Annual Report
& Accounts 2016
idoxplc.com
Idox plc
Second Floor, 1310 Waterside, 
Arlington Business Park,  
Theale, RG7 4SA
T +44 (0) 870 333 7101 
F +44 (0) 870 333 7131 
E investors@idoxplc.com
Idox plc Annual Report & Accounts 2016 Idox plc is a supplier of specialist information 
management solutions to the public sector and  
to highly regulated asset intensive industries  
around the world in the wider corporate sector.
For more information see www.idoxplc.com
Overview
01 Financial and Operational Highlights
02 Our Company at a Glance
Strategic Report
04 Chairman’s Statement
08 Our Strategic Overview 
10 Chief Executive’s Review
14 Financial Review
18 Principal Risks and Uncertainties
Governance
22 Board of Directors
24 Directors’ Report
27 Report on Remuneration
29 Corporate Governance Report
33 Report of the Audit Committee
Financial Statements
35 Independent Auditor’s Report  
to the Members of Idox plc
36 Consolidated Statement of  
Comprehensive Income
37 Consolidated Balance Sheet
38 Consolidated Statement of  
Changes in Equity
40 Consolidated Cash Flow Statement 
41 Notes to the Accounts
76 Independent Auditor’s Report  
to the Members of Idox plc 
77 Company Balance Sheet
78 Company Statement of Changes in Equity
79 Notes to the Company Financial Statements
Company Information
88 Company Information Financial Highlights
• Revenues up 23% to £76.7m (2015: £62.6m)
• Adjusted EBITDA* increased 18%  
to £21.5m (2015: £18.2m)
• Adjusted EBITDA* margin 28.0% (2015: 29.1%)
• Adjusted profit before tax** was £16.7m, up 15%  
(2015: £14.5m)
• Adjusted EPS** 4.11p up 25% (2015: 3.28p) 
• Net debt as at 31 October 2016 stood at £25.0m  
(31 October 2015 £23.1m; £4.7m net cash outflow on 
two acquisitions in the second half of the financial year) 
• Proposed final dividend of 0.650p (2015: 0.525p)  
making a total of 1p (2015: 0.850p), an increase  
of 18% for the financial year
Statutory Equivalents
The above highlights are based on adjusted results. 
Reconciliations between adjusted and statutory results are 
contained within these financial statements. The statutory 
equivalents of the above results are as follows:
• Profit before tax was 33% higher at £13m (2015: £9.8m)
• Basic EPS increased by 49% to 3.30p (2015: 2.21p)
Operational Highlights
• Recurring and repeating revenues represented  
82% of revenues 
• Another strong performance from Public  
Sector Software (PSS):
 – Represented 53% of Group revenues 
 – Organic revenue growth of 5% – strong  
election year and winning of market share
 – Won 90 new local authority customers –  
92% of all local authorities now customers
• Acquisitions:
 – Open Objects and Rippleffect enhanced the 
Group’s capabilities in social care and digital 
services respectively 
• Board succession planning completed; Andrew Riley 
appointed Chief Executive in November 2016, Richard 
Kellett-Clarke becomes a Non-Executive Director
*  Adjusted EBITDA is defined as earnings before amortisation, depreciation, restructuring, acquisition, corporate finance and share option costs
** Adjusted profit before tax and adjusted EPS excludes amortisation on acquired intangibles, restructuring and acquisition costs
Financial and Operational Highlights
Adjusted profit 
before tax**
£16.7m 
(2015: £14.5m)
15%
25%
23%
Revenue
£76.7m 
(2015: £62.6m)
Adjusted EPS**
4.11p 
(2015: 3.28p)
33%
Profit before tax
£13m
(2015: £9.8m)
18%
Adjusted  
EBITDA*
£21.5m 
(2015: £18.2m)
Dividend  
per share
1p 
(2015: 0.850p)
18%
Overview > Financial and Operating Highlights
Overview Strategic Report Governance
Financial 
Statements
Company 
Information
01 As a leading supplier of software, services and content to a 
customer base spanning both the UK and international markets, 
Idox is committed to transforming the way organisations operate 
for the better. 
We support our customers by delivering solutions that provide the right tools, at the right time, to enable better service 
delivery and business efficiency across a number of sectors.
Our core areas of operation include Public Services, Engineering, Funding, Commercial and Digital, with broad and 
demonstrable capabilities and expertise that have supported – and continue to support – a wide range of customers 
including government departments and agencies, local government, the police and emergency services, health and 
social care, transport, education and commercial organisations.
Idox is committed to helping the public sector to strengthen, grow and thrive. As a trusted partner for over 30 years,  
we serve the public sector organisations that are adapting and enhancing services today to deliver tangible benefits 
and outcomes that achieve the vision of a sustainable, efficient and digitally transformed world of the future.
Our Company at a Glance
What We Do
Idox plc Annual Report and Accounts for the year ended 31 October 2016 02 10 years performance
Office Locations
United Kingdom
Cambridge, UK 
Liverpool, UK 
London, UK 
Manchester, UK  
Theale, UK 
Wilmslow, UK 
Glasgow, UK 
Derry, N.Ireland
Europe
Brussels, Belgium 
Paris, France 
Rennes, France 
Berlin, Germany 
Goor, Holland 
Utrecht, Holland
Rest of the World
Houston, USA 
Pune, India
OFFICES
16  
offices worldwide 
EMPLOYEES
760  
Group 
employees
Where We Operate
2016
2016
2016
2014
2014
2014
2013
2013
2013
2012
2012
2012
2011
2011
2011
2010
2010
2010
2009
2009
2009
2008
2008
2008
2007
2007
2007
2015
2015
2015
£76.7m
£60.7m
£57.3m
£55.4m
£35.2m
£27.9m
£27.4m
£28.4m
£15.1m
£62.6m
Revenue
£13.0m
£7.6m
£7.5m
£7.9m
£5.5m
£5.1m
£4.8m
£6.7m
£2.2m
£9.8m
Profit before tax
£114k
£110k
£105k
£124k
£102k
£87k
£98k
£109k
£61k
£109k
Revenue per head
2016
2016
2014
2014
2013
2013
2012
2012
2011
2011
2010
2010
2009
2009
2008
2008
2007
2007
2015
2015
£21.4m
£16.4m
£15.0m
£16.6m
£11.4m
£8.8m
£7.7m
£8.8m
£3.0m
£18.2m
Adjusted EBITDA
2016
2014
2013
2012
2011
2010
2009
2008
2007
2015
1.00p
0.75p
0.70p
0.68p
0.60p
0.45p
0.20p
0.12p
0.10p
0.85p
Dividend per share
4.11p
2.80p
3.31p
3.50p
2.10p
1.66p
1.41p
1.65p
0.62p
Adjusted EPS
3.28p
Overview Strategic Report Governance
Financial 
Statements
Company 
Information
03 Overview > Our Company at a Glance I am pleased to report a year of strong progress for Idox, driven by organic growth complemented 
by contributions from acquisitions. The success of Idox continued to be underpinned by its 
strategy of positioning itself as a key partner enabling customers to achieve significant efficiencies 
through digital technologies.
In generally stable markets, the Group continued to benefit from its diversified business model 
and sources of earnings which helped mitigate challenges in some of our smaller markets. 
A summary of our financial key performance indicators is presented below:
2016 2015 Change
Revenue £76.7m £62.6m 23%
Adjusted EBITDA* £21.5m £18.2m 18%
Adjusted EBITDA* margin 28% 29% -1%
Adjusted EPS** 4.11p 3.28p 25%
*  Adjusted EBITDA is defined as earnings before depreciation, amortisation, restructuring, acquisition,  
corporate finance and share option costs
**  Adjusted EPS excludes amortisation on acquired intangibles, restructuring and acquisition costs
Results
Idox grew revenue by 23% to a record £76.7m and achieved an 18% increase in Adjusted 
EBITDA. The overall Group margin was slightly lower than the prior year due to the anticipated 
change in mix of election and digital services revenues. 
As in previous years, a significant percentage (82%; 2015: 88%) of Idox’s annual revenues were 
derived either from recurring contracts with customers or from repeat customers from whom the 
Group had derived revenues in the prior year; this gives the Group significant revenue visibility  
and is evidence of Idox’s strong relationships and focus on customer service. 
Group Strategy 
Idox has a strong reputation and market leading positions principally in important segments of  
the public sector software market in the United Kingdom and Europe. The Group partners with 
its customers so they can achieve efficiency savings using digital technology.
The Group’s strategy is to become a much larger business by establishing and building on its 
leading market positions by extending its public sector domains and expanding its delivery of 
digital services across all areas of local government. This will be achieved through a combination 
of organic and acquisitive growth. This is intended to deliver double digit annual revenue growth 
with a short to medium term objective of £100m of revenues at sustainable margins.
“ The Group has made strategic progress towards positioning 
itself as a key partner for its customers to achieve efficiency  
savings through the use of digital technology.”
Chairman’s Statement
Laurence Vaughan
Chairman
Idox plc Annual Report and Accounts for the year ended 31 October 2016 04 Overview Strategic Report Governance
Financial 
Statements
Company 
Information
Acquisitions 
During the financial year, two acquisitions 
were completed in line with our strategy, both 
of which contributed to the year’s financial 
performance whilst expanding our capabilities 
and providing cross selling opportunities. The 
Group has a strong track record of acquisition 
integration and delivering earnings enhancing 
contributions from such transactions. The 
recent acquisitions were:
• Open Objects Software Limited (‘Open 
Objects’) in July 2016 broadened our 
capability in the important social care 
market where the Group has historically 
been under-represented
• Rippleffect Studio Limited (‘Rippleffect’) 
in August 2016 added e-commerce 
consultancy expertise to add to our  
digital capabilities 
• In addition, there was a strong contribution 
from the acquisition of Reading Room, 
completed just prior to the previous year 
end in October 2015.
Together these acquisitions have enhanced 
our capabilities, such that we can now deliver 
content, domain specific solutions, managed 
and hosted services and web services to 
improve processes, productivity and customer 
engagement in all of our chosen domains.
Dividends
The Board is pleased to propose, subject to 
shareholder approval at the Company’s Annual 
General Meeting, a final dividend of 0.650p 
(2015: 0.525p), bringing the total for the year 
to 1p. This represents an increase of 18% 
over the previous year total of 0.850p, and is 
consistent with both our strong performance in 
the year and our progressive dividend policy to 
grow dividends in line with earnings growth. 
