Idox plc
Annual Report &
Accounts 2012
A 2nd Floor, Chancery Exchange,  
10 Furnival Street, London EC4A 1AB
T +44 (0) 870 333 7101
F   +44 (0) 870 333 7131
E investors@idoxplc.com
 www.idoxplc.com
Idox plc
Idox plc Annual Report & Accounts 2012 Contents
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
12  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
24  Consolidated Statement of Changes in Equity
26  Consolidated Cash Flow Statement 
27  Notes to the Accounts
63  Independent Auditor’s Report to the Members of Idox plc 
64  Company Balance Sheet
65  Notes to the Company Financial Statement
73  Company Information
73 Idox plc Annual Report and Accounts 2012
Company Information
For the year ended 31 October 2012
Secretary and Registered Office: J Mackie 
 2nd Floor 
 Chancery Exchange 
 10 Furnival Street 
 London 
 EC4A 1AB
Nominated Advisor & Joint Broker: Investec Bank plc 
 2 Gresham Street 
 London 
 EC2V 7QP
Joint Broker: finnCap 
 60 New Broad Street 
 London 
 EC2M 1JJ
Auditors: Grant Thornton UK LLP 
 Grant Thornton House 
 Melton Street 
 Euston Square 
 London  
 NW1 2EP 
Corporate Solicitors: Memery Crystal 
 44 Southampton Buildings 
 London  
 WC2A 1AP
Registrars: Share Registrars Limited 
 Suite E, 1st Floor 
 9 Lion and Lamb Yard 
 Farnham 
 Surrey  
 GU9 7LL
Company Registration Number: 3984070
Financial Calendar: Annual General Meeting – 28 February 2013 
 Announcement of 2013 Interim Results – July 2013 
 Announcement of 2013 Annual Report – December 2013 01 Idox plc Annual Report and Accounts for the year ended 31 October 2012
Financial and Operational Highlights
For the year ended 31 October 2012
>  Revenues up 50% to £58m (2011: £39m); a combination of strong  
organic growth and acquisition performance
 >  Engineering Information Management Division revenues  
reached 31% of total (2011: 12%)
 > International revenues increased to 31% (2011: 12%)
> EBITDA* rose 44% to £16.7m (2011: £11.6m) 
> Adjusted profit before tax** up 36% to £14.8m (2011: £10.9m) 
> Profit before tax £6.9m (2011: £5.6m) 
>  Adjusted EPS** increased 55% to 3.83p (2011: 2.47p), Basic EPS 1.94p  
(2011: 1.31p)
>  Final proposed dividend of 0.40p (2011: 0.36p), total for year  
0.675p (2011: 0.60p), 13% increase over last year
>  Completed and integrated £24m of acquisitions funded by cash  
flow and a new acquisition debt facility resulting in year-end net debt  
of £21.5m (2011: £2.4m), maintained within a prudent multiple of EBITDA
*   EBITDA is defined as earnings before goodwill, impairment, amortisation, depreciation, restructuring, corporate finance and share option costs
**   Adjusted profit before tax and adjusted EPS excludes amortisation, impairment, restructuring, corporate finance and share option costs 02 Idox plc Annual Report and Accounts for the year ended 31 October 2012
At a Glance
Goor, HOL:  
Information Solutions
Brussels, Belgium: 
Information Solutions
Paris, France:  
Engineering Information Management
Northern Ireland: 
Public Sector Software
Frankfurt, Germany: 
Engineering Information 
Management
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.
San Francisco, USA: 
Engineering Information 
Management
Houston, USA:  
Engineering Information Management
Glasgow, UK: 
Research & Development, 
Engineering Information 
Management
Wilmslow, UK: 
Information Solutions
Newbury, UK: 
Public Sector Software
London, UK: 
Global H.Q.
Idox customer locations
Idox offices 03 Idox plc Annual Report and Accounts for the year ended 31 October 2012
Perth, Australia:  
Engineering Information Management
Pune, India:  
Development, Engineering 
Information Management
Utrecht, HOL:  
Information Solutions
Information Solutions
Idox Information Solutions provides information 
management, web development, online publishing & 
training services and is the leading grants information 
provider in both the UK, and the Netherlands.
It specialises in the design and development of 
online content systems including major platforms 
for UK government clients, and the voluntary 
sector. The division has pioneered the development 
of innovation and knowledge transfer portals across 
Europe, working with the European Commission, 
and the UK and Irish governments.
Engineering Information 
Management
The Idox Engineering Information Management 
division is represented by McLaren Software 
supplying engineering, asset information, 
construction and computer aided facilities 
management solutions to organisations  
around the world.
Designed to help ensure the safety, efficiency 
and compliance of both major capital projects 
and asset operations McLaren Enterprise 
solutions are used by leading owner operators 
and engineering procurement contractors 
in asset intensive industries. McLaren Built 
Environment cloud and hosted software 
applications enable construction companies to 
collaborate securely across international and 
language borders and provide a comprehensive 
facilities management solution for buildings, 
facilities and infrastructures.
Public Sector Software
Idox’s Public Sector Software division serves over 
90% of UK local authorities, supplying leading 
software applications as well as related managed 
and cloud based services for all core functions 
relating to land, property and people. Idox is 
committed to providing solutions that deliver genuine 
efficiencies by helping councils deliver service 
improvements at lower cost. 
Recruitment
Operating under the TFPL brand our Recruitment 
division is a global market leader offering 
services in executive search, contract & 
temporary recruitment, training and consulting 
for the knowledge, intelligence and information 
industries working right across the private, public 
and third sectors. Idox plc Annual Report and Accounts for the year ended 31 October 2012 04
For the year ended 31 October 2012
Chairman’s Statement
Idox has delivered an outstanding performance in 
this financial year. We have not only consolidated our 
position as the market leading Land and Property 
software specialist in the UK Public Sector software local 
government market, but we have also now established 
a strong foothold in the global Engineering Information 
Management market. 
We have enjoyed further transformation in 2012 and a 
greater leap in profitability, driven not only by our continuing 
acquisition programme, but also by a very encouraging 
uplift in organic growth in both our major software divisions. 
Five acquisitions were made in the financial year; CT Space 
Group, Interactive Dialogues, Opt2Vote, Currency Connect 
and FMx. All are performing well and as a result we have 
many new Idox employees in the UK and around the world 
to welcome to our growing organisation. This acquisition 
programme has been met from the high cash conversion 
generated from operating activities, together with a flexible 
debt facility, which is maintained well within a prudent 
multiple of earnings.
As always, it is our senior management and all our 
employees who drive this business forward in terms 
of capability and profitability. We are also privileged to 
have the support and engagement of many of our key 
shareholders on our journey as a growing AIM listed 
company, as well as able professional advisers. All have 
played a part in helping Idox progress well against the 
continuing headwinds of great uncertainty in the wider 
economic world. 
Looking to the future, we have sought to diversify our 
core software businesses, which are largely driven off a 
common technology base, as well as achieving a greater 
geographical spread. We have also sought to achieve a 
degree of parity in revenues between our Public Sector 
business and our private sector Engineering Information 
Management (EIM) business and between the UK and the 
rest of the world. 
Therefore it is pleasing to report that in this financial year 
we show 31% of Group revenues coming from the EIM 
division (2011:12%) and 31% coming from outside the 
UK (2011: 12%) with a particular focus on non-European 
markets such as the USA, our largest market outside the 
UK, Australia and the BRIC countries which, together, 
provided 69% of this international total. 
As our Company grows, the board has developed its 
thinking on governance and risk management. We 
are determined to protect our small company heritage 
of rigorous attention to detail, cash and cost control, 
combined with speedy execution, while recognising that 
new scale and opportunities around the world bring new 
challenges. Such potential issues include anticipating 
technology shifts, ensuring revenue recognition policies 
remain appropriate as business expands, multiple overseas 
jurisdictions and currencies, different national cultures, as 
well as more complex product lines and management skills. 
These all require more planning and oversight by the board 
acting independently, as well as by senior management. 
In turn this also requires the composition and skill base 
of the board to be progressively refreshed and as part of 
this process, we were particularly pleased to welcome 
Professor Dame Wendy Hall FRS as an additional Non-
Executive Director in October.
In line with our progressive dividend policy, the Board 
proposes a final dividend of 0.40p, subject to shareholder 
approval, making a total for the year of 0.675p, a 13% 
increase over 2011.
The new financial year has started well, building on our high 
recurring revenues and strong qualified sales pipeline and 
we look forward to another year of further development and 
growth at Idox.
Martin Brooks
Chairman
17 January 2013 05 Idox plc Annual Report and Accounts for the year ended 31 October 2012
the Board  
proposes a final 
dividend of 0.40p 06 Idox plc Annual Report and Accounts for the year ended 31 October 2012
This year we have built on the improvements we have made 
in previous years and laid the foundations for further growth 
and prosperity of the business.
To achieve this we continue to evolve our internal 
processes, develop further our product strategies, invest 
in new graduates, encourage innovation in all parts of the 
organisation from product to back office operations and 
importantly, focus on delivering improved customer care. 
These continued efforts have delivered this year’s growth 
and we are committed to continuing this growth across 
the Group.
The Public Sector Software Division has benefited from 
local government responding to the current difficult 
economic environment and we have actively engaged 
with them to look for ways to improve services at a 
reduced cost through improvements in productivity, 
vendor consolidation, automation and business change. 
The division has won seventy-five individual new 
systems in the past twelve months delivering significant 
improvements in productivity and thereby cost savings. 
Although we are not always the cheapest vendor we 
strive to demonstrate the benefits of our solutions and 
our commitment to deliver improved services and 
support over the long-term.
Building on our successes in 2011 we have this year 
implemented more shared, managed and hosted solutions 
and look forward to growing this part of our business 
further in 2013.
The Engineering Information Management Division (EIM), 
which previously just included McLaren Software, was 
expanded at the start of the year through the acquisition 
of CTSpace and at the end of the year with the extension 
of our capabilities into facilities management software with 
the acquisition of FMx. This, together with another year of 
double digit organic growth, has helped raise EIM revenue 
from 12% in 2011 to 31% in 2012. 
McLaren Software launched its new hosted “On-Air” 
offering in Q4. This resulted in making Idox the only 
global supplier within the Engineering Information 
Management market able to provide enterprise-wide 
document management and collaboration solutions for 
the construction and operation of large assets, offering a 
flexible open standards cross platform package whether 
in the Cloud, off-premise hosted or on-premise solution.
Our Information Solutions Division extended its content 
and web capabilities through added-value consultancy 
and training services outside the public sector with 
the acquisition of Currency Connect and Interactive 
Dialogues. It is now able to offer a range of content, 
hosting, e-learning and compliance solutions in the public 
sector and in the private sector across Europe. The 
division has improved its renewal rates, grown its training 
revenues in double digits and successfully completed its 
first content and managed services outsourcing contract 
for the Greater London Authority (GLA), where it not 
only reduced the costs but also managed to deliver an 
improved outcome through a combination of content, 
domain expertise and technical capability.
Recruitment continued to make a contribution to the 
business and has reorganised its approach to take account 
of the continued difficult market and the internationalisation 
of its business.
Outlook 
The Group will continue to build upon its previous financial 
success and has again started this year well with a stronger 
pipeline than the year before across all of the divisions. 
We expect the shift in revenue mix to a higher percentage 
of private sector revenues to work in our favour with higher 
top line growth expected, whilst margins are expected to 
move closer to those of the public sector business.
In 2013 we intend to accelerate the level of innovation in 
all aspects of the business, not just development, and will 
continue to look for areas of productivity improvement, 
improved processes and, above all, improved quality in 
customer care.
We expect the geographic diversification of the revenue 
base to help insulate the Group from challenging economic 
issues closer to home and assist it in the ambition to grow 
in double digits organically. 
Management will continue its strategy of becoming domain 
experts and partner of choice in the Public Sector and EIM 
markets through suitable acquisitions which will extend its 
global and technical reach.
Richard Kellet-Clarke
Chief Executive Officer
17 January 2013
Chief Executive’s Report
For the year ended 31 October 2012 07 Idox plc Annual Report and Accounts for the year ended 31 October 2012
Adjusted profit before tax (£m)
Turnover (£m)
In 2013 we intend to 
accelerate the level of 
innovation in all aspects 
of the business
7.60
2008
6.70
2009
8.00
2010
10.90
2011
14.80
2012
2008
34.03
2009
32.16
2010
31.27
2011
38.61
2012
57.90 08 Idox plc Annual Report and Accounts for the year ended 31 October 2012
Financial review 
Group revenues grew by 50% to £58m (2011: £39m) 
reflecting not only the impact of the five acquisitions made 
in 2012 but also accelerating organic growth across the 
business. The Group enjoyed a significant diversification 
of its revenues geographically with 31% now generated 
outside of the UK (2011: 12%). Gross profit earned was 54% 
higher at £51.4m (2011: £33.4m) and the Group saw an 
increase in gross margin from 87% to 89% as a result of an 
increased mix of higher margin software business. Earnings 
before goodwill, impairment, amortisation, depreciation, 
restructuring, corporate finance and share option costs 
(“EBITDA”) increased by 44% to £16.7m (2011: £11.6m) with 
EBITDA margins of 29% (2011: 30%).
Performance by segment
The Public Sector software business, which accounted for 
52% of Group revenues (2011: 68%), delivered revenues 
of £30.2m (2011: £26.1m), a growth rate of 15%. Excluding 
Opt2Vote, the election managed services business 
acquired in March 2012 which contributed £2.4m,  
revenues grew by 6% organically on the previous year. 
