 
authorities covering the full range of licensing including Taxi, Private Hire, Gambling and General Licensing functions.
Goodwill arising on the acquisition of LalPac has been capitalised and consists largely of the workforce value, synergies 
and economies of scale expected from combining the operations of LalPac with Idox.  None of the goodwill recognised 
is expected to be deductible for income tax purposes.  The purchase of LalPac has been accounted for using the 
acquisition method of accounting.
Book value
£000
Fair value 
adjustments
£000
Fair value
£000
Intangible assets 284 2,138 2,422
Property, plant and equipment 66 (50) 16
Trade receivables 332 - 332
Stock 4 - 4
Other receivables 10 - 10
Cash at bank 655 - 655
TOTAL ASSETS 1,351 2,088 3,439
Trade payables 5 - 5
Deferred revenue - 34 34
Bank loan 81 - 81
Social security and other taxes 41 - 41
Accruals 805 - 805
Deferred tax liability - 534 534
TOTAL LIABILITIES 932 568 1,500
NET ASSETS 1,939
Purchased goodwill capitalised 636
2,575
Satisfied by:
Cash to vendor 2,272
Additional consideration 50
Retention 253
Total consideration 2,575
The fair values stated above are provisional. The fair value adjustment for the intangible assets relates to trade names, 
customer relationships 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. Idox plc Annual Report and Accounts 2011 60
For the year ended 31 October 2011
Notes to the Accounts cont’d
Other adjustments were made to the revenue recognition policy for deferred income in order to bring it in line with group 
policy.
The contingent consideration of £50k is due and payable on or before 5 May 2012 subject to the successful delivery of 
a signed, fully irrevocable and binding contract between the Group and a specific customer.  Should this contract not be 
concluded by this date no payment will be made and no further consideration will be due.  
The revenue included in the consolidated statement of comprehensive income since 5 May 2011 contributed by LalPac 
was £685k.  LalPac also contributed profit of £191k over the same period.
Had LalPac been consolidated from 1 November 2010, the beginning of the Group’s financial year, the consolidated 
statement of comprehensive income would have included revenue of £1,471k and profit of £304k.
25 OPERATING LEASE COMMITMENTS
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2011 2010
The group £000 £000
Amounts due:
Within one year 458 279
Between one and five years 1,380 81
After five years 127 -
1,965 360
Operating lease payments represent rentals payable by the Group for office premises and motor vehicle leasing charges. 
26 CAPITAL COMMITMENTS
The Group had no capital commitments at 31 October 2011 (2010: £Nil).
27 CONTINGENT LIABILITIES 
The Company has agreed to provide continuing financial support to its subsidiary undertakings, J4B Nederland BV, 
McLaren Software Limited, Grantfinder Limited and TFPL Limited. There were no material Group contingent liabilities at 
31 October 2011 or 31 October 2010.
28 POST BALANCE SHEET EVENTS
The Group signed a revolving loan facility of £10m and an acquisition funding facility of £12m on 14 November 2011.
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 company is based in the UK and Belgium 
and its global client base includes Associated British Foods, Hays, E.ON AG, Alstom, PricewaterhouseCoopers, AB 
InBev and Xstrata.
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.    
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. Idox plc Annual Report and Accounts 2011 61
For the year ended 31 October 2011
Notes to the Accounts cont’d
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, which is headquartered in London, had revenues of £12.7m (approximately half of these were generated in 
Europe and half in North America), which generated EBITDA of £1.7m and pre-tax profit of £1.3m for the year ended 31 
December 2010 when CTSpace had net assets of £4.1m. The business had cash at completion of £0.5m. Idox will fund 
the acquisition entirely from a new term and revolving credit facility through its existing relationship with Lloyds Banking 
Group.
CTSpace provides both Software as a Service (‘SaaS’) and on-premise enterprise solutions, the latter of which leverage 
an organization’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.