The Board
On 10 November 2016, we announced some 
significant board changes as part of our 
succession planning. Richard Kellett-Clarke 
stepped down as Chief Executive and Andrew 
Riley, previously the Group’s Chief Operating 
Officer (COO), was appointed Chief Executive. 
Andrew’s appointment ensures continuity of 
both leadership and strategy and he takes 
over at a time when the business is in the best 
shape it has ever been. Andrew joined the 
Group in 2000 and was Managing Director of 
Idox’s Public Sector Software Division from 
2011 before becoming COO. Richard will 
remain at Idox as a Non-Executive Director, 
until the end of the current financial year 
ending 31 October 2017, to ensure an orderly 
handover and to assist with the integration 
of recent acquisitions and the ongoing 
development of the Group’s strategy. 
Richard has played a key role in the 
transformation of Idox over the last ten 
years, first as Finance Director, then as Chief 
Operating Officer and most recently as Chief 
Executive. From joining the Group in 2006 
he has been instrumental in establishing and 
delivering the Group’s organic and acquisition 
growth strategy, resulting in a near fifteen-
fold increase in the share price and market 
capitalisation over that time. We thank him  
for his significant contribution to the Group. 
In January 2016, the Board was pleased 
to appoint Barbara Moorhouse as a non-
Executive Director; she has more than 25 years 
of management experience across the private 
and public sectors and replaces Dame Wendy 
Hall who stepped down in December 2015. 
05 Strategic Report > Chairman’s Statement Outlook
The Group has started the new financial year 
strongly building on the good performance 
and organic and acquisitive growth of 2016. 
We also believe there is a relatively stable 
outlook in all our markets notwithstanding 
recent political developments. We have 
integrated recent acquisitions and have had 
early successes winning contracts in the new 
financial year in a number of our segments in 
both the UK and Europe. The importance to 
our customers of achieving efficiency through 
the effective use of information technology 
should not be underestimated.
The encouraging adoption of the Government’s 
digital services initiative by the public sector 
and local government especially, and the early 
success of blending this with our recently 
acquired digital capability, has encouraged us 
to accelerate our developments in this area. We 
believe this growth in digital engagement will 
benefit our Public Sector Software business as 
its products are focused on delivering savings 
and helping local authorities improve their 
consumer experiences.
 
The Board remains confident that the Group is 
well positioned in its markets and will continue 
to perform well in 2017 given its strong revenue 
visibility, order book and pipeline. The Group 
remains on track to achieve its target of £100m 
of revenues at sustainable margins in the short 
to medium term, through a combination of 
organic growth and acquisitions.
Overall, the outlook for Idox in the coming 
years is therefore very positive and our 
expectations for the Group’s financial 
performance are unchanged.
Laurence Vaughan
Chairman
13 December 2016
Chairman’s Statement continued
+23%
£76.7m
2014 2015 2016
£60.7m
£62.6m
Revenue
Idox plc Annual Report and Accounts for the year ended 31 October 2016 06 Overview Strategic Report Governance
Financial 
Statements
Company 
Information
“In Leeds the majority of applications are 
now submitted electronically. The major 
benefits of using iApply are the ease at which 
applications are retrieved and it makes the 
application forms much easier to read, as 
they are the forms set by regulation.“
Susan Holden,  
Principal Licensing Officer, Leeds City Council
07 Strategic Report > Chairman’s Statement Our Strategic Overview
Key Performance Indicators
Market Overview
The Group continues to operate successfully and has grown  
in challenging markets characterised by continued pressure  
on local government expenditure. 
Our diversity of offerings and tight integration of 
businesses into a single management structure allows 
us to take advantage of opportunities and respond 
to challenges in our markets as demonstrated by this 
year’s performance.
We see no change in outlook for our core markets. 
Announcements concerning public sector savings 
over the next three years are in line with our planning  
and expectations and should drive take-up of our  
new cost saving solutions. 
+23%
2015 2015 2016 2016
89% 29%
Revenue Profitability Ratios
Gross Margin
Gross profit as a percentage  
of revenue.
Adjusted EBITDA
Profit before interest, tax, depreciation, 
amortisation, restructuring costs, 
acquisition costs, corporate finance  
costs and share option costs as a 
percentage of revenue.
Our Business Model
Idox is the leading applications provider to UK local  
government for core functions relating to land, people  
and property, such as its market leading planning systems  
and election management software.
Idox provides:
• public sector organisations with tools to manage 
information and knowledge, documents, content, 
business processes and workflow as well as  
connecting directly with the citizen via the web  
and providing elections management solutions
• decision support content such as grants and planning 
policy information and corporate compliance services
• engineering document control, project collaboration 
and facility management applications to many 
leading companies in industries such as oil and 
gas, architecture and construction, mining, utilities, 
pharmaceuticals and transportation in North  
America and around the world.
Financial Indicators:
Key financial performance indicators, including the management of profitability,  
monitored on an ongoing basis by management are set out below:
87% 28%
£76.7m
2014 2015 2016
£60.7m
£62.6m
Idox plc Annual Report and Accounts for the year ended 31 October 2016 08 Overview Strategic Report Governance
Financial 
Statements
Company 
Information
Our Strategy 
Our strategy is to become the partner of choice due to  
our domain expertise, continued innovation, quality of  
service and guaranteed delivery. 
Through this focus on quality and delivery we expect to demonstrate to our customers improvements  
in operational efficiency and return on investment which will result in us increasing our market share,  
growing both organically and internationally.
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.
Over 
90% 
of UK local authorities 
are now customers 
for one or more 
of the Group’s 
products.
The Group 
employs over 
 760
staff located in the UK, 
the USA, Canada, 
Europe, India and 
Australia.
Non-financial Indicators:
Idox Group practises an integrated management system  
centred around its ISO accreditations as follows:
The Board 
of Directors 
comprises
    29%
female staff  
members.
09 Strategic Report > Our Business Model Overview of Operational Performance
We are pleased to report that the Group 
performed strongly during the year with double 
digit growth in both revenues and adjusted 
profits, including good contributions from 
organic growth and recent acquisitions.
The year saw the continued expansion of 
our digital services platform which, through 
a combination of internal development 
and technology acquisition, is increasingly 
underpinning deliveries of new products and 
services across the Group in a more efficient 
and sustainable way. 
Management focus during the year has 
continued to be in accelerating the expansion 
of the digital services platform, completing 
and consolidating recent acquisitions, and  
in continuing the drive for further productivity 
improvements and performance across  
the Group.
Public Sector Software (‘PSS’)
The Public Sector Software business, which 
represented 53% of Group revenues for the 
year, had a particularly strong performance 
with revenues up 14%. The year saw significant 
elections activity and we delivered services in 
support of Local Elections, the EU referendum 
and a new e-count solution for the Scottish 
Government to be used in the local elections  
in May 2017.
The digital service platform has been 
instrumental in delivering new solutions  
and add-on products to our existing 
customers with a combined value of £2.9m. 
The platform has been used to provide 
integration for the new national online  
planning and building standards services  
for the Scottish Government, as well as 
providing the infrastructure for a new  
suite of platform independent mobile 
applications for use across our core  
back office software solutions. 
The framework has also provided the capability 
to write new back office applications and 
underpins the long term upgrade strategy for 
our existing back office applications. The first 
of these new systems is a new national election 
system for Northern Ireland, on which we plan 
to build a next generation platform for the wider 
UK and future international expansion. 
The iApply service, also based on the digital 
service platform, was launched earlier in the 
year to provide a national planning application 
service; it has been successfully extended to 
provide online licensing and building control 
applications, achieving a monthly transaction 
volume of over 10,000 applications by the 
end of the financial year. The platform will be 
expanded during the current financial year to 
deliver further customer journeys with a vision 
of delivering a comprehensive suite of services 
for local government over the next three years.
We have continued to see further market share 
gains with 90 new local authority customers in 
the year, 19 new system sales and a further 11 
managed service customers. 
The integration of the Facilities Management 
business within the public sector team during 
the prior year has continued to deliver benefits 
in terms of improved sales performance 
and cross selling opportunities. Revenues 
within Facilities Management grew by 11%. 
Key contracts wins included Carillion, SSS 
Managed Services and Pinsent Masons.
“ Idox performed strongly during the year  
with double digit growth in both revenue  
and adjusted profits”
Chief Executive’s Review
Andrew Riley
Chief Executive Officer
Idox plc Annual Report and Accounts for the year ended 31 October 2016 10 Overview Strategic Report Governance
Financial 
Statements
Company 
Information
Our Transport business (formerly Cloud Amber) 
was held back in the first half of the year by the 
need to focus on completing the delivery of two 
complex sales contracted prior to acquisition. 
One of these was a new integrated transport 
management system for a new bus station in 
Perth Australia. This underground bus station 
is Australia’s first to work more like an airport, 
with buses departing from different stands for 
each trip to maximise efficiency with the flow of 
buses and passengers being fully controlled by 
our software solutions.
A significant milestone was achieved with 
our next generation adaptive control platform 
that has successfully completed field trials 
throughout a number of key road junctions 
in Southampton, enabling real time control of 
traffic lights. This development paves the way 
for our next generation of fully adaptive artificial 
intelligence algorithms enabling pioneering 
policy lead control of the road network. 
The business finished the year strongly with a 
major project win either side of the year end.
Digital
Reading Room has performed well in its first 
full year within the Group, delivering revenues 
of £9.1m and an improved EBITDA margin of 
13%. The business has been fully integrated 
and rebranded as Idox Digital and, with the 
acquisition of Rippleffect, has become a true 
full service digital agency. 
The business is working in collaboration 
with other parts of the Group, in support of 
delivering the digital service platform and 
combined product and service offerings. The 
main successes have been in delivering Unified 
Travel Information Portals in Cornwall and 
Northamptonshire that provide an end to end 
one stop shop in which all modes of transport, 
cars, taxis, buses, DRT, flights, trains including 
walking and cycling are included so that 
travellers can make informed choices.
Other significant contracts in the period 
included delivery of the new Royal Family 
website, and systems for the Ministry of 
Defence, NHS, British Cycling and RPC.
11 Strategic Report > Chief Executive’s Review Grants
The Grants business continued to increase  
its customer base, and deliver bigger grants  
on a success fee basis for larger customers. 