Recurring revenues within the Public Sector software 
business were 57%, down from 66% in FY11 as a result of 
the strong growth of new software and services revenue in 
the year and the classification of Opt2Vote revenue as non-
recurring resulting in a change in product mix. Divisional 
EBITDA grew by 8% to £10.3m (2011: £9.5m), delivering a 
34% margin, a 2% drop on 2011 due to the inclusion of the 
lower gross margin Opt2Vote business. 
The Engineering Information Management (“EIM”) business 
accounted for 31% of Group revenues (2011: 12%) and 
more than tripled revenues from £4.7m in 2011 to £17.8m in 
2012. This was achieved by organic growth of 46% in the 
McLaren business in addition to the first year’s contribution 
of CT Space which was acquired in November 2011. Visibility 
of revenue in the EIM business has also increased during 
the year with 48% (2011: 36%) of revenues coming from 
recurring maintenance and Software-as-a-Service (“SaaS”) 
contracts. The business is also becoming increasingly 
international with 60% of divisional revenues coming from the 
USA, 9% from Australia and 9% from Europe and Asia.
EBITDA for the EIM business increased five-fold to £5.3m 
(2011: £1.1m), 32% of the Group total. Margins increased to 
30% (2011: 23%) which reflects both the increased scale of 
the business and progress made during the year in rapidly 
integrating CTSpace to achieve planned cost synergies. 
The Information Solutions business increased revenues by 
59% to £7.5m (2011: £4.7m) as a result of the acquisitions 
of e-learning provider, Interactive Dialogues and grants 
consultancy business, Currency Connect during the year 
which contributed £2.1m and £1.2m respectively. In 2011 
the grants subscription business faced headwinds during 
the first year of the public sector spending cuts which 
impacted renewal rates and therefore revenue recognition 
coming into 2012. However in the second half renewal rates 
improved providing a solid platform for growth in 2013. 
EBITDA for the Information Solutions business increased 
70% to £1m (2011: £0.6m).
The Recruitment business revenues declined by 19% 
to £2.5m (2011: £3.1m) as a result of a decline in the low 
margin contract recruitment business. However, gross 
margins were relatively stable at £1.3m due to the shift 
in mix toward the higher margin permanent recruitment 
business. EBITDA declined to £0.1m (2011: £0.4m).
Profit before tax
Within the income statement, we present both profit before 
tax and adjusted profit before tax which is a performance 
measure that is not defined by GAAP but which the 
Directors believe provides a reliable and consistent 
measure of the Group’s underlying financial performance. 
Adjusted profit before tax and adjusted EPS excludes 
amortisation, impairment, restructuring, corporate finance 
and share option costs. 
Adjusted profit before tax increased 36% to £14.9m (2011: 
£10.9m). Financing costs increased from £0.4m to £1.3m as 
a result of the loan facilities which were taken out to fund the 
acquisitions made during the year. Interest payable (including 
swap costs) was £0.9m (2011: £0.1m), amortisation of the 
loan facility fees £0.2m (2011: £0.2m) and foreign exchange 
translation differences £0.1m (2011: £0.02m). 
Reported profit before tax increased 23% to £6.9m (2011: 
£5.6m). Amortisation of intangibles increased from £3.7m 
to £4.6m as a result of acquisitions made during the year. 
An impairment charge of £1m has been made against the 
carrying value of goodwill in relation to the TFPL Recruitment 
business based on management’s review of the future 
projections for the business. Restructuring charges of £0.5m 
(2011: £0.2m) relate to the integration of acquisitions made 
during the year and corporate finance costs of £1.1m (2011: 
£0.3m) are all acquisition related and include legal and due 
diligence fees in respect of the five acquisitions completed 
during the course of the year and fees incurred in respect of 
one large acquisition which was aborted. 
Taxation
The Group’s effective tax rate for the year was 3% compared 
to 19% in 2011. The reduction in the effective rate of tax 
is largely related to both the recognition and utilisation of 
brought forward tax losses acquired with the McLaren 
business. During the year, £2.9m of unrecognised brought 
forward tax losses were utilised against current year profits 
within the EIM business. After utilising these losses, a further 
£4.1m of tax losses remain available to utilise against future 
year profits. Based on EIM trading performance during FY12 
the board now consider it highly probable that the Group 
will benefit from these tax losses, amounting to £4.1m, in 
the future and as a result a deferred tax asset has been 
For the year ended 31 October 2012
Chief Financial Officer’s Review 09 Idox plc Annual Report and Accounts for the year ended 31 October 2012
recognised on the balance sheet which has resulted in a 
£0.9m reduction in the current year tax charge. The Group 
will continue to derive a cash benefit from these tax losses in 
future years. Excluding the effect of recognising this deferred 
tax asset the effective tax rate was 17%. 
Earnings per share and dividends
Adjusted earnings per share were up 55% to 3.83p 
(2011: 2.47p). Diluted adjusted earnings per share  
increased by 51% to 3.63p (2011: 2.41p). 
Basic earnings per share were up 48% to 1.94p 
(2011: 1.31p). Diluted earnings per share increased by  
44% to 1.84p (2011: 1.28p). 
The Board proposes a final dividend of 0.40p, to give a full 
year dividend of 0.675p (2011: 0.60p). This 13% increase 
in dividend reflects the Group’s strong profitability growth 
whilst also being mindful of maintaining balance sheet 
capability to capitalise on future acquisition opportunities. 
Subject to approval at the Annual General Meeting, the final 
dividend will be paid on 26 April 2013 to shareholders on 
the register at 19 April 2013. 
Balance sheet and cashflows
Idox’s balance sheet continued to strengthen during the 
year and at 31 October 2012 net assets were £38.9m 
compared to £34.4m at 31 October 2011. 
Cash generated from operating activities before tax as 
a percentage of EBITDA was 75%, up from 56% in the 
previous year. Trade receivables increased to £11.2m  
(2011: £6.0m) as a result of acquisitions during the year  
and a strong finish to trading in the year. 
The Group ended the year with net debt of £21.5m 
(2011: £2.4m) after making acquisition related payments 
(net of cash acquired) of £23.6m and after total dividends 
and share buy backs of £2.8m. The Group’s total signed 
debt facilities at 31 October 2012 stood at £27.7m, a 
combination of a term loan and flexible working capital and 
acquisition revolving credit facilities. The acquisition facility 
was extended by a further £5m post year-end however 
remains undrawn. The Group has enjoyed very significant 
headroom against its banking covenants during the year. 
Deferred income, representing invoiced maintenance and 
SaaS contracts yet to be recognised in revenue stood at 
£13.5m at 31 October 2012 (2011: £10.9m), increasing 
visibility of revenue in the new financial year.
William Edmondson
Chief Financial Officer
17 January 2013
Group revenues  
grew by 50%  
to £58m 10 Idox plc Annual Report and Accounts for the year ended 31 October 2012
Chairman:
Martin Brooks (Aged 62)
Martin Brooks was previously founding 
chief executive of Financial Times 
Information, creating the global market 
leader in securities valuation data. 
Before joining the FT and a 30 year 
career in TMT businesses, he served 
with the 7th Gurkha Rifles for six years. 
He has also been an adviser or director 
to other organisations including the 
ICAEW and is currently chairman of  
the Cornwall Development Company, 
as well as being a trustee of the 
Gurkha Museum in Winchester.
Chief Executive Officer:
Richard Kellett-Clarke (Aged 58)
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 43)
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.
For the year ended 31 October 2012
Board of Directors 11 Idox plc Annual Report and Accounts for the year ended 31 October 2012
Non-Executive Director:
Christopher Wright (Aged 55)
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.
Non-Executive Director:
Rt. Hon. Peter Lilley MP (Aged 69)
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.
Non-Executive Director:
Professor Dame Wendy Hall (Aged 60)
Wendy Hall is Professor of Computer 
Science at the University of  
Southampton and Dean of the Faculty  
of Physical and Applied Sciences, a 
Fellow of the Royal Society, as well 
holding many other Fellowships,  
honorary degrees and awards,  
including from: the Royal Academy 
of Engineering; the Association of 
Computing Machinery; and the British 
Computer Society. Wendy has been a 
member of the Prime Minister’s  
Council for Science and Technology, 
a member of the Scientific Council of 
the European Research Council and 
a council member of the EPSRC. She 
was the holder of an EPSRC Senior 
Fellowship from 1996-2002. 12 Idox plc Annual Report and Accounts for the year ended 31 October 2012
For the year ended 31 October 2012
The Directors are pleased to submit their report and audited financial statements for the year ended 31 October 2012.
Principal Activities and Review of Business
The Company is a holding company. The principal activities of the Group are the development and supply of software 
solutions and services to the UK public sector and asset intensive industries worldwide. A more detailed review of the 
business can be found in the Chairman’s Statement, the Chief Executive’s Statement and the Chief Financial Officer’s 
Review on pages 4 to 9.
Results and Dividends
The Group audited financial statements for the year ended 31 October 2012 are set out on pages 22 to 62. The Group’s 
profit for the year after tax amounted to £6,705,000 (2011: £4,525,000). The Directors paid a dividend of 0.275 pence  
per share in the first half of the 2012 financial year, in respect of the year ended 31 October 2012. The Directors will 
propose, at the forthcoming Annual General Meeting, a final dividend of 0.40 pence per share in respect of the year  
ended 31 October 2012.
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 2012 1 November 2011
C Wright 912,222 912,222
Rt. Hon. P B Lilley MP* 533,000 533,000
M Brooks ** 7,901,527 5,473,206
R Kellett-Clarke*** 9,898,466 10,134,848
W Edmondson 100,000 100,000
Prof Dame W Hall (appointed 1 October 2012) 27,225 –
*  45,150 (2011: 10,050) of these shares are held through a Self Invested Pension Plan and 80,250 (2011: 45,150) shares are held through certain members  
of his family.
**  3,130,448 (2011: 2,952,127) of these shares are held through a Self Invested Pension Plan and 3,019,231 (2011: 769,231) shares are held through certain 
members of his family.
***  2,761,667 (2011: 2,486,667) of these shares are held through Self Invested Pension Plans and 784,000 (2011: 1,969,231) 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 pages 16 to 17.
Details of the Directors’ service contracts can be found in the Report on Remuneration on pages 16 to 17.
At the forthcoming Annual General Meeting in accordance with the Company’s Articles of Association, Prof Dame W Hall 
will retire and offer herself for re-election having been appointed since the last Annual General Meeting.
Charitable and Political Donations
The Group made charitable donations of £737 during the year (2011: £1,135) and no political donations during the year 
(2011: £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 143 days (2011: 48 days).
For the year ended 31 October 2012
Directors’ Report 13 Idox plc Annual Report and Accounts for the year ended 31 October 2012
Substantial Shareholdings
As at 30 November 2012 the Company was aware of the following interests in 3% or more of its issued share capital:
Shareholder Number of shares % Holding 
Liontrust Asset Management 34,929,874 10.02%
Herald Investment Management 28,316,667 8.13%
Investec Wealth & Investment 28,019,915 8.04%
ISIS Equity Partners 26,133,334 7.50%
Highclere International Investors 18,335,234 5.26%
Hargreave Hale stockbrokers (ND) 15,008,679 4.31%
Octupus Investments 12,043,395 3.46%
Kestrel Partners 10,535,790 3.02%
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
Applications 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, exchange rate risk and interest 
rate risk. The Directors review these risks on an ongoing basis. This policy has remained unchanged from previous years.
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. 14 Idox plc Annual Report and Accounts for the year ended 31 October 2012
For the year ended 31 October 2012
Exchange Rate Risk
The Group monitors its exposure to exchange rate risk on an ongoing basis. The Group has minimal exposure to foreign 
exchange risk as a result of natural hedges arising between sales and cost transactions.
Interest Rate Risk
The Group’s bank borrowings bear interest at rates linked to the LIBOR. To protect cash flows against movements in 
LIBOR the Group entered into an interest LIBOR swap agreement.
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 of its customer base through acquisitions to 
mitigate against political risks.
 > Economic – 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.
 > Acquisitions – the Group could be materially impacted if an acquisition does not perform in line with expectations. To mitigate 
this risk, for each acquisition due diligence and integration planning is undertaken and all potential synergies identified.
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 2012 2011 Measure
Revenue (£000) 57,903 38,605
Profitability ratios
Gross margin 89% 87% Gross profit as a percentage of revenue
EBITDA 29% 30% Profit before interest, tax, depreciation, amortisation,  
corporate finance costs, share option costs and  
impairments as a percentage of revenue
Other indicator
Debtor days 74 59 Year end trade debtors divided by revenue, multiplied  
by 365 days
Non-financial indicators
Idox Group practises an integrated management system centred 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 accredited to BS EN ISO 
27001:2005, the approved systems applying to the following: for the development and the  
sale of products for document, content and information management.
Directors’ Report continued 15 Idox plc Annual Report and Accounts for the year ended 31 October 2012
Going Concern
The Directors have reviewed the Group’s budget and cash flows for 2013 and 2014 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. 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
On 1 November 2012 the Group increased the acquisition Revolving Credit Facility from £10m to £15m. 