With the existing resources of McLaren Software and the Group’s integrated software development resource, the 
addition of CTSpace brings further scale, efficiencies and enhanced product and development capabilities.
The Idox Board expects the acquisition to be earnings enhancing in its first year.
Full IFRS 3(R) disclosure has not been included in the financial statements due to the timing of the acquisitions.  
29 RELATED PARTY TRANSACTIONS
Compensation paid to key management of the group:
2011 2010
£000 £000
Salaries and other short term employee benefits 1,588 1,198
Post-employment benefits 71 35
Share-based payments 922 165
2,581 1,398
In the year ended 31 October 2011 Martin Brooks, Chairman of Idox plc was entitled to remuneration of £6,750 
(2010: £6,750) as chairman of Cornwall Development Company, which he elected not to take. Cornwall Development 
Company Ltd is a company limited by guarantee and wholly owned by Cornwall Council. Cornwall Council is a 
customer of Idox Software Limited, a wholly owned subsidiary of Idox plc.
 
Dale Gould, an employee of the Group during the current financial year, owns the office premises of Strand Electoral 
Management Limited, a wholly owned subsidiary of Idox plc.  Mr Gould has received £35,775 (period 2010: £6,000) 
rental income from Idox plc in the year ended 31 October 2011. 
We have audited the parent company financial statements of Idox plc for the year ended 31 October 2011 which 
comprise the parent company balance sheet and the related notes. The financial reporting framework that has been 
applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally 
Accepted Accounting Practice). Idox plc Annual Report and Accounts 2011 62
For the year ended 31 October 2011
Independent Auditor’s Report to the Members
of Idox plc
This report is made solely to the company’s 
members, as a body, in accordance with 
Chapter 3 of Part 16 of the Companies Act 
2006. Our audit work has been undertaken so 
that we might state to the company’s members 
those matters we are required to state to them 
in an auditor’s report and for no other purpose. 
To the fullest extent permitted by law, we do not 
accept or assume responsibility to anyone other 
than the company and the company’s members 
as a body, for our audit work, for this report, or 
for the opinions we have formed.
Respective responsibilities of directors and 
auditor
As explained more fully in the Directors’ 
Responsibilities Statement set out on pages 
18 & 19, the directors are responsible for the 
preparation of the parent company financial 
statements and for being satisfied that they 
give a true and fair view. Our responsibility is 
to audit and express an opinion on the parent 
company financial statements in accordance 
with applicable law and International Standards 
on Auditing (UK and Ireland). Those standards 
require us to comply with the Auditing Practices 
Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial 
statements is provided on the APB’s website at 
www.frc.org.uk/apb/scope/private.cfm. 
Opinion on financial statements
In our opinion the parent company financial 
statements:
give a true and fair view of the state of the  >
company’s affairs as at 31 October 2011;
have been properly prepared in accordance  >
with United Kingdom Generally Accepted 
Accounting Practice; and
have been prepared in accordance with the  >
requirements of the Companies Act 2006.
Opinion on other matter prescribed by the 
Companies Act 2006
In our opinion the information given in the 
Directors’ Report for the financial year for 
which the financial statements are prepared is 
consistent with the parent company financial 
statements.
Matters on which we are required to report 
by exception
We have nothing to report in respect of the 
following matters where the Companies Act 
2006 requires us to report to you if, in our 
opinion:
adequate accounting records have not been  >
kept by the parent company, or returns 
adequate for our audit have not been received 
from branches not visited by us; or
the parent company financial statements are  >
not in agreement with the accounting records 
and returns; or
certain disclosures of directors’ remuneration  >
specified by law are not made; or
we have not received all the information and  >
explanations we require for our audit.
Other matter
We have reported separately on the group 
financial statements of Idox plc for the year 
ended 31 October 2011. 