We have seen acceleration in the adoption 
of the Research Connect platform within 
European Universities via our new pan-
European sales team. 
Compliance
Revenue in our compliance business declined 
by 28% to £4.4m, which was partly the 
result of aligning its year end to Idox’s after 
a very strong prior year. This was further 
compounded by a decline in demand for  
our core compliance e-learning programmes. 
Some R&D and sales issues were resolved 
in the second half of the year, which has 
resulted in significant new contract wins in  
the first month of the new financial year, 
including sales to a major German airline  
and a leading German tools provider. 
Engineering Information  
Management (‘EIM’)
The EIM business returned to modest growth 
with revenues up 3% to £14.1m and a much 
improved EBITDA margin increasing to 23% 
from 16%. It has benefited from early and 
decisive action taken in the prior year to realign 
the business following the global market 
decline in oil and gas capital projects activity.
EIM has achieved key contracts wins, 
including Odebrecht, BNP Paribas, Strabag, 
Weherhauser, PM Group and a reseller 
agreement with Amplexor. It also continued 
to make further productivity gains, and is well 
poised to benefit from any improvement in its 
core markets, while continuing to invest in its 
new Cloud based services. 
Acquisitions
The Group has made two acquisitions in the 
second half of the year: Rippleffect and Open 
Objects. Both acquisitions have been made to 
support our objectives of expanding our digital 
capability and extending our presence within 
the public sector. Both businesses will have 
been fully integrated into the Group, ahead of 
schedule, by the end of calendar year 2016.
Open Objects, acquired in July, provides digital 
services to the social care and health markets 
within the UK, enabling citizens and care 
providers to engage digitally in care provision. 
In addition to providing significant penetration 
into the social care and health markets, 
the acquisition expands the digital service 
platform’s capability, especially within data 
management. The business supplies solutions 
to social care departments within the UK and 
has expanded its presence since acquisition 
with new wins from Warrington and London 
Borough of Waltham Forest.
Rippleffect, acquired in August, is a digital 
agency based in Liverpool that completes our 
skills and technical capability by providing the 
Group with an e-commerce capability for use 
within the digital service platform under the 
Idox Digital Brand. The business has a focus 
on sport and has 7 premiership football clubs 
as customers with wins since acquisition 
including Middlesbrough FC. 
Chief Executive’s Review continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 12 Overview Strategic Report Governance
Financial 
Statements
Company 
Information
Markets 
The Group continues to operate successfully 
and has grown in challenging markets 
despite continuing pressure on government 
expenditure and grant funding. We see no 
change in outlook for our core markets, 
whilst the diversity of our offerings and tight 
integration of our businesses into a single 
management structure continues to allow  
us to take advantage of opportunities and 
respond to challenges.
We have seen minor delays in customer 
decision making as a consequence of the EU 
referendum, and we expect this to continue 
through the period of uncertainty around the 
nature of the UK’s exit. The Board expects the 
Group to ultimately be a beneficiary due to our 
key role in implementing the required changes 
to legislation within our core systems.
Growth Strategy 
The Group has refocused on become a 
leading international supplier of software, 
services, managed services and content to 
the wider public sector, whilst continuing to 
deliver service to private sector customers  
as well. 
Following recent acquisitions, Idox has 
presence across all UK public sector markets 
and it is the Board’s intention to accelerate the 
consolidation of the Group’s presence within 
these markets in the same way it has done 
within the UK Local Government market space. 
In addition, we will also seek international 
expansion opportunities. 
The Group’s investment strategy in the 
coming year is to continue the development 
of the digital service platform and to build the 
commercial teams to facilitate its growth. 
The Board believes that channel shift and 
automation remain fundamental to the 
delivery of public services and that the Group 
remains well placed to support not only local 
government but the wider public sector to 
achieve this. 
The business is on schedule to deliver its  
target of £100m revenues in the short to 
medium-term.
Andrew Riley
Chief Executive Officer
13 December 2016
13 Strategic Report > Chief Executive’s Review Group revenues grew by 23% to £76.7m (2015: 
£62.6m) driven by 2% organic growth and 
the impact of four acquisitions. Cloud Amber 
Ltd and Reading Room Ltd were acquired 
during 2015 and had a full year impact for the 
first time in 2016. Open Objects Software Ltd 
and Rippleffect Studio Ltd were acquired in 
2016 and made a contribution in the current 
year. 27% of Group revenues were generated 
outside of the UK (2015: 34%) with a change in 
geographical mix due to the four acquisitions 
which have the majority of their customer base 
in the UK. Gross profit earned was 19% higher 
at £66.6m (2015: £55.9m) and the Group saw 
a slight decrease in gross margin from 89% 
to 87% as a result of lower margin election 
print revenue related to May local elections 
and the EU Referendum. Earnings before 
amortisation, depreciation, restructuring, 
acquisition, corporate finance and share option 
costs (“Adjusted EBITDA”) increased by 18% to 
£21.5m (2015: £18.2m) with Adjusted EBITDA 
margins of 28% (2015: 29%).
Performance by Segment
In previous periods, the Group was organised 
into two main operating segments. Following 
an internal reorganisation the Group is now 
organised into five operating segments.
The Public Sector Software (PSS) segment, 
which accounted for 53% of Group revenues 
(2015: 57%), delivered revenues of £41.0m 
(2015: £35.8m) due to 5% organic growth  
and the contribution of Cloud Amber and  
Open Objects. Product and services  
revenue grew 13% to £19.0m (2015: £16.8m).  
Election revenue accounted for £5.6m (2015: 
£2.6m) of PSS revenues with the segment 
delivering on the Scottish eCount project, 
May local elections and EU Referendum, in 
comparison to only the UK General Election 
in 2015. Recurring revenues within the PSS 
segment were 42% (2015: 45%) decreasing 
due to the contribution of election revenue 
in the period. Segmental Adjusted EBITDA 
increased by 16% to £16.3m (2015: £14.1m) 
delivering a 40% EBITDA margin (2015: 39%). 
The Engineering Information Management 
(EIM) segment accounted for 18% of Group 
revenues (2015: 22%) and reported a revenue 
increase of 4% to £14.1m (2015: £13.6m). The 
proportion of recurring revenues in the EIM 
business from maintenance and Software-
as-a-Service (“SaaS”) were 57% (2015: 56%). 
Segmental Adjusted EBITDA for the EIM 
segment increased 50% to £3.3m (2015: 
£2.2m). EBITDA margin increased to 23% 
(2015: 16%) reflecting the restructuring in 
the segment carried out in 2015 and organic 
revenue growth in the period. 
The Digital segment had revenue of £10.9m 
(2015: £1.1m) which included a full year of 
Reading Room acquired in November 2015 
and an initial revenue contribution of £1.2m 
from Rippleffect acquired in 2016. 
The Grants business in the UK and 
Netherlands saw 8% growth on the prior 
period with revenues of £6.4m (2015: £5.9m). 
The Compliance business in Europe had a 
decrease in revenues from £6.1m to £4.4m. 
“Group revenues grew by 23% to £76.7m.”
Financial Review
Jane Mackie
Chief Financial Officer
Idox plc Annual Report and Accounts for the year ended 31 October 2016 14 Overview Strategic Report Governance
Financial 
Statements
Company 
Information
Profit Before Tax
Adjusted EBITDA increased 18% to £21.5m 
(2015: £18.2m), or organically by 6%. Cost of 
sales increased 51% to £10.1m (2015: £6.7m).
Cost of sales increased 19% excluding 
acquisitions due to higher election print and 
postage costs on the prior year. Administrative 
expenses increased 15% to £52.3m (2015: 
£45.3m), or excluding acquisitions in the year 
decreased by 4%. Staff costs increased by 
19% to £35.9m (2015; £30.3m), excluding 
acquisitions staff costs decreased by 6% 
due to a full year benefit of 2015 restructuring 
costs from EIM and higher R&D capitalisation. 
Other overheads increased by 2% on a like-
for-like basis. 
 
Financing costs increased 17% to £1.4m (2015: 
£1.2m) and included interest payable of £0.8m 
(2015: £0.7m) and bank charges of £0.3m 
(2015: £0.4m). Finance income decreased 
to £0.1m (2015: £0.4m) as the prior period 
included £0.3m of exchange gain on translation 
of intercompany balances.
Adjusted profit before tax and adjusted 
earnings per share are alternative performance 
measures, considered by the Board to be a 
better reflection of true business performance 
than looking at the Group’s results on a 
statutory basis only. These measures are 
widely used by research analysts covering 
the Company. A full reconciliation between 
underlying profit and the profit attributable to 
shareholders is provided in the following table:
Adjusted profit before tax
12 months to 
31 October 2016 
(audited) 
£000
12 months to
31 October 2015 
(audited) 
£000
Profit before tax for the year 12,983 9,763
Add back:
Amortisation on acquired intangibles 3,817 3,778
Acquisition credits (404) (34)
Restructuring costs 330 1,025
Adjusted profit for the year 16,726 14,532
15 Strategic Report > Financial Review Reported profit before tax was up 33% 
to £13.0m (2015: £9.8m). Amortisation of 
intangibles remained flat at £3.8m (2015: 
£3.8m) due to intangibles from prior 
acquisitions becoming fully amortised offset 
by amortisation on new intangibles relating to 
acquisitions. Amortisation on Research and 
Development was £1.3m (2015: £1.0m) and 
amortisation on software licences increased to 
£1.0m (2015: £0.7m). Restructuring charges of 
£0.3m (2015: £1.0m) relates to the integration 
of Reading Room, Rippleffect and Open 
Objects. Acquisition credits of £0.4m include 
acquisition costs of £0.3m and a £0.7m 
credit relating to a reduction of the contingent 
consideration for Cloud Amber as a result of 
the revenue target being missed as described 
in the Share Purchase Agreement. 
The Group continues to invest in developing 
innovative technology solutions and 
has incurred capitalised Research and 
Development costs of £2.8m (2015: £1.2m). 
Research and Development costs expensed  
in the period were £4.5m (2015: £4.1m).