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
Jane Mackie
Company Secretary
17 January 2013
Registered office 
2nd Floor 
Chancery Exchange 
10 Furnival Street 
London 
EC4A 1AB 16 Idox plc Annual Report and Accounts for the year ended 31 October 2012
For the year ended 31 October 2012
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 
2012
Basic salary  
and fees  
2012
£000
Bonus  
2012
£000
Benefits 
in kind  
2012
£000
Total  
2012 
£000
Pension  
2012
£000
Executive Directors
Martin Brooks* 105 55 1 161 3
Richard Kellett-Clarke 248 141 11 400 5
William Edmondson 160 79 10 249 8
Non-Executive Directors
Christopher Wright 29 – – 29 –
Peter Lilley 29 – – 29 –
Wendy Hall 3 – – 3 –
574 275 22 871 16
2011
Basic salary  
and fees  
2011 
£000
Bonus  
2011 
£000
Benefits  
in kind  
2011
 £000
Total  
2011
 £000
Pension  
2011 
£000
Executive Directors
Martin Brooks* 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
* Chairman
The amounts in respect of pension represent money purchase pension contributions. 17 Idox plc Annual Report and Accounts for the year ended 31 October 2012
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 
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 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
Richard Kellett-Clarke – 300,000 – – 300,000 44p Sep 2012 Sep 2022
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
Martin Brooks – 300,000 – 300,000 44p Sep 2012 Sep 2022
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
William Edmondson – 150,000 – 150,000 44p Sep 2012 Sep 2022
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 15,696,373 750,000 (2,525,000) – 13,921,373
The mid-market price of the Company’s shares at close of business on 31 October 2012 was 38p and the high and low 
share prices during the year were 40p and 21.58p respectively.
The Company recognised total expenses of £731,000 (2011: £1,064,000) related to equity-settled share-based payment 
transactions during the year. Expenses of £568,000 (2011 £994,000) related to share options granted and £163,000  
(2011: £70,000) related to share options exercised.
The pre-tax aggregate gain on exercise of share options during the year was £689,000.
Directors’ Share Interests
The Directors’ shareholdings in the Company are listed in the Directors’ Report on page 12. 18 Idox plc Annual Report and Accounts for the year ended 31 October 2012
For the year ended 31 October 2012
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 eight 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. 
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. 
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”). 
Under company law the Directors must not approve the 
financial statements unless they are satisfied that they 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 and 
parent Company for that period. In preparing these financial 
statements, the Directors are required to:
 > select suitable accounting policies and then apply  
them consistently
 > make judgments and accounting estimates that are 
reasonable and prudent
 > state whether applicable IFRSs and UK accounting 
standards 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 are sufficient to show and explain 
the Group’s transactions, 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.
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. 
Corporate Governance Report 19 Idox plc Annual Report and Accounts for the year ended 31 October 2012
The maintenance and integrity of the Group’s website 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 website. 
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 three 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 to 11. 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 and Wendy Hall. 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 and Wendy Hall. 
The Remuneration Committee
The Remuneration Committee is chaired by Christopher 
Wright and includes Peter Lilley and Wendy Hall. 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. 
Re-election
Under the Code, Directors should offer themselves for 
re-election at regular intervals and, under the Company’s 
Articles of Association, at every Annual General Meeting 
at least one third of the Directors who are subject to 
retirement by rotation are required to retire and may 
be proposed for re-election. New Directors, who were 
not appointed at the previous Annual General Meeting, 
automatically retire at their first Annual General Meeting  
and if eligible, can seek re-appointment.
Three Directors will retire from office at the  
Company’s forthcoming Annual General Meeting  
and stand for re-appointment. 20 Idox plc Annual Report and Accounts for the year ended 31 October 2012
For the year ended 31 October 2012
Membership and Meetings
The Audit Committee is a committee of the Board and is 
comprised of three Non-Executive Directors: Peter Lilley, 
Christopher Wright and Wendy Hall.
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.
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
17 January 2013
Report of the Audit Committee 21 Idox plc Annual Report and Accounts for the year ended 31 October 2012
For the year ended 31 October 2012
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 2012 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 page 18, 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 2012 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 2012.
Steve Maslin
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants 
London
17 January 2013  22 Idox plc Annual Report and Accounts 2012
Consolidated Statement of 
Comprehensive Income
Note
2012
£000
2011
£000
Revenue 2 57,903 38,605
Cost of sales (6,544) (5,157)
Gross profit 51,359 33,448
Staff costs 4 (26,940) (17,400)
Other operating charges (7,716) (4,487)
Earnings before goodwill impairment, amortisation, depreciation, 
restructuring, corporate finance and share option costs 16,703 11,561
Depreciation 10 (597) (499)
Amortisation 11 (4,618) (3,738)
Impairment of intangible fixed assets 11 (1,018) –
Restructuring costs 4 (464) (211)
Corporate finance costs 5 (1,109) (281)
Share option costs 23 (731) (1,064)
Operating profit 3 8,166 5,768
Finance income 6 18 247
Finance costs 6 (1,278) (401)
Analysed as:
Adjusted profit before tax 14,846 10,908
Impairment of intangible fixed assets (1,018) –
Amortisation of intangibles (4,618) (3,738)
Restructuring costs (464) (211)
Corporate finance costs (1,109) (281)
Share option costs (731) (1,064)
Profit before taxation 6,906 5,614
Income tax expense 8 (201) (1,089)
Profit for the year 6,705 4,525
Other comprehensive income for the year
Available-for-sale financial assets 
– transferred to profit for the year – (35)
Exchange gains on retranslation of foreign operations 61 41
Other comprehensive income for the year, net of tax 61 6
Total comprehensive income for the year attributable to owners of the parent 6,766 4,531
Earnings per share
Basic 9 1.94p 1.31p
Diluted 9 1.84p 1.28p
The accompanying accounting policies and notes form an integral part of these financial statements.
For the year ended 31 October 2012 23 Idox plc Annual Report and Accounts 2012
Note
2012 
£000
2011 
£000
ASSETS
Non-current assets
Property, plant and equipment 10 817 601
Intangible assets 11 71,371 48,611
Deferred tax assets 20 1,417 495
Total non-current assets 73,605 49,707
Current assets
Trade and other receivables 14 16,913 8,843
Cash and cash equivalents 13 3,640 –
Total current assets 20,553 8,843
Total assets 94,158 58,550
LIABILITIES
Current liabilities
Trade and other payables 15 5,460 2,304
Other liabilities 16 17,286 13,315
Provisions 17 76 117
Current tax 1,020 975
Derivative financial instruments 19 136 –
Borrowings 18 2,300 2,408
Total current liabilities 26,278 19,119
Non-current liabilities
Deferred tax liabilities 20 6,101 5,060
Borrowings 18 22,879 –
Total non-current liabilities 28,980 5,060
Total liabilities 55,258 24,179
Net assets 38,900 34,371
EQUITY
Called up share capital 22 3,485 3,463
Capital redemption reserve 1,112 1,112
Share premium account 10,197 10,017
Treasury reserve (107) (204)
Share options reserve 1,825 1,366
Merger reserve 1,294 1,294
ESOP trust (95) (93)
Foreign currency retranslation reserve 102 41
Retained earnings 21,087 17,375
Total equity 38,900 34,371
The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2013 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 
Consolidated Balance Sheet
At 31 October 2012 24 Idox plc Annual Report and Accounts 2012
Called up  
share capital 
£000
Capital 
redemption 
reserve 
£000
Share  
Premium  
account 
£000
Treasury  
reserve 
£000
Share 
 options 
 reserve 
£000
Merger 
 reserve 
£000
ESOP  
Trust 
£000
Foreign currency 
retranslation 
reserve 
£000 
Retained  
earnings 
£000
Total 
£000
Balance at 1 November 2010 3,442 1,112 9,903 (455) 630 1,294 (93) – 15,179 31,012
Issue of share capital 21 – 114 – – – – – – 135
Transfer on exercise of share options – – – – (258) – – – 243 (15)
Sale of treasury shares – – – 972 – – – – (501) 471
Purchase of treasury shares – – – (721) – – – – – (721)
Share options granted – – – – 994 – – – – 994
Equity dividends paid – – – – – – – – (2,036) (2,036)
Transactions with owners 21 – 114 251 736 – – – (2,294) (1,172)
Profit for the period – – – – – – – – 4,525 4,525
Other comprehensive income 
Exchange gains on retranslation of foreign operations – – – – – – – 41 – 41
Available-for-sale financial assets – transfer to profit for year – – – – – – – – (35) (35)
Total comprehensive income for the period – – – – – – – 41 4,490 4,531
Balance at 31 October 2011 3,463 1,112 10,017 (204) 1,366 1,294 (93) 41 17,375 34,371
Issue of share capital 22 – 180 – – – – – – 202
Transfer on exercise of share options – – – 134 (109) – – – (797) (772)
Purchase of treasury shares – – – (37) – – – – – (37)
Share options granted – – – – 568 – – – – 568
ESOP trust – – – – – – (2) – – (2)
Equity dividends paid – – – – – – – – (2,196) (2,196)
Transactions with owners 22 – 180 97 459 – (2) – (2,993) (2,237)
Profit for the period – – – – – – – – 6,705 6,705
Other comprehensive income 
Exchange gains on retranslation of foreign operations – – – – – – – 61 – 61
Total comprehensive income for the period – – – – – – – 61 6,705 6,766
At 31 October 2012 3,485 1,112 10,197 (107) 1,825 1,294 (95) 102 21,087 38,900
The accompanying accounting policies and notes form an integral part of these financial statements.
Consolidated Statement of Changes in Equity
At 31 October 2012 25 Idox plc Annual Report and Accounts 2012
Called up  
share capital 
£000
Capital 
redemption 
reserve 
£000
Share  
Premium  
account 
£000
Treasury  
reserve 
£000
Share 
 options 
 reserve 
£000
Merger 
 reserve 
£000
ESOP  
Trust 
£000
Foreign currency 
retranslation 
reserve 
£000 
Retained  
earnings 
£000
Total 
£000
Balance at 1 November 2010 3,442 1,112 9,903 (455) 630 1,294 (93) – 15,179 31,012
Issue of share capital 21 – 114 – – – – – – 135
Transfer on exercise of share options – – – – (258) – – – 243 (15)
Sale of treasury shares – – – 972 – – – – (501) 471
Purchase of treasury shares – – – (721) – – – – – (721)
Share options granted – – – – 994 – – – – 994
Equity dividends paid – – – – – – – – (2,036) (2,036)
Transactions with owners 21 – 114 251 736 – – – (2,294) (1,172)
Profit for the period – – – – – – – – 4,525 4,525
Other comprehensive income 
Exchange gains on retranslation of foreign operations – – – – – – – 41 – 41
Available-for-sale financial assets – transfer to profit for year – – – – – – – – (35) (35)
Total comprehensive income for the period – – – – – – – 41 4,490 4,531
Balance at 31 October 2011 3,463 1,112 10,017 (204) 1,366 1,294 (93) 41 17,375 34,371
Issue of share capital 22 – 180 – – – – – – 202
Transfer on exercise of share options – – – 134 (109) – – – (797) (772)
Purchase of treasury shares – – – (37) – – – – – (37)
Share options granted – – – – 568 – – – – 568
ESOP trust – – – – – – (2) – – (2)
Equity dividends paid – – – – – – – – (2,196) (2,196)
Transactions with owners 22 – 180 97 459 – (2) – (2,993) (2,237)
Profit for the period – – – – – – – – 6,705 6,705
Other comprehensive income 
Exchange gains on retranslation of foreign operations – – – – – – – 61 – 61
Total comprehensive income for the period – – – – – – – 61 6,705 6,766
At 31 October 2012 3,485 1,112 10,197 (107) 1,825 1,294 (95) 102 21,087 38,900
The accompanying accounting policies and notes form an integral part of these financial statements. 26 Idox plc Annual Report and Accounts 2012
At 31 October 2012
Consolidated Cash Flow Statement
2012 
£000
2011  
As restated*
£000
Cash flows from operating activities
Profit for the period before taxation 6,906 5,614
Adjustments for:
Depreciation 597 499
Amortisation 4,618 3,738
Impairment 1,018 –
Finance income (18) (247)
Finance costs 791 146
Interest rate swap liability 136 –
Debt issue costs amortisation 109 134
Share option costs 568 994
Exchange losses 60 (5)
Movement in receivables (2,571) (2,050)
Movement in payables 121 (2,288)
Cash generated by operations 12,335 6,535
Tax on profit paid (2,600) (2,132)
Net cash from operating activities 9,735 4,403
Cash flows from investing activities
Acquisition of subsidiaries net of cash acquired (23,266) (1,698)
Deferred consideration paid relating to subsidiaries acquired in prior period (320) (648)
Sale of available-for-sale financial assets – 1,038
Purchase of property, plant and equipment (523) (568)
Purchase of intangible assets (1,240) (668)
Finance income 18 29
Net cash used in investing activities (25,331) (2,515)
Cash flows from financing activities
Interest paid (620) (134)
New loans 27,800 –
Loan related costs (430) –
Loan repayments (2,300) (4,000)
Equity dividends paid (2,196) (2,036)
Sale/purchase of shares (610) (130)
Net cash flows from financing activities 21,644 (6,300)
Net movement on cash and cash equivalents 6,048 (4,412)
Cash and cash equivalents at the beginning of the period (2,408) 2,004
Cash and cash equivalents at the end of the period 3,640 (2,408)
*  2011 cash flow has been restated to reallocate a cash outflow of £1,000,000 from Investing activities – acquisition of subsidiaries to Financing activities – loan 
repayments and to reallocate a cash outflow of £917 ,000 from Investing activities – acquisition of subsidiaries to Operating activities – movement in payables.
The accompanying accounting policies and notes form an integral part of these financial statements. 27 Idox plc Annual Report and Accounts 2012
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 derivatives  
at fair value through profit or loss.