Steve Maslin
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
26 January 2012  Idox plc Annual Report and Accounts 2011 63
At 31 October 2011
Company Balance Sheet
Note 2011 2010
£000 £000
Fixed assets
Investments 5 45,753 43,283
Current assets
Debtors: falling due after one year 6 2,240 265
Creditors: amounts falling due within one year     7 (33,010) (24,746)
Net current liabilities (30,770) (24,481)
Total assets less current liabilities 14,983 18,802
Creditors: amounts falling due after more than one year 8 - (1,866)
Net assets 14,983 16,936
Capital and reserves
Called up share capital 9 3,463 3,442
Capital redemption reserve 11 1,112 1,112
Share premium account 11 10,017 9,903
Treasury reserve 11 (204) (455)
Revaluation reserve 11 - 35
Share option reserve 11 1,366 630
Profit and loss account 11 (771) 2,269
Shareholders' funds 14,983 16,936
The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2012 and are 
signed on its behalf by:
William Edmondson                                                  Richard Kellett-Clarke
Chief Financial Officer                                                     Chief Executive Officer
The accompanying accounting policies and notes form an integral part of these accounts.
Company name: Idox plc   Company number: 03984070 Idox plc Annual Report and Accounts 2011 64
Notes to the Company Financial Statement
1 ACCOUNTING POLICIES
Basis of preparation
The accounts have been prepared in 
accordance with applicable United Kingdom 
accounting standards and under the historical 
cost convention, except for the valuation of listed 
investments.
No profit and loss account is presented for the 
Company as permitted by Section 408 of the 
Companies Act, 2006.
Investments
Investments, held as fixed assets, are included 
at cost less amounts written off for any 
permanent diminution in value. Investments 
in a UK listed company are measured at 
market prices.  Movements in market value are 
recognised through the revaluation reserve.
FRS 20 Share Based Payment
All share-based payment arrangements granted 
after 7 November 2002 that had not vested 
prior to 1 November 2006 are recognised in the 
financial statements.
All goods and services received in exchange 
for the grant of any share-based payment are 
measured at their fair values.  Where employees 
are rewarded using share-based payments, 
the fair values of employees’ services are 
determined indirectly by reference to the fair 
value of the instrument granted to the employee.  
This fair value is appraised at the grant date 
and excludes the impact of non-market vesting 
conditions (for example, profitability and sales 
growth targets).
Employees to whom share options have been 
granted provide their services in subsidiary 
companies of Idox Plc.  All equity settled share-
based payments are recognised as an expense 
in the profit and loss account of the relevant 
subsidiary company.  In Idox Plc, the cost is 
allocated to investments in subsidiaries.
If vesting periods or other non-market vesting 
conditions apply, the expense is allocated 
over the vesting period, based on the best 
available estimate of the number of share 
options expected to vest.  Estimates are revised 
subsequently if there is any indication that the 
number of share options expected to vest 
differs from previous estimates.  Any cumulative 
adjustment prior to vesting is recognised in the 
current period.  No adjustment is made to any 
expense recognised in prior periods if share 
options that have vested are not exercised.
Upon exercise of share options, the proceeds 
received net of attributable transaction costs are 
credited to reserves.
Deferred taxation
Deferred tax is recognised on all timing 
differences where the transactions or events 
that give the company an obligation to pay more 
tax in the future, or a right to pay less tax in the 
future, have occurred by the balance sheet date.  
Deferred tax assets are recognised when it is 
more likely than not that they will be recovered.  
Deferred tax is measured using rates of tax that 
have been enacted or substantively enacted by 
the balance sheet date.
Financial instruments
Financial liabilities and equity instruments are 
classified according to the substance of the 
contractual arrangements entered into. An equity 
instrument is any contract that evidences a 
residual interest in the assets of the entity after 
deducting all of its financial liabilities.