Taxation
The effective tax rate (‘ETR’) for the period 
was 9.06% (2015: 19.8%). A significant tax 
repayment was processed in 2016, in respect 
of historic R&D claims covering FY13, FY14 
and the Reading Room Group’s 31 March 2014 
year-end. The Reading Room Group had never 
previously made an R&D claim. Furthermore, 
the decrease in the deferred tax rate provided 
for, from 20% to 18%, in advance of decreases 
in the UK corporation tax main rate to 19% (01 
April 2017) and 17% (01 April 2020), resulted 
in downward pressure on the ETR given the 
Group’s net deferred tax liability position.
Other factors decreasing ETR in 2016 were 
share option exercises, the utilisation of pre-
acquisition losses and a non-taxable write-off 
of deferred consideration. A factor mitigating 
the decrease in ETR was the decision not to 
recognise international losses incurred in the 
US and Germany during 2016 until potential 
utilisation becomes more certain. 
The higher effective tax rate in 2015 was due 
to a larger proportion of the overall tax charge 
being incurred in overseas jurisdictions with 
a higher rate of corporation tax than the UK. 
Another factor increasing the tax rate in 2015 
was the derecognition of deferred tax assets 
in the US given uncertainty over the assets’ 
future recoverability. 
Earnings Per Share and Dividends
Adjusted earnings per share increased by 
25% to 4.11p (2015: 3.28p). Adjusted diluted 
earnings per share increased by 27% to 3.96p 
(2015: 3.13p). 
Basic earnings per share increased by 49% to 
3.30p (2015: 2.21p). Diluted earnings per share 
increased by 51% to 3.18p (2015: 2.10p).
The Board proposes a final dividend 0.650p, 
an increase of 24% on the previous final 
dividend, giving a total dividend for the year 
of 1p and an 18% growth for the full year. 
This is in line with our progressive dividend 
policy for our dividends to track our earnings 
per share. Subject to shareholder approval at 
the forthcoming Annual General Meeting, the 
final dividend is expected to be paid on the 
21 April 2017 to shareholders on the register  
at 31 March 2017.
Financial Review continued
“ Adjusted earnings per share increased  
by 25% to 4.11p.”
Idox plc Annual Report and Accounts for the year ended 31 October 2016 16 Overview Strategic Report Governance
Financial 
Statements
Company 
Information
Balance Sheet and Cashflows
The Group’s balance sheet continued to 
strengthen during the period and at 31 October 
2016 net assets were £65.2m compared to 
£53.6m at 31 October 2015. 
Cash generated from operating activities before 
tax as a percentage of Adjusted EBITDA was 
63%, up from 53% in the previous year. 
The Group ended the period with net debt 
of £25.0m (2015: £23.1m) after utilising the 
facility for the acquisition of Open Objects 
(£3.4m paid in cash and a further £1.6m 
which will be utilised in 2018) and Rippleffect 
(£2.0m). The Group’s total signed debt 
facilities at 31 October 2016 stood at £35m, 
a combination of a £12m term loan and £23m 
revolving credit facility, split £21.9m with the 
Royal Bank of Scotland and £13.1m with the 
Silicon Valley Bank.
Deferred income, representing invoiced 
maintenance and SaaS contracts yet to be 
recognised in revenue, stood at £15.9m at 
31 October 2016 (2015: £14.6m). Accrued 
income, increased to £18.8m (2015: £13.2m). 
£3.8m of the increase relates to a higher 
volume of longer term contracts with local 
authorities, £0.7m relates to an EIM contract 
closed in October 2016 and £0.9m relates 
to acquisitions.
Jane Mackie  
Chief Financial Officer
13 December 2016
17 Strategic Report > Financial Review Principal Risks and Uncertainties
Local 
Management
Annual comprehensive risk 
reviews are performed by 
local management teams 
and reported to the 
Risk Committee.
Internal Audit
The Group’s internal audit 
function performs regular 
audits in country offices to 
assess culture, financial controls 
in accordance with local 
regulatory requirements  
and Group controls.
Audit Committee
The Audit Committee has 
responsibility for assessing 
and challenging the robustness 
of the internal control environment. It 
directs and reviews local management, 
internal audit and Group finance 
reports on internal control and risk 
management throughout the 
year, and reports the principal 
risks to the Board.
Risk 
Committee
The Risk Committee 
meets quarterly and 
discusses the Group’s 
strategy, identifies the 
principal risks to the 
strategy and agrees 
mitigating actions.
Board
The Board has overall 
responsibility for Idox’s 
risk management, processes 
and reporting. Risk management 
processes and internal control 
procedures are the ultimate 
responsibility  
of the Board.
Risk identification and management continues to be 
a key role for the Board. Risk management strategy 
is led by the Board; thereafter management of risk 
is judiciously managed through dedicated expert 
professionals in the business.
Idox intends to build on the risk management 
work undertaken in 2016 and to continue to 
develop the Group’s risk maturity in 2017.
Risk management processes and internal 
control procedures are established within 
business practices across all levels of the 
organisation. Risk identification, assessment 
and mitigation are performed across Idox with 
a more detailed assessment at operational 
level, and through Board led assessment of 
strategic and market risk. 
Risk management and internal controls provide 
reasonable but not absolute protection against 
risk. Risk appetite is not static and is regularly 
assessed by the Board to ensure it continues to 
be aligned with the Group’s goals and strategy. 
Risk Profile
New and existing risks were identified and 
assessed during 2016. Executive Management, 
the Risk Committee and the Board performed 
further analysis to prioritise these risks, with 
a focus on those principal risks posing the 
highest current risk to the achievement of the 
Group’s objectives. All risks facing Idox were 
consolidated onto a risk heat map. 
Risks included on the heat map are monitored 
more closely by Executive Management, the 
Risk Committee and the Board. Whilst these 
principal key risks represent a significant 
portion of the Group’s overall risk profile, 
the Executive Management and the Risk 
Committee continue to monitor the universe 
of risks to identify new or emerging risks 
as well as any changes in risk exposure. 
The risk profile continued to change 
throughout the year, in part as a result of the 
acquisition of Open Objects Software Ltd and 
Rippleffect Studio Ltd. These represented an 
enhancement of the Group’s digital brand and 
a move into the health vertical. 
Idox plc Annual Report and Accounts for the year ended 31 October 2016 18 Overview Strategic Report Governance
Financial 
Statements
Company 
Information
Embedding the Risk Culture 
Throughout the Group, risk management is an evolving process. This is recognised by ongoing training and advice by 
divisional and business unit risk representatives, supported by the central risk and assurance team, best practice sharing, 
gap analysis and internal benchmarking. Successful training and communication help build a culture and ability to further 
embed processes and procedures throughout the organisation. A more deeply embedded risk management culture 
supports long-term value creation for all stakeholders.
Cyber Risk
Principal Risks
Information security breach or cyber-attack 
resulting in loss or theft of data, content or 
intellectual property. 
Management of Risks
Idox operates with a number of complex systems that maintain confidential 
data. The risk is perceived to have increased due to the higher number of 
cyber-attacks in the UK. 
Idox has cyber, data protection and security policies in place and regularly 
reviews the effectiveness of these policies. System controls include secure 
infrastructure, content level protection, access management and monitoring.
There is an enterprise-wide data security programme and defined  
incident management processes, including those for employees to  
report security breaches.
In the current year, Idox has focused on achieving ISO 22301:  
‘Business Continuity Management System’.
In addition to the existing ISO 27001 Information Security Management 
System certification, Idox is seeking accreditation in respect of the UK 
government based Cyber Essentials Plus certification in the coming year.
Economic Environment
Principal Risks
The performance of Idox is affected by 
the economic cycles of the markets of the 
countries in which it operates. The recent US 
election and ‘Brexit’ referendum on the exit 
of the UK from the Treaty of the European 
Union have increased the uncertainty in the 
economic, social and environmental markets  
in which we operate. 
Management of Risks
A diversified geographical footprint and sector focus reduces the risk  
of exposure due to adverse country or sector-specific conditions. 
Idox continues to focus on the diversification of customers and geographical 
markets. In 2016, the acquisitions of Open Objects Software Ltd and Rippleffect 
Studio Ltd expanded the Group’s customer base and geographical reach.
Idox has budgeted for foreign exchange fluctuations; however this may not 
mitigate the risk entirely. The Executive team deliver against a framework for 
future investment for both organic and acquisitive growth. The investment 
going forward will be focused on: public sector initiatives in international 
expansion; increasing market share in existing public sector markets;  
entering new public sector markets; and delivering increased account  
sales in product & sales initiatives. 
Technological Development and Digital Innovation
Principal Risks
Idox risks being outclassed by competitor 
products that have increased capabilities  
if the Group fails to deliver continued  
product development. 
Management of Risks
Idox strives to deliver quality products, which provide strong competition in 
the market, while continuing to invest in quality assurance and research and 
development functions. 
Idox has invested significantly in increasing its capability to become a 
significant player in the delivery of digital. The Group has focused on 
extending its digital offerings through the acquisitions of Reading Room Ltd 
and Rippleffect Studio Ltd and extending the digital application offerings, 
including iApply, to a broader range of government service provision during 
the financial year.
Idox is focusing on further developing the launch of planning, building control 
and taxi licensing services. Investment in technology and digital innovation 
increases the Group’s resilience and competitiveness in the market.
19 Strategic Report > Principal Risks and Uncertainties Principal Risks and Uncertainties continued
Retention and Succession
Principal Risks
Due to recent acquisitions, Idox may  
inherit employees who have levels of  
training and remuneration that are  
inconsistent with the wider Group,  
potentially leading to retention issues and 
resultant loss of skills and knowledge.
Management of Risks
Idox continues to deliver successful integrations of acquired businesses. 
Human Resources leads on assessing remuneration packages and training 
requirements. Where required, mitigating actions are taken to develop or 
enhance benefits packages to Group employees. 
Throughout 2016, Idox has increased resources within the Human Resources 
function as the Group head count has increased. The Group is developing 
further capabilities in training and development. Idox has consolidated and 
centralised staff training to increase Group wide resource capability. Idox 
continues to identify and eliminate skill gaps through targeted training.
Acquisitions
Principal Risks
Acquisitions/restructuring may not  
achieve the anticipated returns  
impacting on projected margin rates.
Management of Risks
Idox has set up a robust M&A team, which works together with our integration 
function, to carry out due diligence and mitigate risks where possible.