As set out on page 15 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, 
the following 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. These are 
not expected to have a material impact on the Group’s 
consolidated financial statements:
 > IFRS 9 Financial Instruments (effective 1 January 2015)
 > IFRS 10 Consolidated Financial Statements (effective  
1 January 2013)
 > IFRS 12 Disclosure of Interests in Other Entities (effective 
1 January 2013)
 > IFRS 13 Fair Value Measurement (effective 1 January 2013)
 > IAS 19 (revised June 2011) Employee Benefits (effective  
1 January 2013)
 > IAS 27 (revised) Separate Financial Statements (effective 
1 January 2013)
 > Amendments to IFRS 7: Disclosures – Offsetting 
Financial Assets and Financial Liabilities (effective  
1 January 2013)
 > Amendments to IAS 32 – Offsetting Financial Assets 
and Financial Liabilities (effective 1 January 2014)
 > Amendments to IFRS 9 and IFRS 7 – Mandatory 
Effective Date and Transition Disclosures (effective  
1 January 2015)
 > Annual Improvements 2009-2011 Cycle (effective  
1 January 2013).
Adoption of new and revised standards
The following amendments to standards have been 
adopted by the Group during the year:
Amendments to IAS 1 (effective 1 July 2012) – 
Presentation of Items of Other Comprehensive Income. 
This amendment requires separate presentation of items 
of other comprehensive income that are reclassified 
subsequently to profit or loss and those that are not 
reclassified to profit or loss. 
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:
(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.
For the year ended 31 October 2012
Notes to the Accounts 28 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
1 ACCOUNTING POLICIES CONTINUEd
Critical accounting estimates and judgements 
continued
(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 17 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, which represents 
fair value. 
(vii) Deferred tax
The Group has tax losses available to offset future taxable 
profits. In estimating the amount of deferred tax to be 
recognised as an asset the Group estimates the future 
profitability of the relevant business unit.
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.
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 licence 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 on a stage 
of completion basis. Stage of completion is determined 
by time spent by service delivery consultants compared 
to estimated total time to complete the project. For small 
value orders, the whole invoice amount is recognised at 
the billing point. 
Revenue relating to goods delivered as part of software 
solutions provided is only recognised once the goods have 
been received by the customer.
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 on a time spent basis which is determined by 
reference to the project delivery plan.
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. 29 Idox plc Annual Report and Accounts 2012
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. Management make a judgement on the fair value 
of the work completed to enable revenue on long-term 
contracts to be recognised in the correct periods. Stage 
of completion is determined based on management’s best 
estimate of effort expended and progress against project 
plans at the year end on a time spent basis. Provision is 
made for any losses as they are foreseen. 
The contracts for software solutions often contain multiple 
elements such as software, consultancy and maintenance. 
Management make appropriate judgements and estimates 
in relation to the fair value of each of these elements in 
accordance with IAS 18.
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.
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 in profit or loss 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 in profit or loss 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. 30 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
1 ACCOUNTING POLICIES CONTINUEd
Other intangible assets continued
(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, Lalpac Limited, 
Interactive Dialogues NV, Opt 2 Vote Limited, Currency 
Connect Holding BV, FMx Limited and the CTSpace group. 
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, Grantfinder 
Limited, McLaren Software Limited, Lalpac Limited, 
Interactive Dialogues NV, Opt 2 Vote Limited, Currency 
Connect Holding BV, FMx Limited and the CTSpace group. 
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 UNI-form, ACOLAID, Enterprise 
Engineer, CAFM Explorer, electoral and licensing software 
purchased on the acquisition of CAPS Solutions Limited, 
Plantech Limited, McLaren Software Limited, Strand 
Electoral Management Services Limited, Lalpac Limited, 
Interactive Dialogues NV, Opt 2 Vote Limited, Currency 
Connect Holding BV, FMx Limited and the CTSpace 
group. 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
Motor vehicles 25% straight line
Useful economic lives and residual values are  
reviewed annually. 31 Idox plc Annual Report and Accounts 2012
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.
 > “Foreign currency translation reserve” represents exchange 
gains and losses on retranslation of foreign operations. 
Taxation
Tax on the profit or loss for the year comprises current 
and deferred tax. Current tax is charged to profit or loss 
except where it relates to tax on items recognised directly 
in equity, in which case it is charged to equity or other 
comprehensive income.
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 
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 profit or loss, except 
where they relate to items that are charged or credited 
directly to other comprehensive income or equity in which 
case the related deferred tax is also charged or credited 
directly to other comprehensive income or equity. 32 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
1 ACCOUNTING POLICIES CONTINUEd
Operating leases
Leases where the lessor retains substantially all the risks 
and rewards of ownership are classified as operating 
leases. All leases held by the Group 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.
d ividend 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 profit or loss.
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 other 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 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. 
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 contract 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 profit or 
loss 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.
d erivative financial instruments
The Group’s activities expose the entity primarily to interest 
rate risk. The Group uses interest rate swap contracts 
to manage these exposures. The Group does not use 
derivative financial instruments for speculative purposes. 
The use of financial derivatives is governed by the Group’s 
policies approved by the Board of Directors, which 
provide written principles in the use of financial derivatives. 
Derivative financial instruments are accounted for at fair 
value through profit or loss. The Group does not apply 
hedge accounting.  33 Idox plc Annual Report and Accounts 2012
2 SEGMENTAL ANALYSIS
In previous periods, the Group was organised into three main operating segments. Following the acquisition and integration 
of McLaren Software Group and CT Space Group, the Group now includes an Engineering Information Management (EIM) 
segment. As at 31 October 2012, the Group is primarily organised into four main operating segments, which are detailed 
below. Segmental analysis for the comparative period to 31 October 2011 has been restated to show results for all four 
business segments. 
Financial information is reported to the chief operating decision maker, which comprises the Chief Executive Officer  
and the Chief Financial Officer, monthly on a business unit basis with revenue and operating profits split by business 
unit. Each business unit is deemed an operating segment as each offers different products and services.
 > Public Sector Software – delivering software service solutions to mainly local government customers across a broad 
range of departments
 > Engineering Information Management – delivering engineering document management and control solutions to asset 
intensive industry sectors
 > Information Solutions – delivering both an information service and consultancy services to a diverse range of customers 
across both private and public sectors
 > Recruitment – providing personnel with information, knowledge, records and content management expertise to a 
diverse range of customers
Segment revenue comprises 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 taxation and Group related interest payments and Group corporate finance costs. The assets and liabilities of the Group 
are not reviewed by the chief operating 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 2012 are as follows:
2012
£000
2011
£000
Revenues from external customers
United Kingdom 39,688 33,786
USA 10,635 1,884
Europe 5,732 1,551
Australia 1,603 1,255
Rest of World 245 129
57,903 38,605
Revenues are attributed to individual countries on the basis of the location of the customer.  34 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
2 SEGMENTAL ANALYSIS CONTINUEd
The segment results by business unit for the year ended 31 October 2012 are as follows:
Public Sector  
Software
 £000
EIM 
£000
Information 
Solutions 
£000
Recruitment 
£000
Total 
£000
Revenues from external customers 30,172 17,740 7,470 2,521 57,903
Cost of sales (3,493) (1,347) (495) (1,209) (6,544)
Gross profit 26,679 16,393 6,975 1,312 51,359
Operating costs (16,409) (11,070) (5,952) (1,225) (34,656)
Profit before interest, tax, depreciation, amortisation, impairment, share 
option costs, corporate finance costs and restructuring costs 10,270 5,323 1,023 87 16,703
Depreciation (345) (126) (119) (7) (597)
Amortisation (2,776) (964) (869) (9) (4,618)
Impairment of goodwill – – – (1,018) (1,018)
Share option costs (570) (102) (35) (24) (731)
Restructuring (188) (41) (176) (59) (464)
Corporate finance costs (59) (815) (195) – (1,069)
Profit before interest and taxation 6,332 3,275 (371) (1,030) 8,206
Interest receivable – 1 3 – 4
Finance costs 9 (129) (21) (4) (145)
Segment profit (see reconciliation below) 6,341 3,147 (389) (1,034) 8,065
The segment results by business unit for the year ended 31 October 2011 (restated) are as follows:
Public Sector  
Software
 £000
EIM 
£000
Information 
Solutions 
£000
Recruitment 
£000
Total 
£000
Revenues from external customers 26,132 4,655 4,707 3,111 38,605
Cost of sales (2,809) (296) (310) (1,742) (5,157)
Gross profit 23,323 4,359 4,397 1,369 33,448
Operating costs (13,806) (3,287) (3,794) (1,000) (21,887)
Profit before interest, tax, depreciation, amortisation, impairment, 
share option costs, corporate finance costs and restructuring costs 9,517 1,072 603 369 11,561
Depreciation (387) (15) (90) (7) (499)
Amortisation (2,984) (23) (722) (9) (3,738)
Share option costs (857) (105) (102) – (1,064)
Restructuring (21) (173) (17) – (211)
Corporate finance costs (121) (160) – – (281)
Profit before interest and taxation 5,147 596 (328) 353 5,768
Interest receivable 1 2 – – 3
Segment profit (see reconciliation below) 5,148 598 (328) 353 5,771 35 Idox plc Annual Report and Accounts 2012
Reconciliations of reportable profit
2012 
£000
2011 
£000
Profit
Total profit for reportable segments 8,065 5,771
Corporate finance costs (40) –
Net financial costs (1,119) (157)
Profit before taxation 6,906 5,614
Corporate finance costs comprise legal fees in relation to arrangement of Group working capital facilities. Net financial 
costs relate to Group bank loan interest, bank facility fee amortisation and fair value loss on financial derivatives 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:
2012 
£000
2011 
£000
Auditors’ remuneration:
Fees payable to the company auditor for the audit of the  
parent Company and consolidated annual accounts 44 32
The audit of the company’s subsidiaries, pursuant to legislation 83 72
Other services pursuant to legislation 18 18
Tax services 56 75
Corporate finance 214 –
Operating lease rentals – buildings 896 624
Depreciation – property, plant & equipment, owned 597 499
Amortisation of intangibles 4,618 3,738
Equity-settled share-based payments 731 1,064
Research & development costs 3,243 2,079
4 dIRECTOR S ANd EMPLOYEES
Staff costs during the year were as follows:
2012
£000
2011
£000
Wages and salaries 23,491 15,150
Social security costs 2,701 1,737
Pension costs 748 513
Share-based payment charge 731 1,064
27,671 18,464
During the year the Group incurred restructuring costs of £464,000 (2011:£211,000). The restructuring costs represent 
redundancy payments to former staff. 36 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
4 dIRECTOR S ANd EMPLOYEES CONTINUE d
The average number of employees of the Group during the year was 467 (2011:363) and is made up as follows:
2012
No
2011
No
Office and administration (including Directors of the Company and its subsidiary undertakings) 40 37
Sales 58 43
Development 96 73
Operations 123 107
Solutions 132 84
Recruitment 18 19
467 363
Remuneration in respect of Directors was as follows:
2012 
£000
2011 
£000
Emoluments 872 654
Pension contributions 16 29
Share-based payment charge 423 514
1,311 1,197
The amounts set out above include remuneration in respect of the highest paid Director as follows:
2012 
£000
2011 
£000
Aggregate emoluments 400 311
Pension contributions 5 22
405 333
Details of the remuneration for each Director are included in the remuneration report which can be found on pages 16 to 17 
but which does not form part of the audited accounts. 37 Idox plc Annual Report and Accounts 2012
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. Acquisition costs 
relating to individual acquisitions are disclosed in Note 24. 
6 FINANCE INCOME ANd COSTS
2012 
£000
2011 
£000
Interest receivable 6 5
Profit on sale of available-for-sale financial assets – 218
Dividends receivable 12 24
Finance income 18 247
Bank loans interest payable (791) (146)
Bank charges and loan facility fees (208) (234)
Fair value loss on financial liabilities recognised in profit or loss (136) –
Foreign exchange differences (143) (21)
Finance costs (1,278) (401)
7 d IVId ENd S
2012 
£000
2011 
£000
Final dividend paid in respect of the year ended 31 October 2011 and 31 October 2010 1,245 1,205
Pence per ordinary share 0.36p 0.35p
Interim dividend paid in respect of the year ended 31 October 2012 and 31 October 2011 951 831
Pence per ordinary share 0.275p 0.24p
The Directors have proposed the payment of a final dividend of 0.40p per share, which would amount to £1,394,000 
(2011: 0.36p). 38 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
8 INCOME TAX
The tax charge is made up as follows:
2012
£000
2011
£000
Current tax
UK corporation tax on profits for the period 1,455 2,046
Foreign tax on overseas companies 1,108 8
Under/(over) provision in respect of prior periods (70) 3
Total current tax 2,493 2,057
d eferred tax
Origination and reversal of temporary differences (1,712) (715)
Amortisation of intangibles difference in tax rate (580) (120)
Adjustments in respect of prior periods – (133)
Total deferred tax (2,292) (968)
Total tax charge 201 1,089
Factors affecting the tax charge in the period:
2012 
£000
2011
 £000
Profit before taxation 6,906 5,614
Profit on ordinary activities multiplied by the standard rate of  
corporation tax in the UK of 24% (2011: 27%) 1,657 1,516
Effects of:
Tax losses utilised (689) (491)
Non taxable income (3) –
Expenses not deductible for tax purposes 718 205
Capital allowances in excess of depreciation 17 50
Other timing differences 864 104
R&D enhanced relief (10) (60)
Deferred tax – trading losses (941) –
Deferred tax – intangible assets (1,373) (991)
Deferred tax – other movements 23 753
Foreign tax withheld 13 –
Adjustments to tax charge in respect of prior year (75) 3
201 1,089 39 Idox plc Annual Report and Accounts 2012
Movement on trading losses during 2012 are as follows:
UK unrelieved 
trading losses 
£000
Foreign unrelieved 
trading losses 
£000
Total unrelieved 
trading losses 
£000
Tax effect 
£000
Recognised trading losses
As at 1 November 2011 – – – –
Recognised during the year 6,960 6,960 1,879
Utilised during the year (2,871) – (2,871) (689)
Adjustment for reduction in standard rate  
of corporation tax from 27% to 24% – – – (209)
Adjustment for difference between standard  
rate of tax at 24% and deferred tax rate at 23% – – – (40)
4,089 – 4,089 941
Unrecognised trading losses
As at 1 November 2011 6,960 50 7,010 1,886
Recognised during year (6,960) – (6,960) (1,879)
Utilised during the year – (29) (29) (4)
– 21 21 3
The foreign losses arise in the US and are subject to IRC s382 limitation.  