Where the contractual obligations of financial 
instruments (including share capital) are 
equivalent to a similar debt instrument, those 
financial instruments are classed as financial 
liabilities. Financial liabilities are presented as 
such in the balance sheet. Finance costs and 
gains or losses relating to financial liabilities are 
included in the profit and loss account. Finance 
costs are calculated so as to produce a constant 
rate of return on the outstanding liability.
Where the contractual terms of share capital do 
not have any terms meeting the definition of a 
financial liability then this is classed as an equity 
instrument. Dividends and distributions relating 
to equity instruments are debited direct to equity.
Interest and expenditure arising on financial 
instruments is recognised on the accruals basis 
and credited or charged to the profit and loss 
account in the financial period to which it relates.  
The company does not apply FRS 26. Idox plc Annual Report and Accounts 2011 65
For the year ended 31 October 2011
Notes to the Company Financial Statement 
cont’d
Operating leases
Leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating leases.  
All leases are operating in nature.  Amounts paid under operating leases are charged to the profit and loss account on a 
straight line basis over the lease term.
2 DIRECTORS AND EMPLOYEES
There are no wages and salaries paid by the parent company.
The company has no employees and directors are remunerated by other group companies.  Details of the remuneration 
for each director are included in the Report on Remuneration which can be found on page 16 but which do not form 
part of the audited accounts.
3 DIVIDENDS
2011 2010
£000 £000
Final dividend paid in respect of the year ended 31 October 2010 and 31 October 2009 1,205 413
Pence per ordinary share 0.35p 0.12p
Interim dividend paid in respect of the year ended 31 October 2011 and 31 October 2010 831 344
Pence per ordinary share 0.24p 0.10p
The directors have proposed the payment of a final dividend of 0.36p per share, which would amount to £1,246,427 
(2010: 0.35p).
4 LOSS FOR THE FINANCIAL YEAR
The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own 
profit and loss account in these financial statements.  The parent company’s loss for the year was £503,000 (2010: loss 
£712,000). Idox plc Annual Report and Accounts 2011 66
For the year ended 31 October 2011
Notes to the Company Financial Statement
5 INVESTMENTS
investment 
in group 
undertakings
£000
Shares in UK 
listed company 
£000
Total 
£000
Cost or market value
At 1 November 2010 44,028 855 44,883
Additions 3,325 - 3,325
Disposals - (855) (855)
At 31 October 2011 47,353 - 47,353
Amounts written off
At 1 November 2010 1,600 - 1,600
Provided in the year - - -
At 31 October 2011 1,600 - 1,600
Net book amount
At 31 October 2011 45,753 - 45,753
At 31 October 2010 42,428 855 43,283
At 31 October 2011 the company held more than 10% of the allotted share capital of the following companies:
Country of 
registration Class of share held Proportion held Nature of business
Idox Software Limited England Ordinary 100% Software services
Idox Information Services Limited England Ordinary 100% Information services
TFPL Limited England Ordinary 100% Recruitment services
CAPS Solutions Limited England Ordinary 100% Dormant company
i-documentsystems Trustees Limited England Ordinary 100% Corporate trustee 
of Employee share 
ownership trust
Grantfinder Limited England Ordinary 100% Information services
Strand Electoral Management Services Limited England Ordinary 100% Software services
J4B Nederland BV Holland Ordinary 100% Information services
i-documentsystems Limited  ** England Ordinary 100% Dormant company
The Planning Exchange Limited ** England Ordinary 100% Dormant company
Mandoforms Limited ** England Ordinary 100% Dormant company
Strand Enterprises Limited ** England Ordinary 100% Dormant company
Idox Information Solutions Limited (formerly J4B 
Software & Publishing Limited)
England Ordinary 100% Information services
Plantech Limited England Ordinary 100% Dormant company Idox plc Annual Report and Accounts 2011 67
For the year ended 31 October 2011
Notes to the Company Financial Statement 
cont’d
Country of 
registration Class of share held Proportion held Nature of business
McLaren Software Group Limited Scotland Ordinary 100% Software services
McLaren Software Limited Scotland Ordinary 100% Software services
McLaren Software Inc USA Ordinary 100% Software services
McLaren Limited Scotland Ordinary 100% Software services
McLaren Consulting BV Holland Ordinary 100% Software services
McLaren ESOP Trustee Limited * Scotland Ordinary 100% Corporate trustee 
of Employee share 
ownership trust
Empace Limited * Scotland Ordinary 100% Dormant company
Cadspace Limited * Scotland Ordinary 100% Dormant company
LCM456 Limited ** Scotland Ordinary 100% Dormant company
LCM123 Limited * Scotland Ordinary 100% Dormant company
Kvisia Limited * Scotland Ordinary 100% Dormant company
Lalpac Limited England Ordinary 100% Software services
All subsidiaries have been consolidated in the Group accounts.