Idox has developed robust and disciplined approaches to identifying 
and testing potential companies for acquisition. Targets are subject to 
due diligence processes, and analysed according to Board level agreed 
investment decision criteria to identify suitable, earnings enhancing 
acquisitions. They are assessed by the Executive team for strategic fit.  
The due diligence process is led by experienced M&A Integration Managers 
and supported by relevant experts in domain knowledge and heads  
of department. Idox’s focus for 2016 is to improve the integration of 
acquisitions and consolidate our property portfolio. 
Business Continuity
Principal Risks
There is a risk that any business may  
face the failure of business continuity  
systems, disruption to normal business 
operations and closure of offices for a 
significant period of time. This would have  
a significant impact on our operations and 
trading capability.
Management of Risks
In order to successfully manage this risk, Idox has developed effective 
business continuity and incident management plans. The disaster recovery 
plan provides for re-build in and already contracted secondary location.
Idox’s information management team has provided for the replication of key 
systems data at existing secondary location to reduce key system recovery 
time. As part of our commitment to risk management, Idox continues to carry 
out a wider business review of disaster recovery plans to ensure they are fit 
for purpose. 
Regular business continuity plans are updated and delivered to the  
Board on at least an annual basis. 
In the current year, Idox has focused on achieving ISO 22301:  
‘Business Continuity Management System’
Idox plc Annual Report and Accounts for the year ended 31 October 2016 20 Overview Strategic Report Governance
Financial 
Statements
Company 
Information
The principal risks involved in delivering the Group’s strategy are actively managed and monitored 
against our risk appetite as follows:
• 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 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.
• Global macro-environment: the Group operates across a number of countries and its 
operations are increasingly subject to global competition and political risks. The Group is 
also affected by economic environments in other territories, which include currency volatility, 
inflation and recession. The customer base in local government means that political changes 
can be disruptive and can interfere with activities and operations in a particular country. 
In order to mitigate these risks, the Group monitors and forecasts for key changes in the 
territories in which it operates. Idox continues to diversify its business and operations in various 
territories. Idox risk assesses changing geo-political environments and this allows for timely 
risk mitigation as and when volatility occurs. The Group gathers information and seeks expert 
advice where necessary. 
• Operational issues: the Group produces a wide suite of increasingly sophisticated products 
and services that integrate with third party systems. Group companies have robust quality 
standards across all business lines and remain committed to environmental and regulatory 
compliance. Idox has proactive business continuity plans, however, issues such as increased 
competition or operational failures could have a material adverse effect on the business. The 
Group continually monitors and mitigates against these risks through its commitment to develop 
and market new products and services, while reviewing the current product suite to ensure that  
it is fit for purpose and responding to technological change. 
• Acquisitions: the Group has consistently delivered on a successful strategy of growth by 
acquisition. Idox recognises the success of this approach but remains vigilant to the inherent 
risk in this approach. 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 are identified.
Signed on behalf of the Board by:
Andrew Riley
Chief Executive Officer
13 December 2016
21 Strategic Report > Principal Risks and Uncertainties Board of Directors
Laurence Edward  
William Vaughan 
(Aged 53)
Non-Executive Chairman
Laurence Vaughan 
began his career with 
PricewaterhouseCoopers 
in audit and consulting 
before joining a client as its 
Financial Director. In 1993 
he joined Sytner Group 
Ltd as CEO and later as 
Sytner’s non-Executive 
Chairman. Sytner reported 
revenue of over £3.5 
billion in 2014. In 2006 
Laurence was appointed 
Chairman of Civica plc 
which he helped float on 
AIM. He is also Chairman 
of Catapult Venture 
Managers Limited and r2c 
Online Holdings Limited, a 
Catapult portfolio Company. 
Laurence was Executive 
Chairman of Anglian Home 
Improvements Limited from 
September 2013 to April 
2015. Laurence holds a BA 
from Durham University and 
is a chartered accountant. 
He is currently Chairman 
of Catapult Venture 
Managers Limited and 
founding partner of Opus 
Ventures LLP, a private 
equity business which he 
established in 2003.
Andrew Riley 
(Aged 44) 
Chief Executive Officer:
Andrew Riley has been 
the Managing Director 
of Idox’s Public Sector 
Software Segment since 
2011, having been promoted 
from Sales & Marketing 
Director. Prior to joining Idox 
in 2000, Andrew gained 
a broad experience in the 
public sector having been 
commissioned as an officer 
into the RAF in 1990, and 
then holding teaching and 
training roles, before finally 
working as an IT manager 
for a local UK council. 
Andrew is a graduate of the 
University of Wales. 
Jane Mackie  
(Aged 36) 
Chief Financial Officer
Jane Mackie first joined 
the finance team of Idox in 
2005 and was appointed as 
Group Financial Controller 
and Company Secretary in 
2009. Jane was appointed 
as Chief Financial Officer 
in February 2014. Prior to 
this Jane was an assistant 
audit manager at Grant 
Thornton in Glasgow where 
she qualified as a Chartered 
Accountant in 2004. Jane 
has a first class degree 
in Accounting from the 
University of Strathclyde, 
where she graduated 
in 2001.
Richard Kellett-Clarke  
(Aged 62) 
Non-Executive Director
Richard Kellett-Clarke 
has 31 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 Limited, 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 Group, IT 
Director of Financial Times 
Information, and Founding 
Director of Sealed Media 
Ltd, an Internet start up. In 
2011 he joined the Board 
of dotDigital Group plc as a 
Non–Executive Director.
Idox plc Annual Report and Accounts for the year ended 31 October 2016 22 Rt. Hon. Peter Lilley MP 
(Aged 73) 
Non-Executive Director
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 serves on the 
Advisory Board of YiMei 
Capital. He is the senior 
independent Non-Executive 
Director of Idox and chairs 
the Nominations and 
Remuneration Committee. 
Jeremy Millard  
(Aged 45) 
Non-Executive Director
Jeremy Millard is a partner 
of Smith Square Partners 
LLP, where he provides 
corporate finance advice to 
companies primarily in the 
Technology sector. Prior to 
this, he spent five years at 
Rothschild, based in their 
London office, advising 
clients on all aspects of 
corporate finance, including 
on a number of major 
cross-border transactions 
encompassing Europe, 
North America and the 
Middle East. Between 2001 
and 2007, Jeremy worked at 
Hawkpoint Partners, where 
he had a strong focus on 
advising mid-market UK 
listed companies. He has 
also worked for the UK 
Ministry of Defence and 
Mars Snack Foods, qualified 
as a chartered accountant 
in 1999, and holds an M.Eng 
from Cambridge University. 
He is the Chairman of the 
Audit Committee. 
Barbara Moorhouse 
(Aged 58) 
Non-Executive Director
Barbara Moorhouse is a 
Non-Executive director at 
Agility Trains, the Lending 
Standards Board and 
West Hampshire Clinical 
Commissioning Group. 
She is a Trustee of Guy’s 
and St Thomas’ Charity. 
Previous NED appointments 
include Chair of OPM 
Group. Barbara spent the 
first 20 years of her career 
in strategic, commercial 
and finance roles in the 
private sector, latterly as 
Chief Finance Officer in 
two international listed IT 
companies. In 2005, she 
was appointed Director 
General at the Ministry of 
Justice and subsequently 
the Department for 
Transport. In 2010, Barbara 
moved to Westminster City 
Council as Chief Operating 
Officer. She is a CIMA 
fellow, holds a treasury 
qualification from ACT and is 
a graduate of St Catherine’s 
College Oxford where she 
read politics, philosophy 
and economics. 
Overview Strategic Report Governance
23
Financial 
Statements
Company 
Information
Governance > Board of Directors The Directors are pleased to submit their report and audited financial statements for the year ended 31 October 2016.
Results and Dividends
The Group’s audited financial statements for the year ended 31 October 2016 are set out on pages 36 to 75. The  
Group’s profit for the year after tax amounted to £11.8m (2015: £7.8m). The Directors paid a dividend of 0.350 pence  
per share in the first half of the 2016 financial year, in respect of the year ended 31 October 2016. The Directors will 
propose, at the forthcoming AGM, a final dividend of 0.650 pence per share in respect of the year ended 31 October 2016. 
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 2016 1 November 2015
L Vaughan* 200,000 200,000
R Kellett-Clarke** 12,573,279 12,572,339
J Mackie 58,421 51,633
A Riley 225,126 225,126
Rt. Hon. P B Lilley MP*** 533,000 533,000
J Millard – –
B Moorhouse – –
Prof W Hall (resigned 31 December 2015) – 27,225
*  200,000 (2015: 200,000) of these shares are held through a Self-Invested Pension Plan.
**   2,761,667 (2015: 2,761,667) of these shares are held through Self-Invested Pension Plans and 9,762,900 (2015: 9,762,900) shares are held through 
certain members of his family and a family trust.
***  111,300 (2015: 111,300) of these shares are held through a Self-Invested Pension Plan and 59,250 (2015: 59,250) shares are held through certain 
members of his family.
In addition to the shareholdings listed above, certain Directors have been granted options over ordinary shares.  
Full details of these options are given in the Report on Remuneration on pages 27 and 28.
Details of the Directors’ service contracts can be found in the Report on Remuneration on pages 27 and 28.
Insurance for Directors and Officers
The Company has purchased and maintains appropriate insurance cover against legal action brought against Directors 
and Officers. 
Directors’ Report
For the year ended 31 October 2016
Directors’ Report
Idox plc Annual Report and Accounts for the year ended 31 October 2016 24 Substantial Shareholdings
As at 31 October 2016, 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 58,792,361 16.29% 
Kestrel Partners 33,216,580 9.20%
Investec Wealth & Investment 31,099,961 8.61%
Herald Investment Management 28,515,149 7.90%
Hargreave Hale Stockbrokers 21,110,000 5.85%
Living Bridge EP 17,433,409 4.83%
Charles Stanley 15,080,406 4.18%
Octopus Investments 12,591,806 3.49%
Richard Kellett-Clarke 12,573,279 3.48%
Transaction in Own Shares
During the year, the Group did not purchase any of its own ordinary shares of 1p to be held as treasury shares in order to 
satisfy future employee share option exercises. 
During the year three share option exercises were satisfied using treasury shares. These exercises combined used a total 
of 64,000 treasury shares. 
The maximum number of shares held in treasury at any time during the year was 3,055,219, which had a cost value of 
£1,270,634. The current number of shares held in treasury is 2,991,219. 