The effective tax rate was 3% (2011: 19%). The decrease is due to the recognition of a deferred tax asset in relation to 
brought forward losses of £6,960,000 and the utilisation of £2,871,000 of those losses in the current year. The tax effect of 
the utilisation of losses was a credit of £689,000 in the tax charge.
The unrelieved trading losses of £4,089,000 arising in the UK remain available to offset against future taxable trading profits. 
A deferred tax asset of £941,000 was recognised during the year in relation to these losses (see note 20). The losses were 
acquired during the prior year and were not previously recognised as a deferred tax asset. Given the high probability that the 
Group will benefit from these tax losses in the future, the deferred tax asset was recognised during the year. 40 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
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:
2012 
£000
2011 
£000
Profit for the year 6,705 4,525
Basic earnings per share
Weighted average number of shares in issue 346,231,724 344,267,741
Basic earnings per share 1.94p 1.31p
Weighted average number of shares in issue 346,231,724 344,267,741
Add back:
Treasury shares 432,000 230,000
ESOP shares 128,618 178,494
Weighted average allotted, called up and fully paid share capital 346,792,342 344,676,235
d iluted earnings per share
Weighted average number of shares in issue used in basic earnings per share calculation 346,231,724 344,267,741
Dilutive share options 18,852,529 9,096,287
Weighted average number of shares in issue used in dilutive earnings per share calculation 365,084,253 353,364,028
Diluted earnings per share 1.84p 1.28p
Adjusted earnings per share
Profit for the year 6,705 4,525
Add back:
Amortisation 4,618 3,738
Impairment 1,018 –
Share option costs 731 1,064
Corporate finance costs 1,109 281
Restructuring costs 464 211
Tax effect (1,395) (1,303)
Adjusted profit for year 13,250 8,516
Weighted average number of shares in issue 346,231,724 344,267,741
Adjusted earnings per share 3.83p 2.47p
Adjusted diluted earnings per share 3.63p 2.41p
  41 Idox plc Annual Report and Accounts 2012
10 PROPERTY, PLANT ANd EQUIPMENT
Computer 
hardware 
£000
Fixtures,  
fittings and 
equipment 
£000
Motor  
vehicles 
£000
Library  
books and 
journals 
£000
 Total 
£000
Cost 
At 1 November 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
Additions 408 36 – 79 523
Additions on acquisition 195 72 23 – 290
Disposals – (107) – – (107)
At 31 October 2012 1,467 445 23 234 2,169
depreciation
At 1 November 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
Provided in the year 427 100 3 67 597
Eliminated on disposal – (107) – – (107)
At 31 October 2012 976 221 3 152 1,352
Net book amount at 31 October 2012 491 224 20 82 817
Net book amount at 31 October 2011 315 216 – 70 601
Net book amount at 1 November 2010 291 92 – 121 504
The Group has pledged the above assets to secure banking facilities granted to the Group. 42 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
11 INTANGIBLE ASSETS 
Goodwill
£000
Customer 
relationships
£000
Trade 
names
£000
Software
£000
Development 
costs
£000
Database
£000
Order 
backlog
£000
Total
£000
Cost 
At 1 November 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
Additions – – – 379 861 – – 1,240
Additions on acquisition 16,930 4,390 2,455 3,216 165 – – 27,156
At 31 October 2012 44,931 17,944 7,460 9,406 3,391 569 4,200 87,901
Amortisation and impairment losses
At 1 November 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
Amortisation for the year – 1,410 680 1,070 549 112 797 4,618
Impairment 1,000 – – – – 18 – 1,018
At 31 October 2012 3,565 3,905 1,712 3,208 1,358 388 2,394 16,530
Carrying amount at 31 October 2012 41,366 14,039 5,748 6,198 2,033 181 1,806 71,371
Carrying amount at 31 October 2011 25,436 11,059 3,973 3,673 1,556 311 2,603 48,611
Carrying amount at 1 November 2010 23,631 9,451 3,235 3,228 1,075 424 3,585 44,629
During the year, goodwill and intangibles were reviewed for impairment in accordance with IAS 36, Impairment of assets. 
Impairment charges of £1,018,000 (2011: £Nil) arose as a result of this review. £1,000,000 relates to impairment of goodwill 
and £18,000 relates to impairment in software intangible assets which no longer hold value to the Group. The impairment 
charge relates to Cash Generating Unit TFPL Recruitment.  43 Idox plc Annual Report and Accounts 2012
The remaining useful lives and carrying value of the above intangible assets is as follows:
2012 
Remaining 
amortisation  
period 
(years)
2011 
Remaining 
amortisation  
period 
(years)
2012 
 
Carrying  
value 
£000
2011 
 
Carrying  
value
 £000
CAPs intangibles
Customer relationships 14.5 15.5 4,251 4,544
Trade names 14.5 15.5 1,810 1,935
Software 4.5 5.5 1,370 1,675
Plantech intangibles
Customer relationships 15 16 868 926
Trade names 15 16 390 416
Software 9 6 420 504
J4B intangibles
Customer relationships (product) 1.5 2.5 37 62
Customer relationships (project) 6.5 7.5 85 98
Trade names 6.5 7.5 133 154
Database 1.5 2.5 122 202
Grantfinder intangibles
Trade name 7.5 8.5 175 198
Database 2.5 3.5 78 109
Customer contracts and relationships 2.5 3.5 650 910
Order backlog 2.5 3.5 650 910
Strand intangibles
Trade name 7.75 8.75 195 266
Software 2.75 3.75 244 333
Customer relationships 2.75 3.75 1,799 2,031
LAMP contracts intangibles
Backlog order book 8 9 1,157 1,693
Intelligent Resources intangibles
Software – 3 – 27
McLaren Intangibles
Customer relationships 8 9 823 925
Trade names 3 4 642 848
Software 3 4 482 636
Lalpac intangibles
Customer relationships 8.5 9.5 1,399 1,563
Trade names 8.5 9.5 139 156
Software 8.5 9.5 279 312 44 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
2012 
Remaining 
amortisation  
period 
(years)
2011 
Remaining 
amortisation  
period 
(years)
2012 
 
Carrying  
value 
£000
2011 
 
Carrying  
value
 £000
Interactive d ialogues intangibles
Customer relationships 9 – 317 –
Trade names 9 – 185 –
Software 9 – 370 –
CT Space Intangibles
Customer relationships 9 – 564 –
Trade names 9 – 1,114 –
Software 9 – 1,337 –
Opte2Vote intangibles
Customer relationships 9.4 – 720 –
Trade names 9.4 – 497 –
Software 9.4 – 662 –
Currency Connect intangibles
Customer relationships 9.5 – 1,857 –
Trade names 9.5 – 246 –
Software 9.5 – 263 –
FMx intangibles
Customer relationships 9.75 – 670 –
Trade names 9.75 – 221 –
Software 9.75 – 331 –
d evelopment costs: 5 4 2,033 1,556
Software costs: 3 2 420 186
Impairment test for goodwill
For this review goodwill was allocated to individual Cash Generating Units (CGU) on the basis of the Group’s operations  
as disclosed in the segmental analysis. The carrying value of goodwill by each CGU is as follows:
Cash Generating Units (CGU)
2012
£000
2011
£000
Software 19,954 19,642
Idox Information Solutions 5,966 3,837
TFPL Recruitment 957 1,957
Engineering 14,489 –
41,366 25,436
11 INTANGIBLE ASSETS CONTINUEd 45 Idox plc Annual Report and Accounts 2012
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. 
The key assumptions used in the financial budgets relate to revenue and EBITDA growth targets relating to increasing 
market share and acquiring new customers. Cash flows beyond this period are extrapolated using the estimated growth 
rates stated below. Growth rates are reviewed in line with historic actuals to ensure reasonableness.
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 2012 and the year to 31 October 2011, 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, except for TFPL Recruitment.
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:
Cash generating unit (CGU)
Discount rate 
2012
Growth rate
 2012
Discount rate 
2011
Growth rate 
2011
Software 12.5% 2% 12.5% 2%
Idox Information Solutions 12.5% 2% 12.5% 2%
TFPL Recruitment 13.0% 0% 12.5% 2%
Engineering 12.5% 2% 12.5% 2%
Individual Weighted Average Cost of Capital were calculated for each CGU and adjusted for the market’s assessment of 
the risks attaching to each CGU’s cash flows. The resultant Weighted Average Cost of Capital rates were not significantly 
different from the Group WACC and so the Group WACC was deemed reasonable to apply to all CGUs except for TFPL 
Recruitment as the actual discount rate specific to that CGU was utilised in the impairment calculation. The Weighted 
Average Cost of Capital is recalculated at each period end. 
Management considered historic performance against budget and have adjusted revenue and EBITDA growth rates. As 
a result, for the CGU TFPL Recruitment, an impairment charge of £1,000,000 has been recorded against goodwill with a 
further impairment of £18,000 against software intangibles which no longer hold any value to the Group.
Sensitivities have been run on cash flow forecasts for all CGU’s. Management are satisfied that the key assumptions of 
revenue and EBITDA growth rates are achievable and that reasonable possible changes to those key assumptions would 
not lead to the carrying amount of the relevant CGU following the impairment charge processed exceeding the recoverable 
amount. A 0% growth rate would result in the following headroom:
Cash generating unit (CGU)
Growth rate 0%  
Headroom 
£’000
Software 29,261
Idox Information Solutions 15,051
TFPL Recruitment –
Engineering 492
Sensitivities have also been run on the discount rate applied and management are satisfied that, except for the CGU 
TFPL Recruitment, a reasonable increase in the discount rate would not lead to the carrying amount of the relevant CGU 
exceeding the recoverable amount. A 0.5% increase in discount rate used for CGU TFPL Recruitment would result in a 
further impairment of £19,989, however management do not consider any further impairment is required. Management  
are satisfied that except for TFPL Recruitment there is significant headroom between the value in use of each CGU and  
the carrying value of goodwill. 46 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
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:
Note
2012 
£000
2011 
£000
FINANCIAL ASSETS
Loans and receivables
Trade and other receivables 14 15,459 7,835
Cash and cash equivalents 13 3,640 –
19,099 7,835
FINANCIAL LIABILITIES
Financial liabilities measured at amortised cost 
Non-current:
Borrowings 18 22,879 –
22,879 –
Current:
Borrowings 18 2,300 2,408
Derivative financial instruments at fair value through profit or loss 19 136 –
Trade and other payables 15 5,460 2,304
Other liabilities 16 914 1,902
Other liabilities at fair value through profit or loss * 16 1,302 –
10,112 6,614
* Hierarchy 3 being inputs for the asset or liability which are not based on observable market data.
13 CASH ANd CASH EQUIVALENTS
2012
£000
2011
£000
Cash at bank and in hand 3,640 –
Bank overdraft – (2,408)
Cash and cash equivalents per cash flow statements 3,640 (2,408) 47 Idox plc Annual Report and Accounts 2012
14 TRAd E ANd OTHER RECEIVABLES
2012
£000
2011
£000
Trade receivables, gross 11,802 6,204
Allowance for credit losses (616) (231)
Trade receivables, net 11,186 5,973
Amounts recoverable on contracts: falling due within one year 2,182 603
falling due after one year 1,863 1,092
Other receivables 228 167
Financial assets 15,459 7,835
Prepayments and accrued income 1,454 1,008
Non-financial assets 1,454 1,008
Trade and other receivables 16,913 8,843
All of the closing Group trade receivables are in UK Sterling with the exception of: 
2012 2011
J4B Nederland BV Euros €111,000 €89,000
Idox Information Solutions Limited Euros €82,000 €75,000
Currency Connect BV Euros €862,000 –
Interactive Dialogues NV Euros €392,000 –
CT Space Gmbh Euros €474,000 –
CT Space Sarl Euros €1,049,000 –
McLaren Software Limited Euros €247,000 €363,000
McLaren Software Limited Australian dollars AUD$203,000 AUD$865,000
McLaren Software Limited Emirati Dirham AED80,000 –
McLaren Software Limited US dollars $311,000 $190,000
McLaren Software Inc US dollars $3,432,000 $798,000
McLaren Software Inc Canadian dollars $1,000 $65,000
Amounts recoverable on contracts represent work completed and delivered to the customer, but due to the contractual 
payment terms have not yet been invoiced. 48 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
14 TRAd E ANd OTHER RECEIVABLES CONTINUE d
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:
2012 
£000
2011 
£000
Local authorities and other public bodies 5,241 2,973
Private companies 6,561 3,231
11,802 6,204
The ageing of trade receivables at the reporting date for the Group was:
Gross
2012
£000
Impairment
2012
£000
Gross
2011
£000
Impairment
2011
£000
`Not past due 7,389 – 3,543 –
Past due 0 to 30 days 1,569 – 888 –
Past due 31 to 60 days 578 – 429 –
More than 61 days 2,266 616 1,344 231
11,802 616 6,204 231
Movements in the provision for impairment of receivables for the Group were as follows:
2012
£000
2011
£000
At 1 November 231 269
Charge for the year 234 402
Relating to acquisitions 514 –
Utilised (363) (440)
At 31 October 616 231
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. 