* Dissolved 5 August 2011
** Application to strike off August 2011
6 DEBTORS
2011 2010
£000 £000
Other debtors 12 -
Amounts owed by group undertakings 2,228 265
2,240 265
Included in the above for the company is £2,228,000 (2010: £265,000) which is due after more than one year. The 
directors consider this loan to be recoverable.
7 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2011 2010
£000 £000
Bank loan - 1,000
Amounts owed to group undertakings 32,380 22,822
Corporation tax 63 -
Other creditors 555 790
Accruals and deferred income 12 134
33,010 24,746 Idox plc Annual Report and Accounts 2011 68
For the year ended 31 October 2011
Notes to the Company Financial Statement 
cont’d
8 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2011 2010
£000 £000
Bank loan - 1,866
The bank loan was repaid in April 2011.
 
9 SHARE CAPITAL
2011 2010
£000 £000
Authorised:
650,000,000 ordinary shares of 1p each (2010: 650,000,000) 6,500 6,500
Allotted, called up and fully paid at 1 November 2010 and 31 October 2009 3,442 3,442
Issued and allotted during the year 21 -
346,229,842 ordinary shares of 1p each (2010: 344,158,366) 3,463 3,442
Movement in Issued Share Capital in the Year
During the year to 31 October 2011, six employees exercised share options.  To satisfy the exercise of two of these 
options, the company issued and allotted 2,071,476 new ordinary shares of 1p each.
The company has one class of ordinary shares which carry no right to fixed income.
At 31 October 2011, there were 232,174 (2010: 670,953) shares in issue under ESOP .  During the year the average 
issue share price was 11.1p (2010: 11.2p).
At 31 October 2011 there were 955,000 shares held in treasury. Idox plc Annual Report and Accounts 2011 69
For the year ended 31 October 2011
Notes to the Company Financial Statement 
cont’d
10 SHARE OPTIONS   
The company has an unapproved share option scheme for all employees (including directors). All share options are 
exercisable at a price equal to the average market price of the company’s shares on the date of grant. The vesting 
period is quarterly from the date of the grant. The options are normally settled in equity once exercised.  
Details of all share options over 1p Ordinary shares, falling within the measurement and recognition criteria of IFRS 2 
“Share-based Payment”, including their contractual life and exercise prices are as follows:
At start of year Granted Exercised At end of year Exercise price
Exercise date
from
Exercise date
to
4,500,000 - (4,500,000) - 6.50p Feb 2007 Oct 2011
4,500,000 - (2,250,000) 2,250,000 9.00p Feb 2007 Oct 2014
2,066,000 - (420,000) 1,646,000 7.50p May 2007 May 2017
615,385 - (115,385) 500,000 8.125p Jun 2007 Jun 2017
550,000 - - 550,000 15.00p Dec 2007 Dec 2017
960,000 - (960,000) - 12.50p May 2008 May 2018
1,192,308 - - 1,192,308 13.00p Aug 2008 Aug 2018
1,033,334 - - 1,033,334 15.00p Aug 2008 Aug 2018
8,105,366 - - 8,105,366 10.25p Mar 2010 Mar 2020
- 12,400,000 - 12,400,000 20.00p Mar 2011 Mar 2021
- 1,325,000 - 1,325,000 18.00p Mar 2011 Mar 2021
23,522,393 13,725,000 (8,245,385) 29,002,008
The following table sets out the number of share options and associated weighted average exercise price (WAEP) 
outstanding during the year.