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. In 
the current year, Idox has focused on achieving ISO 45001: ‘Health and Safety Management’ Standard.
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 provide employees with 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.
Overview Strategic Report Governance
25
Financial 
Statements
Company 
Information
Governance > Directors’ Report 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. 
Further information on financial risk management is disclosed in note 20 of the Group accounts.
Credit Risk
The Group’s principal financial assets are cash and trade receivables. 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 receivables. 
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.
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 LIBOR. On a quarterly basis, the Board reviews the LIBOR 
rate and discuss whether it is considered necessary to set up hedges to protect against interest rate movements. 
Going Concern
The Directors, having made suitable enquiries and analysis of the accounts, consider that the Group has adequate 
resources to continue in business for the foreseeable future. For this reason, the Directors continue to adopt the going 
concern basis in preparing the financial statements. In making this assessment, the Directors have considered the  
Group’s budget, cash flow forecasts, available banking facility and levels of recurring revenue.
Auditor
A resolution to reappoint Grant Thornton UK LLP as Auditor 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 
Chief Financial Officer
13 December 2016
Directors’ Report continued
For the year ended 31 October 2016
Idox plc Annual Report and Accounts for the year ended 31 October 2016 26 Remuneration Committee
The Remuneration Committee operates within defined terms of reference. The Remuneration Committee comprises the 
Chairman and two Non-Executive Directors and normally meets four times a year. It is chaired by Peter Lilley.
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 long term interests of managers with those of our shareholders in the 
granting of options and other equity rewards. 
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 cash balances. In addition, the 
Group operates share option schemes for the Executive Directors. 
Directors’ Remuneration 
2016
Basic  
salary and 
 fees 2016
£000
Bonus* 
2016
£000
Benefits in  
kind 2016
£000
Total 
2016
£000
Pension  
2016
£000
Executive Directors
Richard Kellett-Clarke 315 158 11 484 –
Jane Mackie 150 70 10 230 11
Andrew Riley 225 105 11 341 5
Non-Executive Directors
Laurence Vaughan** 105 – – 105 4
Wendy Hall (resigned 31 December 2015) 6 – – 6 –
Peter Lilley 35 – – 35 –
Jeremy Millard 35 – – 35 1
Barbara Moorhouse (appointed 6 January 2016) 29 – – 29 –
900 333 32 1,265 21
2015
Basic  
salary and 
fees 2015
£000
Bonus* 
2015
£000
Benefits in 
kind 2015
£000
Total 
2015
£000
Pension
 2015
£000
Executive Directors
Richard Kellett-Clarke 310 50 11 371 –
Jane Mackie 140 10 10 160 7
Andrew Riley (appointed 20 July 2015) 57 – 3 60 1
Non-Executive Directors
Laurence Vaughan** (appointed 1 August 2015) 26 – – 26 –
Martin Brooks** (resigned 31 July 2015) 79 – 1 80 –
Peter Lilley 35 – – 35 –
Wendy Hall 35 – – 35 –
Jeremy Millard 35 – – 35 1
717 60 25 802 9
*  Bonus payments disclosed related to prior year performance due to the timing of award. 
** Chairman
Report on Remuneration
For the year ended 31 October 2016
Overview Strategic Report Governance
27
Financial 
Statements
Company 
Information
Governance > Report on Remuneration Directors’ Remuneration continued
The amounts in respect of pension represent money purchase pension contributions.
During the current year and the prior year no directors exercised share options. 
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. 
Service Contracts
The Executive Directors have entered into service contracts with the Group that are terminable by either party on  
no 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 and  
end of year Exercise price Exercise date from Exercise date to
Richard Kellett-Clarke 823,922 10.25p Mar 2010 Mar 2020
Richard Kellett-Clarke 2,500,000 20p Mar 2011 Mar 2021
Richard Kellett-Clarke 300,000 44p Sep 2012 Sep 2022
Richard Kellett-Clarke 800,000 38.38p Feb 2015 Feb 2025
Richard Kellett-Clarke 1,900,000 1p Mar 2015 Mar 2018
Peter Lilley 243,902 10.25p Mar 2010 Mar 2020
Peter Lilley 250,000 20p Mar 2011 Mar 2021
Jane Mackie 195,122 10.25p Mar 2010 Mar 2020
Jane Mackie 500,000 18p Mar 2011 Mar 2021
Jane Mackie 500,000 39.12p Mar 2014 Mar 2024
Jane Mackie 90,000 38.38p Feb 2015 Feb 2025
Andrew Riley 466,000 7.5p May 2007 May 2017
Andrew Riley 682,927 10.25p Mar 2010 Mar 2020
Andrew Riley 1,000,000 20p Mar 2011 Mar 2021
Andrew Riley 250,000 35p Apr 2012 Apr 2022
Andrew Riley 240,000 38.38p Feb 2015 Feb 2025
Andrew Riley 1,700,000 1p Mar 2015 Mar 2018
Totals 12,441,873
The mid-market price of the Company’s shares at close of business on 31 October 2016 was 61.88p and the low and high 
share prices during the year were 41.75p and 78.00p, respectively.
The Company recognised total expenses of £597,000 (2015: £415,000) related to equity-settled, share-based payment 
transactions during the year. Expenses of £597,000 (2015: £309,000) related to share options granted and £nil (2015: 
£106,000) related to share options exercised. Of the total recognised, expenses of £597,000 (2015: £415,000) related to 
equity-settled, share-based payment transactions during the year, of which £178,000 (2015: £104,000) related to the LTIP 
share option scheme.
The pre-tax aggregate gain on exercise of share options during the year was £Nil (2015: £Nil).
Note 22 of the Group accounts contains full disclosure of the Company’s share options. 
Directors’ Share Interests
The Directors’ shareholdings in the Company are listed in the Directors’ Report on page 24.
Report on Remuneration continued
For the year ended 31 October 2016
Idox plc Annual Report and Accounts for the year ended 31 October 2016 28 Corporate Governance
The Group is committed to achieving and maintaining 
the highest standards of corporate governance. As the 
Company is listed on the Alternative Investment Market,  
it is not required to comply with all aspects of the UK 
Corporate Governance Code (the ‘Code’) issued in 
September 2014. The Group does not comply with the 
Code. However, the Group has reported on corporate 
governance arrangements by drawing upon best practice 
available, including those aspects of the Code considered 
to be relevant to the Group. The Board receives regular 
advice on best practice corporate governance compliance 
and this has supported enhanced governance practice.  
The advice has informed a number of significant changes in 
our business activities and governance processes this year. 
Board of Directors
Subject to the Articles of Association, UK legislation and 
any directions given by special resolution, the business of 
the Group is managed by the Board. The Code requires the 
Group to have an effective Board whose role is to develop  
strategy and provide leadership to the Group as a 
whole. It sets out a framework of controls that allows 
for the identification, assessment and management of 
risk. Additionally, it ensures the Board takes collective 
responsibility for the success of the Group.
The Board’s main roles are to provide leadership to the 
management of the Group, determine the Group’s strategy 
and ensure that the agreed strategy is implemented. 
The Board takes responsibility for approving potential 
acquisitions, major capital expenditure items, disposals, 
annual budgets, annual reports, interim statements and 
financing matters. 
The Board appoints its members and those of its 
principal Committees following the recommendations 
of the Nomination and Remuneration Committee. It also 
reviews recommendations of the Board Committees and 
the financial performance and operation of the Group’s 
businesses. The Board regularly reviews the identification, 
evaluation and management of the principal risks faced by 
the Group, and the effectiveness of the Group’s system of 
internal control.
The Board considers the appropriateness of its accounting 
policies on an annual basis. The Board believes that its 
accounting policies, in particular in relation to income 
recognition and research and development, are appropriate.
Financial results with comparisons to budget and 
forecast results are reported to the Board on a regular 
basis, together with a commercial report on operational 
issues. Significant variances from budget or strategy are 
discussed at Board meetings and actions set in place to 
address them.
The Board comprises five Non-Executive Directors and two 
Executive Directors. In November 2016, Idox experienced 
meaningful change in leadership with the appointment of 
Andrew Riley as Chief Executive Officer (‘CEO’). Richard 
Kellett-Clarke stepped down in November after a successful 
11 year term with Idox, initially as Chief Financial Officer 
(‘CFO’), becoming CEO in November 2007. He has now 
transitioned into a Non-Executive Director role. Richard  
will join the two Board committees. 
The CEO appointment followed a thorough recruitment 
process, run by the Nomination and Remuneration 
Committee working with external recruitment consultants, 
as part of the Board’s long-term succession planning. 
The Committee interviewed multiple external candidates. 
However, they were particularly impressed with Andrew’s 
strategic vision for the Group. Andrew joined Idox in 2000. 
He was Managing Director of Idox’s Public Sector Software 
Division from 2011 and led its successful transformation 
into one integrated business unit. He was appointed to the 
Board as Chief Operating Officer (‘COO’) in July 2015. This 
change in leadership comes at a time of growth for Idox. 
Andrew Riley and Jane Mackie, CFO, form the Executive 
team. Both have become Directors through internal 
promotion, demonstrating Idox’s growing trend of 
leadership development.
Board and committee meetings are scheduled in line 
with the financial calendar of the Group. The timing of 
meetings ensures the latest operating data is available 
for review and that appropriate time and focus can be 
given to matters under consideration. The Board met nine 
times throughout the year for principal Board meetings 
to discuss a formal schedule of business. The Group 
has a highly committed and experienced Board, which 
is supported by an Executive team, and is supported by 
qualified executive and senior management teams. 
Corporate Governance Report
For the year ended 31 October 2016
Overview Strategic Report Governance
29
Financial 
Statements
Company 
Information
Governance > Corporate Governance Report Role of Chairman and Chief Executive Officer
The Code requires that there should be a clear division 
of responsibilities between the running of the Board and 
the executive responsible for the Group’s business, so 
as to ensure that no one person has unrestricted powers 
of decision.
The Chairman is responsible for the leadership of the 
Board, ensuring its effectiveness and setting its agenda.  
Once strategic and financial objectives have been agreed 
by the Board, it is the CEO’s responsibility to ensure  
they are delivered upon. 
To facilitate this, the CEO regularly meets the Executive 
Management Team (‘EMT’) which additionally comprises 
business division directors and senior members of the 
management team. The day to day operations of the  
Group are managed by the EMT.