15 TRAd E ANd OTHER PAYABLES
2012
£000
2011
£000
Trade payables 2,563 673
Accruals 2,897 1,631
5,460 2,304
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 paid during the next 
six months. 49 Idox plc Annual Report and Accounts 2012
16 OTHER LIABILITIES
2012 
£000
2011 
£000
Social security and other taxes 1,532 547
Other payables 2,216 1,902
Deferred income 13,538 10,866
17,286 13,315
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.
17 PROVISIONS
2012 
£000
2011 
£000
At 1 November 117 133
Provision made during the year 4 4
Provision utilised during the year (45) (20)
At 31 October 76 117
The opening and closing provisions relate to estimated dilapidation costs expected to arise on exit of leased properties.
18 BORROWINGS
All borrowings are held at amortised cost and after set-off for unamortised loan facility fees are summarised as follows:
2012 
£000
2011 
£000
Current
Bank borrowings 2,300 2,408
Non-current
Bank borrowings 22,879 –
Total borrowings 25,179 2,408
During the year the Group entered into one term loan and two revolving credit facilities with Bank of Scotland. At the 
balance sheet date, the amortised cost of the term loan was £9,568,000 and during the period the loan was held the 
average interest rate paid was 4.07%.
The Group has a revolving credit facility to fund working capital requirements. At the balance sheet date, the amortised 
cost of this facility was £5,732,000 and during the period the facility was held the average interest rate paid was 3.25%.
The Group has a revolving credit facility of £10m which was made available in order to finance business acquisitions. In 
March 2012, £2.7m of this facility was drawn down in order to fund the acquisition of Opt2Vote Limited. In May 2012, £3.6m 
of this facility was drawn down in order to fund the acquisition of Currency Connect Holdings BV. In October 2012, £3.7m 
of this facility was drawn down in order to fund the acquisition of FMx Limited. The total amortised cost of the acquisition 
revolving credit facility at the year end was £9,880,000 and the average interest rate paid during the period the facility was 
held was 4.03%. 
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. 50 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
19 d ERIVATIVE FINANCIAL INSTRUMENTS
The carrying amounts for the Group’s derivative financial instruments may be further analysed as follows:
2012 
£000
2011 
£000
Fair value:
Interest rate swap – Fair value hierarchy level 2 136 –
Derivative financial liabilities 136 –
The fair value of the contract has been estimated using relevant market interest rates.
In the current year the Group has used interest rates swaps to manage its exposure to interest rate movements on its bank 
borrowings. Contracts with notional values of £12m fix interest payments at an average rate of 1.33% for periods up until 2015.
The fair value of the interest rate swap liability at 31 October 2012 is estimated at £136,000 (2011: £Nil). 
20 dEFERRE d INCOME TAX
Deferred tax assets and liabilities are summarised as follows:
2012 
£000
2011 
£000
Deferred tax assets 1,417 495
Deferred tax liabilities (non-current) (6,101) (5,060)
(6,101) (5,060)
The movement in the year in the net deferred tax provision was as follows:
2012 
£000
2011 
£000
At 1 November (4,565) (4,266)
Credit to income for the year 1,982 847
Adjustment for changes in rate 312 120
Charged to goodwill for the year (2,413) (1,266)
At 31 October 4,684 (4,565)
The movement in deferred income tax assets and liabilities during the year is as follows:
Share-based 
payments
 £000
Other 
temporary 
differences
 £000
Total deferred 
tax asset
 £000
Tax losses 
carried 
forward
 £000
Accelerated 
tax 
depreciation
 £000
Total deferred 
tax liability
 £000
At 1 November 2010 109 174 283 – (4,549) (4,549)
Charge to income – 212 212 – 635 635
Changes in rate – – – – 120 120
Deferred tax recognised on acquisition – – – – (1,266) (1,266)
At 31 October 2011 109 386 495 – (5,060) (5,060)
Charge/(credit) to income 182 740 922 (941) 2,003 1,062
Changes in rate – – – – 311 311
Deferred tax recognised on acquisition – – – – (2,414) (2,414)
At 31 October 2012 291 1,126 1,417 (941) (5,160) (6,101)
At 31 October 2012 there were unrecognised deferred tax assets of £189,000 (2011: £Nil). 51 Idox plc Annual Report and Accounts 2012
21 RISK MANAGEMENT OBJECTIVES ANd POLICIES
The Group’s principal financial instruments comprise cash and cash equivalents, short-term deposits, bank borrowings 
and interest rate swaps. 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) 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 2012 and 2011, all the Group’s borrowings at variable rate were denominated in UK Sterling. To protect cash  
flows against movements in interest rates the Group entered into an interest LIBOR swap agreement.
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:
2012
£000
2011
£000
Classes of financial assets – carrying amounts
Cash and cash equivalents 3,640 –
Trade receivables 11,186 5,973
Amounts recoverable on contracts 4,045 1,695
Other receivables 228 167
Financial assets at fair value 19,099 7,835
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.
The credit risk on liquid funds is limited because the majority of funds are held with two UK 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. 52 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
21 RISK MANAGEMENT OBJECTIVES ANd POLICIES CONTINUE d
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 18. 
As at 31 October 2012, the Group’s financial liabilities have contractual maturities (including interest payments where 
applicable) as summarised below:
Current Non-current
Within 6 months 
£000
6 – 12 months 
£000
1 – 5 Years 
£000
Later than 5 years 
£000
Bank borrowings 388 2,695 24,170 –
Trade and other payables 5,460 – – –
This compares to the maturity of the Group’s financial liabilities in the previous reporting period as follows:
Current Non-current
Within 6 months 
£000
6 – 12 months 
£000
1 – 5 Years 
£000
Later than 5 years 
£000
Bank borrowings 2,408 – – –
Trade and other payables 2,304 – – –
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.
Capital for the reporting periods under review is summarised as follows:
2012 
£000
2011 
£000
Total equity 38,900 34,371
Less unrestricted cash and cash equivalents (note 13) (3,640) –
35,260 34,371
Total equity 38,900 34,371
Borrowings 25,179 2,408
64,079 36,779
Capital-to-overall financing ratio 0.55 0.93 53 Idox plc Annual Report and Accounts 2012
22 SHARE CAPITAL
2012
£000
2011
£000
Authorised:
650,000,000 ordinary shares of 1p each (2011: 650,000,000) 6,500 6,500
Allotted, called up and fully paid
As at 1 November 3,463 3,442
Issued and allotted during the year 22 21
348,479,842 ordinary shares of 1p each (2011: 346,229,842) 3,485 3,463
Movement in issued share capital in the year
During the year to 31 October 2012, ten employees exercised share options. To satisfy the exercise of one tranche of these 
options, the Company issued and allotted 2,250,000 new ordinary shares of 1p each.
The Company has one class of ordinary shares which carry no right to fixed income.
At 31 October 2012, there were 239,345 (2011: 232,174) shares in issue under ESOP. During the year the average issue 
share price was 34p (2011: 11.1p).
At 31 October 2012 there were 452,000 (2011: 955,000) shares held in treasury.
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. Per the contractual agreements, 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 Lapsed At end of year Exercise price
Exercise date 
from
Exercise date 
to
2,250,000 – (2,250,000) – – 9.00p Feb 2007 Oct 2014
1,646,000 – (480,000) – 1,166,000 7.50p May 2007 May 2017
500,000 – (48,000) – 452,000 8.125p Jun 2007 Jun 2017
550,000 – (275,000) – 275,000 15.00p Dec 2007 Dec 2017
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 – – (100,000) 12,300,000 20.00p Mar 2011 Mar 2021
1,325,000 – (25,002) (200,000) 1,099,998 18.00p Mar 2011 Mar 2021
– 850,000 – – 850,000 35.00p Apr 2012 Apr 2022
– 750,000 – – 750,000 44.00p Sep 2012 Sep 2022
29,002,008 1,600,000 (3,078,002) (300,000) 27,224,006 54 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
23 SHARE OPTIONS CONTINUEd 
The following table sets out the number of share options and associated weighted average exercise price (WAEP) 
outstanding during the year.
2012 2011
No
WAEP
Pence No
WAEP
Pence
Outstanding at the beginning of the year 29,002,008 14.86 23,522,393 9.55
Granted during the year 1,600,000 39.22 13,725,000 19.81
Exercised during the year (3,078,002) 9.36 (8,245,385) 7.95
Lapsed during the year (300,000) 18.67 – –
Outstanding at the end of the year 27,224,006 16.87 29,002,008 14.86
Exercisable at the end of the year 19,640,226 12.12 13,945,648 12.31
The share options outstanding at the end of the year have a weighted average remaining contractual life of 8 years. The 
share options exercised during the year had a weighted average share price of 9.36p and a weighted average market 
price of 35p.
The fair values were calculated using the Black-Schöles Pricing Model and the following information.
Date of issue
Number 
granted
No.
Weighted 
average 
share price
 
Weighted 
average 
exercise 
price
pence
Expected 
volatility
%
Expected life
Years
Risk  
free rate
%
Expected 
dividend yield
%
Weighted 
average fair 
value at  
grant date
 £
Apr 12 850,000 35 35 37.5 10 4.65 0.6 0.19
Sep 12 750,000 37 44 37.5 10 4.65 0.6 0.18
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 is adjusted, based on the management’s best estimate, for the effects of non-
transferability, exercise restrictions and behavioural considerations.
The Group recognised total expenses of £731,000 (2011: £1,064,000) related to equity-settled share-based payment 
transactions during the year. Expenses of £568,000 (2011: £994,000) related to share options granted and £163,000  
(2011: £70,000) related to share options exercised.
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 year Exercised Lapsed At end of year Exercise price
Exercise date 
from
Exercise date 
to
954,545 (954,545) – – 11.00p Oct 2002 Oct 2012
3,000,000 (3,000,000) – – 10.00p Sep 2004 May 2014
3,954,545 (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. 55 Idox plc Annual Report and Accounts 2012
2012 2011
No
WAEP
Pence No
WAEP
pence
Outstanding at the beginning of the year 3,954,545 10.24 7,449,388 11.34
Exercised during the year (3,954,545) 10.24 (1,909,091) 10.48
Lapsed during the year – – (1,585,752) 15.13
Outstanding at the end of the year – – 3,954,545 10.24
Exercisable at the end of the year – – 3,954,545 10.24
24 ACQUISITIONS
Interactive d ialogues Limited
On 7 November 2011, the Group acquired the entire share capital of Interactive Dialogues Limited and Interactive Dialogues 
NV (“ID”) for a total consideration of €2.2m (£1.9m) in cash. Control passed on the date of acquisition. ID is a leading 
supplier of e-learning and information solutions in Europe enabling organisations to conduct ‘dialogues’ with employees, 
customers and suppliers to achieve legislative compliance in areas such as Competition Law and the UK Bribery Act. The 
acquisition of ID extends the range of solutions available within the Idox Information Solutions business and provides Idox 
with an e-learning platform that will be used to support customers across the Group.
An initial payment of €2m has been made on completion and a further €0.2m is payable one year after completion subject  
to the fulfilment of certain conditions. ID had revenues of €2.4m for the year ended 31 May 2011.
Goodwill arising on the acquisition of ID has been capitalised and consists largely of the workforce value, synergies 
and economies of scale expected from combining the operations of ID with Idox. None of the goodwill recognised is 
expected to be deductible for income tax purposes. The purchase of ID has been accounted for using the acquisition 
method of accounting.
Book value 
£000
Fair value adjustments 
£000
Fair value 
£000
Intangible assets 8 962 970
Property, plant and equipment 17 – 17
Trade receivables 349 – 349
Other receivables 283 – 283
Cash at bank 199 – 199
TOTAL ASSETS 856 962 1,818
Trade payables (59) – (59)
Other creditors (263) – (263)
Accruals (179) – (179)
Deferred tax liability – (233) (233)
TOTAL LIABILITIES (501) (233) (734)
NET ASSETS 1,084
Purchased goodwill capitalised 832
Total consideration 1,916
Satisfied by:
Cash to vendor 1,742
Contingent consideration 174
Total consideration 1,916 56 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
24 ACQUISITIONS CONTINUEd
Interactive d ialogues Limited continued
The fair value adjustment for the intangible assets relates to customer relationships, trade names and software. A related 
deferred tax liability has also been recorded as a fair value adjustment.
The fair value of trade receivables is equal to the gross contractual amounts receivable. All debts have been reviewed and 
are considered recoverable.
The revenue included in the consolidated statement of comprehensive income since 7 November 2011, contributed by ID 
was £2,083k. ID also contributed a profit after tax of £281k for the same period. If ID had been included from 1 November, 
it would have contributed revenue of £2,083k and a profit after tax of £256k. 
The earn out period is 1 November 2011 to 31 October 2012. The earn out arrangements require the Group to pay the former 
owners of ID €1 for every €1 the revenue in the earn out period exceeds €2,200,000 up to a maximum consideration of 
€200,000. The maximum consideration has been recognised at the date of acquisition, which represents the fair value of  
the contingent consideration. 
Acquisition costs of £82k have been charged to profit or loss within corporate finance costs in the consolidated statement 
of comprehensive income.
CTSpace
On 15 November 2011, the Group acquired CTSpace, an engineering and construction sector document management and 
control business, for £11.6m in cash from Sword Group. The Group acquired the entire share capital of CT Space Limited, 
Buildonline Global Limited, Buildonline Ireland Limited, CT Space SARL, CT Space Gmbh, CT Space Technologies Pty, CT 
Space Inc and Citadon Inc. Control passed on the date of acquisition.