2011 2010
WAEP WAEP
No Pence No Pence
Outstanding at the beginning of the year 23,522,393 9.55 15,717,027 8.13
Granted during the year 13,725,000 19.81 8,105,366 10.25
Exercised during the year (8,245,385) 7.95 (300,000) 7.5
Lapsed during the year - - - -
Outstanding at the end of the year 29,002,008 14.86 23,522,393 9.55
Exercisable at the end of the year 13,945,648 12.31 15,922,578 8.92
The share options outstanding at the end of the year have a weighted average remaining contractual life of 7 years. Idox plc Annual Report and Accounts 2011 70
For the year ended 31 October 2011
Notes to the Company Financial Statement 
cont’d
The fair values were calculated using the Black-Schöles Pricing Model and the following information.
Date of issue
Number 
granted
Weighted 
average 
share price
Weighted 
average 
exercise 
price
Expected 
volatility Expected life Risk free rate
Expected 
dividend 
yield
Weighted 
average 
fair value at 
grant date
No. pence pence % Years % % £
Mar 2011 12,400,000 17.46 20.0 40 10 4.65 0.6 0.09
Mar 2011 1,325,000 17.46 18.0 40 10 4.65 0.6 0.09
Expected volatility was determined by calculating the historical volatility of the company’s share price over the previous 
3 years. The expected life used in the model has been adjusted, based on the management’s best estimate, for the 
effects of non-transferability, exercise restrictions and behavioural considerations.
The company recognised total expenses of £1,064,000 (2010: £185,000) related to equity-settled share-based payment 
transactions during the year.
Transitional Provisions
Under the transitional provisions of IFRS 2 share options granted prior 7 November 2002 but not vested at 1 November 
2006 fall outwith the measurement and recognition criteria of IFRS 2 “Share-based Payment”.
Details of all such share options over 1p Ordinary shares, including their contractual life and exercise prices, are as 
follows:
At start of year Exercised Lapsed At end of year Exercise price
Exercise date
from
Exercise date
to
166,667 - (166,667) - 12.00p Dec 2003 Dec 2013
1,419,085 - (1,419,085) - 15.50p Feb 2002 Nov 2012
1,863,636 (909,091) - 954,545 11.00p Oct 2002 Oct 2012
4,000,000 (1,000,000) - 3,000,000 10.00p Sep 2004 May 2014
7,449,388 (1,909,091) (1,585,752) 3,954,545
For those share options the table below summarises the number of these share options and the associated weighted 
average exercise price (WAEP) outstanding during the year.
2011 2010
    WAEP    WAEP
No Pence No Pence
Outstanding at the beginning of the year 7,449,388 11.34 11,564,429 11.75
Exercised during the year (1,909,091) 10.48
Lapsed during the year (1,585,752) 15.13 (4,115,041) 12.91
Outstanding at the end of the year 3,954,545 10.24 7,449,388 11.34
Exercisable at the end of the year 3,954,545 10.24 7,449,388 11.34 Idox plc Annual Report and Accounts 2011 71
For the year ended 31 October 2011
Notes to the Company Financial Statement 
cont’d
11 SHARE PREMIUM ACCOUNT AND RESERVES
The company
Capital
redemption 
reserve
Share 
premium 
account
Treasury 
reserve
Revaluation 
reserve
Share 
option
reserve
Profit 
and loss 
account Total
£000 £000 £000 £000 £000 £000 £000
At 1 November 2010 1,112 9,903 (455) 35 630 2,269 13,494
Issue of share capital - 114 - - - 114
Share options reserve movement - - - - 994 - 994
Shares repurchased - - (721) - - - (721)
Exercise of options from treasury reserve - - 972 - (258) (501) 213
Dividends paid - - - - - (2,036) (2,036)
Revaluation of fixed asset investment - - - (35) - (35)
Loss for the year - - - - - (503) (503)
At 31 October 2011 1,112 10,017 (204) - 1,366 (771) 11,520
The capital redemption reserve for the Group and the Company was created during 2003 when the entire deferred 
ordinary share capital was bought in exchange for one ordinary 1p share.  Other reserves relate to the issued share 
capital and share premium account in the Company’s subsidiary undertaking, Idox Software Limited, and has been 
treated in accordance with FRS 6 under merger accounting. The share options reserve represents shares to be issued 
on potential exercise of those share options that have been accounted for under FRS20 (IFRS2) Share Based Payments.