Composition of and Appointments to the Board 
The Code requires that there should be a balance 
of Executive and Non-Executive Directors and when 
appointing new Directors to the Board, there should be a 
formal, rigorous and transparent procedure. 
The Board comprises the Non-Executive Chairman, the 
CEO, the CFO and four Non-Executive Directors. Short 
biographies of the Directors are given on pages 22 and 23.
The Board is satisfied with the balance between Executive 
and Non-Executive Directors. The Board considers that 
its composition is appropriate in view of the size and 
requirements of the Group’s business and the need to 
maintain a practical balance between Executive and Non-
Executive Directors.
Each member of the Board brings different skills and 
experience to the Board and the Board Committees. The 
Board is satisfied that there is sufficient diversity in the 
Board structure to bring a balance of skills, experience, 
independence and knowledge to the Group. 
The Code requires that the Board undertakes a formal and 
rigorous annual evaluation of its own performance and that 
of its Committees and Directors. The Board continues to 
annually review its composition, to ensure there is adequate 
diversity to allow for its proper functioning and that the 
Board works effectively together as a unit. 
When a new appointment to the Board is made, consideration 
is given to the particular skills, knowledge and experience 
that a potential new member could add to the existing 
Board composition. A formal process is then undertaken, 
which may involve external recruitment agencies, with 
appropriate consideration being given, in regards to Executive 
appointments, to internal and external candidates.  
Before undertaking the appointment of a Non-Executive 
Director, the Chairman establishes that the prospective 
Director can give the time and commitment necessary to 
fulfil their duties, in terms of availability both to prepare for 
and attend meetings and to discuss matters at other times.
Board Committees
The Board has established two committees to deal 
with specific aspects of the Board’s responsibilities: the 
Audit Committee and the Nomination and Remuneration 
Committee. The Report of the Audit Committee can be 
found on pages 33 and 34. The Audit Committee is chaired 
by Jeremy Millard and includes Laurence Vaughan, Barbara 
Moorhouse, Richard Kellett-Clarke and Peter Lilley. Richard 
Kellett-Clarke joined the Audit Committee in November 2016.
The Nomination and Remuneration Committee is chaired 
by Peter Lilley and includes Barbara Moorhouse, Laurence 
Vaughan and Jeremy Millard. In November 2016, Richard 
Kellett-Clarke joined as a member of the Committee. 
The Committee has overall responsibility for making 
recommendations to the Board of the remuneration 
packages of the Executive Directors. The Committee’s  
key responsibilities include:
• making recommendations to the Board on any  
changes to service contracts;
• approving and overseeing any share related incentive 
schemes within the Group;
• ensuring that remuneration is in line with current  
industry practice; 
• ensuring remuneration is both appropriate to the level 
of responsibility and adequate to attract and/or retain 
Directors and staff of the calibre required by the Group;
• reviewing the size, composition and structure required  
of the Board and making recommendations to the  
Board with regard to any changes; 
• identifying and nominating, for approval by the Board, 
candidates to fill Board vacancies as they arise. 
• giving full consideration to succession planning for 
Directors; and
• vetting and approving recommendations from 
the Executive Directors for the appointment of  
Senior Executives. 
The key activity of the Nomination and Remuneration 
Committee this year was successfully managing the change 
in CEO leadership within the organisation. 
The Audit Committee met four times in the year and the 
Nominations and Remuneration Committee met four times.
Corporate Governance Report continued
For the year ended 31 October 2016
Idox plc Annual Report and Accounts for the year ended 31 October 2016 30 Executive Risk Committee Reporting to the Board 
The Board is responsible for risk management and internal 
controls, supported and informed by the executive Risk 
Committee. The Board defines risk appetite and monitors 
the management of significant risks to ensure that the 
nature and extent of significant risks taken by the Group 
are aligned with overall goals and strategic objectives. The 
Risk Committee supports the Board in monitoring risk 
exposure through regular reviews and has been delegated 
responsibility for reviewing the effectiveness of risk 
management processes and controls. The Risk Register 
is presented to the Board for formal review on a bi-annual 
basis and progress on matters is presented throughout  
the year through executive reporting. 
Re-election
Under the Code, Directors should offer themselves for re-
election at regular intervals. Additionally, under the Group’s 
Articles of Association, 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 at each Annual 
General Meeting. 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.
Two Directors will retire from office at the Group’s 
forthcoming Annual General Meeting and stand for  
re-appointment.
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 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 review of strategy plans and 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; and
• 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 that 
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 Accounts 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 Group financial statements 
in accordance with International Financial Reporting 
Standards (IFRSs) as adopted by the European Union.  
The Directors have elected to prepare the Company 
financial statements in accordance with FRS101  
“Reduced Disclosure Framework”. 
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 and profit or loss of 
the Group and Company for that period. In preparing these 
financial statements, the Directors are required to:
• select suitable accounting policies and then apply them 
consistently;
• make judgements and accounting estimates that are 
reasonable and prudent;
• state whether applicable IFRSs have been followed 
for the Group financial statements and whether UK 
Accounting Standards have been followed for the Parent 
Company financial statements, subject to any material 
departures disclosed and explained in the financial 
statements; and
• prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the 
Group and Company will continue in business. 
Overview Strategic Report Governance
31
Financial 
Statements
Company 
Information
Governance > Corporate Governance Report Statement of Directors’ Responsibilities 
continued
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the Group and Company’s transactions, disclose with 
reasonable accuracy at any time the financial position of  
the Group and Company 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 Company and hence for taking 
reasonable steps for the prevention and detection of  
fraud and other irregularities.
The Directors confirm that: 
• so far as each Director is aware, there is no relevant audit 
information of which the Group’s Auditor is unaware; and
• the Directors have taken all the steps that they ought 
to have taken as Directors in order to make themselves 
aware of any relevant audit information and to establish 
that the Group’s Auditor is aware of that information.
The Directors are responsible for the maintenance and 
integrity of the corporate and financial information included 
on the Group’s website. Legislation in the United Kingdom 
governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions. 
Information and Development
The Code requires that the Board should be supplied in a 
timely manner with information in a form and of a quality 
appropriate to enable it to discharge its duties.
The Chairman is responsible for ensuring that all the 
Directors continually update their skills, knowledge and 
familiarity with the Group in order to fulfil their role on the 
Board and the Board’s Committees. The Board meets in 
different offices across the UK in order to meet employees. 
Updates dealing with changes in legislation and regulation 
relevant to the Group’s business are provided to the Board 
by external advisors, the CFO and Legal Counsel.
All Directors have access to the advice and services of 
the Company Secretary, who is responsible to the Board 
for ensuring its procedures, are properly complied with 
and that the discussions and decisions are appropriately 
minuted. Directors may seek independent professional 
advice at the Group’s expense in furtherance of their  
duties as Directors.
Training on matters relevant to their role is available to 
all Board Directors. New Directors are provided with an 
induction in order to introduce them to the operations  
and management of the business.
Investor Relations
Idox 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 maintains 
up-to-date information on the Investor Relations section  
of its website www.idoxplc.com.
The CEO and CFO meet institutional investors immediately 
after publication of the annual and interim results, and 
together with the Chairman, meet with investors and on 
an ongoing basis as required. In 2016, the then CEO, CFO 
and COO attended investor roadshows and meetings over 
the course of 12 days. In respect of the annual and interim 
results, Directors also undertake consultation on certain 
matters with major shareholders from time to time. Through 
these consultations, the Group maintains a regular dialogue 
with institutional shareholders and analysts. Feedback 
is reported to the Board so that all Directors develop an 
understanding of the views of major shareholders. Trading 
updates and press releases are issued as appropriate and 
the Group’s brokers provide briefings on shareholder opinion 
and compile independent feedback from investor meetings. 
Information offered at the analysts’ meetings together with 
financial press releases are available on the Group’s website. 
The Annual General Meeting is used by the Directors to 
communicate with both institutional and private investors. 
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 strives to give a full, timely and realistic assessment of 
its business in all price-sensitive reports and presentations. 
AIM Rule Compliance Report
Idox is quoted on AIM, London Stock Exchange’s 
international market for smaller growing companies. 
Idox complied with the AIM Rules, in particular AIM  
Rule 31 which requires the following:
• sufficient procedures, resources and controls to  
enable its compliance with the AIM Rules;
• seek advice from Nominated Adviser (“Nomad”) 
regarding its compliance with the Rules whenever 
appropriate and take that advice into account;
• provide the Nomad with any information it reasonably 
requests in order for the Nomad to carry out its 
responsibilities under the AIM Rules for Nominated 
Advisers, including any proposed changes to the  
Board and provision of draft notifications in advance;
• ensure that each of the Directors accepts full 
responsibility, collectively and individually, for  
compliance with the AIM rules; and
• ensure that each Director discloses without delay 
all information which the Group needs in order to 
comply with AIM Rule 17 (Disclosure of Miscellaneous 
Information) insofar as that information is known to 
the Director or could with reasonable diligence be 
ascertained by the Director.
Corporate Governance Report continued
For the year ended 31 October 2016
Idox plc Annual Report and Accounts for the year ended 31 October 2016 32 Overview
This report details the activities of the Committee during  
the financial year ended 31 October 2016. The report sets 
out how the Committee has discharged its responsibilities 
in relation to internal control and risk management. 
Membership and Meetings
The Audit Committee is a committee of the Board and 
is comprised of five Non-Executive Directors: Laurence 
Vaughan, Peter Lilley, Barbara Moorhouse, Richard Kellett-
Clarke and Jeremy Millard. Richard Kellett-Clarke joined 
the Committee when he took on the role of Non-Executive 
Director in November 2016. The Audit Committee is chaired 
by Jeremy Millard. By virtue of his Executive and current 
Non-Executive responsibilities (full details of which are set 
out on pages 31 and 32), the Board considers that Jeremy 
Millard has relevant and recent financial experience to 
discharge this role. 
The Audit Committee invites the Executive Directors, the 
Chairman, the Auditor 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. The Committee carries out its duties for Idox plc, 
its major subsidiary undertakings and the Group as a whole 
as appropriate. 