CTSpace provides document management and collaboration workflow applications for the global construction and 
engineering industry and will complement the McLaren Software business that Idox acquired in December 2010. 
CTSpace provides both Software as a Service (‘SaaS’) and on-premise enterprise solutions, the latter of which leverage 
an organisation’s existing investment in leading enterprise content management (‘ECM’) platforms such as IBM FileNet®, 
EMC Documentum® or Microsoft SharePoint®. When deployed with leading enterprise content management platforms, 
CTSpace’s products provide an integrated, best practice environment that supports a project’s entire lifecycle. 57 Idox plc Annual Report and Accounts 2012
Goodwill arising on the acquisition of CTSpace has been capitalised and consists largely of the workforce value, synergies 
and economies of scale expected from combining the operations of CTSpace with Idox. None of the goodwill recognised 
is expected to be deductible for income tax purposes. The purchase of CTSpace has been accounted for using the 
acquisition method of accounting.
Book value 
£000
Fair value adjustments
 £000
Fair value 
£000
Intangible assets 6,065 (2,555) 3,510
Property, plant and equipment 360 (243) 117
Trade receivables 2,390 (78) 2,312
Other receivables 758 (71) 687
Corporation tax 590 – 590
Cash at bank 239 – 239
TOTAL ASSETS 10,402 (2,947) 7,455
Trade payables (350) 3 (347)
Deferred revenue (2,768) 50 (2,718)
Other creditors (587) (18) (605)
Corporation tax (502) (215) (717)
Deferred tax liability – (804) (804)
TOTAL LIABILITIES (4,207) (984) (5,191)
NET ASSETS 2,264
Purchased goodwill capitalised 9,323
Total consideration satisfied by cash to vendor 11,587
The fair value adjustment for the intangible assets relates to customer relationships, trade names and software. A related 
deferred tax liability has also been recorded as a fair value adjustment. Other adjustments relate to depreciation, bad debt 
provision and accrued income to bring these in line with Idox group policies.
The fair value of assets acquired includes trade receivables of £2,312k. The gross amount due under contracts is £2,726k 
of which £414k is expected to be uncollectible. Other receivables are considered to be fully recoverable.
The revenue included in the consolidated statement of comprehensive income since 15 November 2011, contributed by 
CTSpace was £8,996k. CTSpace also contributed a profit after tax of £1,098k for the same period. If CTSpace had been 
included from 1 November, it would have contributed revenue of £9,398k and a profit after tax of £965k. 
Acquisition costs of £488k have been charged to profit or loss within corporate finance costs in the consolidated statement 
of comprehensive income. 58 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
24 ACQUISITIONS CONTINUEd
Opt2Vote
On 27 March 2012, the Group acquired the entire share capital of Opt2Vote Ltd, one of the UK’s leading providers of 
electoral managed services and innovative democracy solutions, for a maximum cash consideration of £3.5m. Control 
passed on the date of acquisition.
Opt2Vote provides expertise and knowledge across all areas of election management and specialises in the provision of 
managed services solutions and innovation in areas such as e-Counting and Early Voting. Opt2Vote supplies electronic 
vote counting solutions to the 32 Scottish local authorities as well as managed print services to UK councils. It is based in 
Londonderry, Northern Ireland. Opt2Vote products and services will complement solutions provided by Strand Electoral 
Software, acquired by Idox in 2010 and will enable the Group to deliver a comprehensive range of democratic solutions 
and managed services. 
Goodwill arising on the acquisition of Opt2Vote has been capitalised and consists largely of the workforce value, synergies 
and economies of scale expected from combining the operations of Opt2Vote with Idox. None of the goodwill recognised 
is expected to be deductible for income tax purposes. The purchase of Opt2Vote has been accounted for using the 
acquisition method of accounting.
Book value 
£000
Provisional fair  
value adjustments 
£000
Fair value 
£000
Intangible assets – 1,996 1,996
Property, plant and equipment 44 (24) 20
Trade receivables 181 – 181
Corporation tax 103 – 103
Other receivables 51 5 56
Cash at bank 633 – 633
TOTAL ASSETS 1,012 1,977 2,989
Trade payables (81) – (81)
Other creditors (73) – (73)
Accruals (307) 3 (304)
Deferred tax liability – (478) (478)
TOTAL LIABILITIES (461) (475) (936)
NET ASSETS 2,053
Purchased goodwill capitalised 1,447
Total consideration 3,500
Satisfied by:
Cash to vendor 2,700
Contingent consideration 800
Total consideration 3,500
The fair values stated above for trade receivables, other receivables, trade payables, other creditors and accruals remain 
provisional. The fair value adjustment for the intangible assets relates to customer relationships, trade names and software. 
A related deferred tax liability has also been recorded as a fair value adjustment. 
The fair value of trade receivables is equal to gross contractual amounts receivable.
The revenue included in the consolidated statement of comprehensive income since 27 March 2012, contributed by 
Opt2Vote was £2,484k. Opt2Vote also contributed a profit after tax of £665k for the same period. If Opt2Vote had been 
included from 1 November, it would have contributed revenue of £2,993k and a profit after tax of £320k.  59 Idox plc Annual Report and Accounts 2012
The earn out period is 1 July 2012 to 30 June 2013. The earn out arrangements require the Group to pay the former 
owners of Opt2Vote an amount to be determined by Revenue less associated direct costs in the earn out period, up to 
a maximum consideration of £800k less direct costs. The potential undiscounted amount of all future payments that the 
Group could be required to make is between £nil and £800k. £800k has been recognised at the date of acquisition, which 
represents the fair value of the contingent consideration. 
Acquisition costs of £58k have been charged to profit or loss within corporate finance costs in the consolidated statement 
of comprehensive income.
Currency Connect 
On 3 May 2012 the Group acquired the entire share capital Currency Connect Holdings BV (‘Currency Connect’), a 
significant Dutch based grants advisory business, for a maximum cash consideration of €4.7m (£3.8m). Control passed  
on the date of acquisition.
Currency Connect provides expertise and knowledge that helps clients obtain funding for innovation projects through 
grant-based subsidies and research & development tax credits. It monitors and informs customers of innovation 
subsidies, prepares grant applications and administers the end-to-end process. In addition, Currency Connect provides 
grants management software and advises clients on process change to enable them to accelerate their innovation and 
consequent eligibility for related grants. The Currency Connect acquisition extends the current Idox Information Solutions 
grants offering, particularly in the growing innovation funding space.
Goodwill arising on the acquisition of Currency Connect has been capitalised and consists largely of the workforce value, 
synergies and economies of scale expected from combining the operations of Currency Connect with Idox. None of the 
goodwill recognised is expected to be deductible for income tax purposes. The purchase of Currency Connect has been 
accounted for using the acquisition method of accounting.
Book value 
£000
Provisional fair  
value adjustments 
£000
Fair value 
£000
Intangible assets – 2,513 2,513
Property, plant and equipment 80 – 80
Trade receivables 513 (18) 495
Other receivables 259 – 259
Cash at bank 118 – 118
TOTAL ASSETS 970 2,495 3,465
Trade payables (36) – (36)
Corporation tax (82) – (82)
Other creditors (131) – (131)
Accruals (65) – (65)
Deferred tax liability – (603) (603)
TOTAL LIABILITIES (314) (603) (917)
NET ASSETS 2,548
Purchased goodwill capitalised 1,304
Total consideration 3,852
Satisfied by:
Cash to vendor 3,524
Contingent consideration 328
Total consideration 3,852
Due to the timing of the acquisition, all fair values stated above are provisional. The fair value adjustment for the intangible 
assets relates to customer relationships, trade names and software. A related deferred tax liability has also been recorded 
as a fair value adjustment.  60 Idox plc Annual Report and Accounts 2012
Notes to the Accounts continued
For the year ended 31 October 2012
24 ACQUISITIONS CONTINUEd
Currency Connect continued
The fair value of assets acquired includes trade receivables of £514k. The gross amount due under contracts is £624k of 
which £110k is expected to be uncollectible. Other receivables are considered to be fully recoverable.
The revenue included in the consolidated statement of comprehensive income since 3 May 2012, contributed by Currency 
Connect was £1,185k. Currency Connect also contributed a profit after tax of £148k for the same period. If Currency Connect 
had been included from 1 November, it would have contributed revenue of £2,603k and a profit after tax of £657k. 
The earn out period is 1 January 2012 to 31 December 2012. The earn out arrangement requires the Group to pay the former 
owners of Currency Connect an amount to be determined by gross revenue in the earn out period, up to a maximum of 
€400k. The potential undiscounted amount of all future payments that the Group could be required to make is estimated at 
€400k. €400k has been recognised at the date of acquisition, which represents the fair value of contingent consideration.
Acquisition costs of £109k have been charged to profit or loss within corporate finance costs in the consolidated statement 
of comprehensive income.
FMx 
On 18 October 2012 the Group acquired the entire share capital of FMx Limited (‘FMx’), a leading supplier of computer-aided 
facilities management (‘CAFM’) software, for a cash consideration of £5.6m. Control passed on the date of acquisition.
FMx, through its CAFM Explorer product, provides facilities management software solutions to corporate, public and 
commercial real estate customers in over 30 countries. CAFM Explorer is a comprehensive solution to manage all aspects 
of an operational facility including building management, maintenance, asset tracking and cost control. The addition of 
CAFM Explorer to the Idox EIM product range extends the division’s existing project collaboration solution, now enabling 
it to encompass the lifecycle of a building, campus or facility. CAFM Explorer also provides the EIM division with a 
comprehensive solution for the estates departments of its existing asset intensive customers in Oil & Gas, Energy & Utilities 
and Process Manufacturing sectors. In addition, CAFM Explorer adds to the Group’s offering of information and estate 
solutions to its local government customer base. 
Goodwill arising on the acquisition of FMx has been capitalised and consists largely of the workforce value, synergies 
and economies of scale expected from combining the operations of FMx with Idox. None of the goodwill recognised is 
expected to be deductible for income tax purposes. The purchase of FMx has been accounted for using the acquisition 
method of accounting.
Book value 
£000
Provisional fair  
value adjustments 
£000
Fair value 
£000
Intangible assets – 1,231 1,231
Property, plant and equipment 56 – 56
Trade receivables 150 – 150
Other receivables 709 – 709
Cash at bank 666 – 666
TOTAL ASSETS 1,581 1,231 2,812
Trade payables (33) – (33)
Corporation tax (45) – (45)
Other creditors (728) (15) (743)
Accruals (158) – (158)
Deferred tax liability – (295) (295)
TOTAL LIABILITIES (964) (310) (1,274)
NET ASSETS 1,538
Purchased goodwill capitalised 4,030
Total consideration satisfied by cash to vendor 5,568 61 Idox plc Annual Report and Accounts 2012
Due to the timing of the acquisition, all fair values stated above are provisional. The fair value adjustment for the intangible 
assets relates to customer relationships, trade names and software. A related deferred tax liability has also been recorded 
as a fair value adjustment. 
The fair value of trade receivables is equal to the gross contractual amounts receivable. All other receivables are 
considered to be fully recoverable.
The revenue included in the consolidated statement of comprehensive income since 18 October 2012, contributed by FMx 
was £86k. FMx also contributed a profit after tax of £25k for the same period. If FMx had been included from 1 November, 
it would have contributed revenue of £2,918k and a loss after tax of £41k. 
Acquisition costs of £28k have been charged to profit or loss within corporate finance costs in the consolidated statement 
of comprehensive income.
Acquisition cash flows
Acquisition cash flows in the year are as follows:
Net cash outflow 
£000
Subsidiaries acquired during the year: 
Interactive Dialogues 1,543
CT Space 11,348
Opt2Vote 2,067
Currency Connect 3,406
FMx 4,902
23,266
deferred consideration paid on previous year acquisitions
Grantfinder Limited 68
Lalpac Limited 252
320
No fair value adjustments have been made in the year in respect of prior year acquisitions.
25 OPERATING LEASE COMMITMENTS
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
The Group
2012 
£000
2011 
£000
Amounts due:
Within one year 572 458
Between one and five years 1,416 1,380
After five years 14 127
2,002 1,965
Operating lease payments represent rentals payable by the Group for office premises and motor vehicle leasing charges. 62 Idox plc Annual Report and Accounts 2012
For the year ended 31 October 2012
Notes to the Accounts continued
26 CAPITAL COMMITMENTS
The Group had no capital commitments at 31 October 2012 (2011: £Nil).
27 CONTINGENT LIABILITIES 
There were no material Group contingent liabilities at 31 October 2012 or 31 October 2011.
28 POST BALANCE SHEET EVENTS
On 1 November 2012 the Group increased the acquisition Revolving Credit Facility from £10m to £15m.
29 RELATEd PARTY TRANSACTIONS
Compensation paid to key management (which comprises the executive management team and the Board) of the Group:
2012 
£000
2011 
£000
Salaries and other short-term employee benefits 1,781 1,588
Post-employment benefits 32 71
Share-based payments 731 922
2,544 2,581
In the year ended 31 October 2012 Martin Brooks, Chairman of Idox plc was entitled to remuneration of £6,750 (2011: 
£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. 63 Idox plc Annual Report and Accounts 2012
For the year ended 31 October 2012
Independent Auditor’s Report  
to the members of Idox plc
We have audited the parent Company financial statements 
of Idox plc for the year ended 31 October 2012 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).
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 d irectors and auditor
As explained more fully in the Directors’ Responsibilities 
Statement set out on page 18, 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 2012;
 > 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 2012. 