The purpose of the Treasury Reserve is to enable the board to issue share options to employees.
Idox plc paid an interim dividend to shareholders in August 2011.  It has recently come to the attention of the Directors 
that although there were sufficient reserves in the Group, technically there were insufficient distributable reserves in Idox 
plc itself after being advised that treasury reserves should be included within the definition of distributable reserves.  The 
situation has been remedied since the accounts date by declaring a £7m dividend from Idox Software Ltd to Idox plc.
12 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS 
2011 2010
£000 £000
Loss for the financial year (503) (712)
Issue of share capital 135 -
Revaluation of investment in listed company (35) 35
Dividends paid (2,036) (757)
Exercise of options from treasury reserve 213 (14)
Treasury shares purchased (721) (243)
Reallocation of interest rate swap costs from subsidiary - (96)
Shares option reserve movement 994 185
Net increase decrease in shareholders’ funds (1,953) (1,602)
Shareholders’ funds at 1 November 2010 16,936 18,538
Shareholders’ funds at 31 October 2011  14,983 16,936 Idox plc Annual Report and Accounts 2011 72
For the year ended 31 October 2011
Notes to the Company Financial Statement 
cont’d
13 RELATED PARTY DISCLOSURES
As the parent company of a wholly-owned group, the Company is exempt from the requirements of FRS 8 to disclose 
transactions with other members of the Group headed by Idox plc.
As in the prior year, no transactions with other related parties, including key management personnel, were undertaken 
with the company.
14 POST BALANCE SHEET EVENTS
The Group signed a revolving loan facility of £10m and an acquisition funding facility of £12m on 14 November 2011.
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 company is based in the UK and Belgium 
and its global client base includes Associated British Foods, Hays, E.ON AG, Alstom, PricewaterhouseCoopers, AB 
InBev and Xstrata.
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.    
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.
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, which is headquartered in London, had revenues of £12.7m (approximately half of these were generated in 
Europe and half in North America), which generated EBITDA of £1.7m and pre-tax profit of £1.3m for the year ended 31 
December 2010 when CTSpace had net assets of £4.1m. The business had cash at completion of £0.5m. Idox will fund 
the acquisition entirely from a new term and revolving credit facility through its existing relationship with Lloyds Banking 
Group.
CTSpace provides both Software as a Service (‘SaaS’) and on-premise enterprise solutions, the latter of which leverage 
an organization’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.
With the existing resources of McLaren Software and the Group’s integrated software development resource, the 
addition of CTSpace brings further scale, efficiencies and enhanced product and development capabilities.
The Idox Board expect the acquisition to be earnings enhancing in its first year. Idox plc Annual Report and Accounts 2011 73
For the year ended 31 October 2011
This page left intentionally blank Idox plc Annual Report and Accounts 2011 74
For the year ended 31 October 2011
Company Information
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Nominated Advisor & Joint Broker:
Joint Broker:
Auditors:
Corporate Solicitors:
Registrars:
Company Registration Number:
Financial Calendar:
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