Steve Maslin
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants 
London
17 January 2013 64 Idox plc Annual Report and Accounts 2012
At 31 October 2012
Company Balance Sheet
Note
2012
 £000
2011 
£000
Fixed assets
Investments 5 71,644 45,753
Current assets
Debtors: falling due within one year 6 133 12
Debtors: falling due after one year 6 2,116 2,228
Creditors: amounts falling due within one year 7 (24,146) (33,010)
Net current liabilities (21,897) (30,770)
Total assets less current liabilities 49,747 14,983
Creditors: amounts falling due after more than one year 8 (23,200) –
Net assets 26,547 14,983
Capital and reserves
Called up share capital 9 3,485 3,463
Capital redemption reserve 11 1,112 1,112
Share premium account 11 10,197 10,017
Treasury reserve 11 (107) (204)
Share option reserve 11 1,825 1,366
Profit and loss account 11 10,035 (771)
Shareholders’ funds 26,547 14,983
The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2013 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  65 Idox plc Annual Report and Accounts 2012
For the year ended 31 October 2012
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.
No profit and loss account is presented for the Company 
as permitted by Section 408 of the Companies Act, 2006. 
A cash flow statement has not been provided as permitted 
by FRS1 (Revised) Cash Flow Statements.
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.
Investments
Fixed asset investments in subsidiary undertakings are 
stated at cost less provision for impairment.
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.
2 dIRECTOR S 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 pages 16 to 17 
but which do not form part of the audited accounts. 66 Idox plc Annual Report and Accounts 2012
For the year ended 31 October 2012
Notes to the Company Financial Statement 
continued
3 d IVId ENd S
2012
 £000
2011 
£000
Final dividend paid in respect of the year ended 31 October 2011 and 31 October 2010 1,245 1,205
Pence per ordinary share 0.36p 0.35p
Interim dividend paid in respect of the year ended 31 October 2012 and 31 October 2011 951 831
Pence per ordinary share 0.275p 0.24p
The Directors have proposed the payment of a final dividend of 0.40p per share, which would amount to £1,394,000 
(2011: 0.36p).
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 £3,103,000 (2011: loss £503,000).
5 INVESTMENTS
Investment in group 
undertakings
£000
Cost or market value
At 1 November 2011 47,353
Additions 26,891
Disposals –
At 31 October 2012 74,244
Impairment
At 1 November 2011 1,600
Provided in the year 1,000
At 31 October 2012 2,600
Net book amount
At 31 October 2012 71,644
At 31 October 2011 45,753
During the year, the Directors considered the impairment in value of the investment in TFPL. Impairment charges of 
£1,000,000 (2011: £Nil) arose as a result of this review.  67 Idox plc Annual Report and Accounts 2012
At 31 October 2012 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
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
McLaren Software Group Limited Scotland Ordinary 100% Holding Company
McLaren Software Limited Scotland Ordinary 100% Software services
McLaren Software Inc USA Ordinary 100% Software services
McLaren Consulting BV Holland Ordinary 100% Dormant company
Lalpac Limited England Ordinary 100% Software services
Interactive Dialogues Limited England Ordinary 100% Software services
Interactive Dialogues NV Belgium Ordinary 100% Software services
CT Space Limited England Ordinary 100% Software services
Buildonline Global Limited England Ordinary 100% Dormant company
Buildonline Ireland Limited Ireland Ordinary 100% Software services
CT Space SARL France Ordinary 100% Software services
CT Space GmbH Germany Ordinary 100% Software services
CT Space Technologies Pty India Ordinary 100% Software services
CT Space Inc USA Ordinary 100% Software services
Citadon Inc USA Ordinary 100% Software services
Opt2Vote Limited England Ordinary 100% Software services
Currency Connect BV Holland Ordinary 100% Software services
FMx Limited England Ordinary 100% Software services
McLaren Software Australia Pty Limited Australia Ordinary 100% Software services 68 Idox plc Annual Report and Accounts 2012
For the year ended 31 October 2012
6 dEBTORS
2012
£000
2011
£000
Falling due within one year:
Other debtors 133 12
Falling due after one year:
Other debtors 188 –
Amounts owed by group undertakings 1,928 2,228
2,116 2,228
Included in the above for the Company is £1,928,000 (2011: £2,228,000) owed by group undertakings which is due after 
more than one year. The Directors consider this loan to be recoverable.
7 CREd ITORS: AMOUNTS FALLING d UE WITHIN ONE YEAR
2012 
£000
2011
 £000
Bank loan 2,300 –
Amounts owed to group undertakings 20,088 32,380
Corporation tax – 63
Other creditors 1,536 555
Accruals and deferred income 222 12
24,146 33,010
8 CREd ITORS: AMOUNTS FALLING d UE AFTER MORE THAN ONE YEAR
2012 
£000
2011 
£000
Bank loan 23,200 –
During the year the Company entered into one term loan and two revolving credit facilities with Bank of Scotland. At the 
balance sheet date, the amount outstanding on the term loan was £9,700,000 and during the period the loan was held the 
average interest rate paid was 4.07%.
The Company has a revolving credit facility to fund working capital requirements. At the balance sheet date, the amount 
drawn down under this facility was £5,800,000 and during the period the facility was held the average interest rate paid 
was 3.25%.
The Group has a revolving credit facility of £10m which was made available in order to finance business acquisitions. In 
March 2012, £2.7m of this facility was drawn down in order to fund the acquisition of Opt2Vote Limited. In May 2012, £3.6m 
of this facility was drawn down in order to fund the acquisition of Currency Connect Holdings BV. In October 2012, £3.7m 
of this facility was drawn down in order to fund the acquisition of FMx Limited. The total amount drawn down under this 
facility at the year end was £10m and the average interest rate paid during the period the facility was held was 4.03%. 
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.
In the current year the Group has used interest rates swaps to manage its exposure to interest rate movements on its bank 
borrowings. Contracts with notional values of £12m fix interest payments at an average rate of 1.33% for periods up until 2015.
The fair value of the interest rate swap liability at 31 October 2012 is estimated at £136,000 (2011: £Nil).
Notes to the Company Financial Statement 
continued 69 Idox plc Annual Report and Accounts 2012
9 SHARE CAPITAL
2012 
£000
2011 
£000
Authorised:
650,000,000 ordinary shares of 1p each (2011: 650,000,000) 6,500 6,500
Allotted, called up and fully paid
As at 1 November 3,463 3,442
Issued and allotted during the year 22 21
348,479,842 ordinary shares of 1p each (2011: 346,229,842) 3,485 3,463
Movement in issued share capital in the year
During the year to 31 October 2012, ten employees exercised share options. To satisfy the exercise of one of these options, 
the Company issued and allotted 2,250,000 new ordinary shares of 1p each.
The Company has one class of ordinary shares which carry no right to fixed income.
At 31 October 2012, there were 239,345 (2011: 232,174) shares in issue under ESOP. During the year the average issue 
share price was 34p (2011: 11.1p).
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 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 Lapsed At end of year Exercise price
Exercise date 
from
Exercise date 
to
2,250,000 – (2,250,000) – – 9.00p Feb 2007 Oct 2014
1,646,000 – (480,000) – 1,166,000 7.50p May 2007 May 2017
500,000 – (48,000) – 452,000 8.125p Jun 2007 Jun 2017
550,000 – (275,000) – 275,000 15.00p Dec 2007 Dec 2017
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 – – (100,000) 12,300,000 20.00p Mar 2011 Mar 2021
1,325,000 – (25,002) (200,000) 1,099,998 18.00p Mar 2011 Mar 2021
– 850,000 – – 850,000 35.00p Apr 2012 Apr 2022
– 750,000 – – 750,000 44.00p Sep 2012 Sep 2022
29,002,008 1,600,000 (3,078,002) (300,000) 27,224,006 70 Idox plc Annual Report and Accounts 2012
For the year ended 31 October 2012
10 SHARE OPTIONS CONTINUEd
The following table sets out the number of share options and associated weighted average exercise price (WAEP) 
outstanding during the year.
2012 2011
No
WAEP
 Pence No WAEP Pence
Outstanding at the beginning of the year 29,002,008 14.86 23,522,393 9.55
Granted during the year 1,600,000 39.22 13,725,000 19.81
Exercised during the year (3,078,002) 9.36 (8,245,385) 7.95
Lapsed during the year (300,000) 18.67 – – 
Outstanding at the end of the year 27,224,006 16.87 29,002,008 14.86
Exercisable at the end of the year 19,640,226 12.12 13,945,648 12.31
The share options outstanding at the end of the year have a weighted average remaining contractual life of 8 years. The share 
options exercised during the year had a weighted average share price of 9.36p and a weighted average market price of 35p.
The fair values were calculated using the Black-Schöles Pricing Model and the following information.
Date of issue
Number 
granted
No.
Weighted 
average 
share price
pence
Weighted 
average 
exercise 
price
pence
Expected 
volatility
%
Expected life
Years
Risk free rate
%
Expected 
dividend yield
%
Weighted 
average fair 
value at grant 
date
 £
Apr 12 850,000 35 35 37.5 10 4.65 0.6 0.19
Sep 12 750,000 37 44 37.5 10 4.65 0.6 0.18
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 is adjusted, based on the management’s best estimate, for the effects of non-
transferability, exercise restrictions and behavioural considerations.
The Group recognised total expenses of £731,000 (2011: £1,064,000) related to equity-settled share-based payment 
transactions during the year. Expenses of £568,000 (2011: £994,000) related to share options granted and £163,000  
(2011: £70,000) related to share options exercised.
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 year Exercised Lapsed At end of year Exercise price
Exercise date 
from
Exercise date  
to
954,545 (954,545) – – 11.00p Oct 2002 Oct 2012
3,000,000 (3,000,000) – – 10.00p Sep 2004 May 2014
3,954,545 (3,954,545) – –
Notes to the Company Financial Statement 
continued 71 Idox plc Annual Report and Accounts 2012
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.
2012 2011
No
WAEP 
Pence No
WAEP 
pence
Outstanding at the beginning of the year 3,954,545 10.24 7,449,388 11.34
Exercised during the year (3,954,545) 10.24 (1,909,091) 10.48
Lapsed during the year – – (1,585,752) 15.13
Outstanding at the end of the year – – 3,954,545 10.24
Exercisable at the end of the year – – 3,954,545 10.24
11 SHARE PREMIUM ACCOUNT ANd RESERVES
The Company
Capital 
redemption 
reserve
£000
Share 
premium 
account
£000
Treasury 
reserve
£000
Share option 
reserve
£000
Profit and 
loss account
£000
Total
£000
At 1 November 2011 1,112 10,017 (204) 1,366 (771) 11,520
Issue of share capital – 180 – – – 180
Share options reserve movement – – – 568 – 568
Shares repurchased – – (37) – – (37)
Exercise of options from treasury reserve – – 134 (109) (895) (870)
Dividends received – – – – 17,000 17,000
Dividends paid – – – – (2,196) (2,196)
Loss for the year – – – – (3,103) (3,103)
At 31 October 2012 1,112 10,197 (107) 1,825 10,035 23,062
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. 72 Idox plc Annual Report and Accounts 2012
For the year ended 31 October 2012 For the year ended 31 October 2012
12 RECONCILIATION OF MOVEMENTS IN SHAREHOLdERS’ FUN d S 
2012 
£000
2011 
£000
Loss for the financial year (3,103) (503)
Issue of share capital 856 135
Revaluation of investment in listed company – (35)
Dividends received 17,000 –
Dividends paid (2,196) (2,036)
Exercise of options from treasury reserve (37) 213
Treasury shares purchased (1,524) (721)
Shares option reserve movement 568 994
Net increase/(decrease) in shareholders’ funds 11,564 (1,953)
Shareholders’ funds at 1 November 2011 14,983 16,936
Shareholders’ funds at 31 October 2012 26,547 14,983
13 RELATEd PARTY d ISCLOSURES
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
On 1 November 2012 the Group increased the acquisition Revolving Credit Facility from £10m to £15m.
Notes to the Company Financial Statement 
continued Contents
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
12  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
24  Consolidated Statement of Changes in Equity
26  Consolidated Cash Flow Statement 
27  Notes to the Accounts
63  Independent Auditor’s Report to the Members of Idox plc 
64  Company Balance Sheet
65  Notes to the Company Financial Statement
73  Company Information
73 Idox plc Annual Report and Accounts 2012
Company Information
For the year ended 31 October 2012
Secretary and Registered Office: J Mackie 
 2nd Floor 
 Chancery Exchange 
 10 Furnival Street 
 London 
 EC4A 1AB
Nominated Advisor & Joint Broker: Investec Bank plc 
 2 Gresham Street 
 London 
 EC2V 7QP
Joint Broker: finnCap 
 60 New Broad Street 
 London 
 EC2M 1JJ
Auditors: Grant Thornton UK LLP 
 Grant Thornton House 
 Melton Street 
 Euston Square 
 London  
 NW1 2EP 
Corporate Solicitors: Memery Crystal 
 44 Southampton Buildings 
 London  
 WC2A 1AP
Registrars: Share Registrars Limited 
 Suite E, 1st Floor 
 9 Lion and Lamb Yard 
 Farnham 
 Surrey  
 GU9 7LL
Company Registration Number: 3984070
Financial Calendar: Annual General Meeting – 28 February 2013 
 Announcement of 2013 Interim Results – July 2013 
 Announcement of 2013 Annual Report – December 2013 Idox plc
Annual Report &
Accounts 2012
A 2nd Floor, Chancery Exchange,  
10 Furnival Street, London EC4A 1AB
T +44 (0) 870 333 7101
F   +44 (0) 870 333 7131
E investors@idoxplc.com
 www.idoxplc.com
Idox plc
Idox plc Annual Report & Accounts 2012