During the period under review, the Audit Committee held 
four scheduled meetings. The Group’s Auditor, Grant 
Thornton UK LLP, has a standing invitation to attend 
meeting and representatives were in attendance at all of the 
four scheduled meetings. The Executive Directors, Richard 
Kellett-Clarke (became Non-Executive in November 2016), 
Jane Mackie and Andrew Riley are welcome to attend 
the meetings if they wish. They were in attendance at all 
meetings of the Audit Committee in the year. 
Roles and Responsibilities
The Audit Committee has a wide remit and its key functions 
include reviewing and advising the Board on:
• the integrity of the financial statements of the Group, 
including its annual and interim reports, preliminary 
results’ announcements and any other formal 
announcement relating to its financial performance, 
reviewing significant financial reporting issues and 
judgements which they contain; 
• the appointment and remuneration of the Auditor  
and their effectiveness in line with the requirements  
of the Code;
• the nature and extent of non-audit services provided 
by the Auditor to ensure that their independence and 
objectivity are maintained;
• changes to accounting policies and procedures;
• decisions of judgement affecting financial reporting, 
compliance with accounting standards and with the 
Companies Act 2006;
• internal control and risk management processes, 
including principal risks and internal control  
findings highlighted by management or internal  
and external audit; 
• the content of the Auditor’s transparency report, 
concerning Auditor independence in providing both  
audit and non-audit services;
• the scope, performance and effectiveness of internal 
audit and other internal control functions and the 
Auditor’s assessment thereon; and
• the Group’s procedures for responding to any allegations 
made by whistleblowers.
The Audit Committee considers and reviews non-audit 
services provided by the Auditor, and this is tabled bi-
annually at Board for discussion. 
The Audit Committee reports to the Board on the 
effectiveness of the Auditor and receives information from 
the Executive team in this regard. The Audit Committee and 
Board also consider the appointment of the Auditor annually 
prior to recommending the appointment of the Auditor at 
the Idox Annual General Meeting in February. 
Report of the Audit Committee
For the year ended 31 October 2016
Overview Strategic Report Governance
33
Financial 
Statements
Company 
Information
Governance > Report of the Audit Committee Committee Activities in the Financial Year 
Ending 2016
The Committee met four times during the financial year 
ended 31 October 2016. In addition to standing items on 
the agenda, the Committee:
• Received and considered, as part of the review of interim 
and annual financial statements, reports from the Auditor 
in respect of the Auditor’s review of the interim results, 
the audit plan for the year and the results of the annual 
audit. These reports included the scope of the interim 
review and annual audit, the approach to be adopted by 
the Auditor to address and conclude upon key estimates 
and other key audit areas, the basis on which the Auditor 
assesses materiality, the terms of engagement for the 
Auditor and an on-going assessment of the impact of 
future accounting developments for the Group;
• Considered the Annual Report and Accounts in the 
context of being fair, balanced and understandable;
• Considered the effectiveness and independence of the 
external audit and recommended to the Board the re-
appointment of Grant Thornton as Auditor;
• Considered and agreed the annual internal audit plan 
and reviewed reports of the work done by the internal 
auditors in respect of those plans;
• Considered the review of business reporting segments 
in line with the guidance from our Auditors in respect 
of identifiable cash generating units; 
• The Committee recommended to the Board that  
for the year ended 31 October 2016 and future years 
that the parent company and its trading subsidiaries 
adopt FRS 101 ‘Reduced Disclosure Framework’, 
based on International Financial Reporting Standards 
(IFRS) as adopted by the European Union, and that 
dormant subsidiaries will adopt FRS 102 ‘Reduced 
Disclosure Framework’.
Independence and Objectivity of the Auditor
The Committee continues to monitor the work of the Auditor 
to ensure that the Auditor’s objectivity and independence is 
not compromised by it undertaking inappropriate non-audit 
work. The current Auditor, Grant Thornton, has been the 
Auditor since 2000. 
Auditor objectivity was safeguarded by the Committee 
considering several factors: 
• the change in the audit team including a new audit 
partner in the year ended 31 October 2016;
• an appraisal of the standing and experience of the  
audit partner; and
• the nature and level of services provided by the Auditor 
and confirmation from the Auditor that they have 
complied with relevant UK independence standards 
and fully considered any threats and safeguards in 
the performance of non-audit work.
Non-audit Fees
The Committee approves all non-audit work commissioned 
from the external auditors. During the year the fees paid to 
the Auditor were £130,000 (2015: £119,500) for Group and 
subsidiary audit services, £34,000 for new acquisitions, 
£31,000 (2015: £27,730) for interim audit services, and 
£179,450 (2015: £36,910) for non-audit services.
The majority of the other non-audit services provided by 
the Auditor were in respect of due diligence work carried 
out on acquisitions and advising on corporate finance 
arrangements. The Committee concluded that it was in  
the interests of the Group to use the Auditor for this work  
as they were considered to be best placed to provide  
these services.
Other Matters
The Committee is authorised to seek any information it 
requires from any Group employee in order to perform its 
duties. The Committee can obtain, at the Group’s expense, 
outside legal or other professional advice on any matters 
within its terms of reference.
The Committee may call any member of staff to be 
questioned at a meeting of the Committee as and 
when required.
Reporting Responsibilities
The Committee makes whatever recommendations to the 
Board it deems appropriate on any area within its remit 
where action or improvement is required. 
The Committee ensures that it gives due consideration to 
laws and regulations, the provisions of the Combined Code, 
the requirements of the UK Listing Authority’s Listing Rules, 
Prospectus and Disclosure and Transparency Rules and 
any other applicable rules as appropriate. The Committee 
also and oversees any investigation of activities which are 
within its terms of reference. 
The Audit Committee operates within agreed terms of 
reference; these can be found on the Group’s website.
Jeremy Millard
Chairman of the Audit Committee
13 December 2016
Report of the Audit Committee continued
For the year ended 31 October 2016
Idox plc Annual Report and Accounts for the year ended 31 October 2016 34 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 2016 which comprise 
Consolidated Statement of Comprehensive Income, 
Consolidated Balance Sheet, Consolidated Statement of 
Changes in Equity, 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 Statement of Directors’ 
Responsibilities set out in page 31 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 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 Financial Reporting  
Council’s website at www.frc.org.uk/auditscopeukprivate.
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 2016 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 Strategic  
Report and 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 
matters where the Companies Act 2006 requires us  
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 2016.
Simon Bevan
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants 
London
13 December 2016
Independent Auditor’s Report to the Members of Idox plc
For the year ended 31 October 2016
Company 
Information
Overview Strategic Report Governance
Financial 
Statements
35 Financial Statements > Independent Auditor’s Report For the year ended 31 October 2016
Consolidated Statement of Comprehensive Income
Note
2016
£000
2015
£000
Revenue 2 76,739 62,575
Cost of sales (10,138) (6,684)
Gross profit 66,601 55,891
Administrative expenses (52,316) (45,347)
Operating profit 14,285 10,544
Analysed as:
Earnings before depreciation, amortisation, restructuring,  
acquisition costs, corporate finance costs and share option costs 2 21,452 18,215
Depreciation 3 (584) (785)
Amortisation 3 (6,052) (5,480)
Restructuring costs 4 (330) (1,025)
Acquisition credits 5 404 34
Corporate finance costs (8) –
Share option costs 22 (597) (415)
Finance income 6 55 445
Finance costs 6 (1,357) (1,226)
Profit before taxation 12,983 9,763
Income tax expense 8 (1,177) (1,934)
Profit for the year 11,806 7,829
Other comprehensive income for the year
Items that will be reclassified subsequently to profit or loss:
Exchange losses on retranslation of foreign operations 295 (276)
Other comprehensive income for the year, net of tax 295 (276)
Total comprehensive income for the year attributable to owners of the parent 12,101 7,553
Earnings per share attributable to owners of the parent during the year
Basic 9 3.30p 2.21p
Diluted 9 3.18p 2.10p
The accompanying accounting policies and notes form an integral part of these financial statements.
Idox plc Annual Report and Accounts for the year ended 31 October 2016 36 Consolidated Balance Sheet
Note
2016
£000
2015
£000
ASSETS
Non-current assets
Property, plant and equipment 10 1,115 1,077
Intangible assets 11 82,519 74,812
Deferred tax assets 12 2,114 1,649
Other receivables 14 6,094 4,956
Total non-current assets 91,842 82,494
Current assets
Trade and other receivables 14 33,753 26,713
Cash and cash equivalents 15 3,787 4,084
Total current assets 37,540 30,797
Total assets 129,382 113,291
LIABILITIES
Current liabilities
Trade and other payables 16 7,643 7,109
Other liabilities 17 20,214 19,083
Provisions 18 39 29
Current tax 1,468 1,815
Borrowings 19 2,425 2,428
Total current liabilities 31,789 30,464
Non-current liabilities
Deferred tax liabilities 12 4,351 4,357
Deferred consideration 17 1,600 –
Borrowings 19 26,410 24,831
Total non-current liabilities 32,361 29,188
Total liabilities 64,150 59,652
Net assets 65,232 53,639
EQUITY
Called up share capital 21 3,640 3,587
Capital redemption reserve 1,112 1,112
Share premium account 13,480 11,741
Treasury reserve (1,244) (1,271)
Share options reserve 2,222 1,900
Merger reserve 1,294 1,294
ESOP trust (274) (242)
Foreign currency retranslation reserve 57 (238)
Retained earnings 44,945 35,756
Total equity 65,232 53,639
The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2016 and are 
signed on its behalf by:
Andrew Riley
Chief Executive Officer
The accompanying accounting policies and notes form an integral part of these financial statements. 
 
Company name: Idox plc   Company number: 03984070
At 31 October 2016
Company 
Information
Overview Strategic Report Governance
Financial 
Statements
37 Financial Statements > Consolidated Balance Sheet At 31 October 2016
Consolidated Statement of Changes in Equity
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 2014 3,587 1,112 11,741 (1,001) 1,636 1,294 (213) 38 30,396 48,590
Share options charge – – – – 309 – – – – 309
Exercise of share options – – – – (45) – – – – (45)
Purchase of treasury shares – – – (270) – – – – – (270)
Deferred tax movement on share options – – – – – – – – 199 199
ESOP trust – – – – – – (29) – – (29)
Equity dividends paid – – – – – – – – (2,668) (2,668)
Transactions with owners – – – (270) 264 – (29) – (2,469) (2,504)
Profit for the period – – – – – – – – 7,829 7,829
Other comprehensive income
Exchange gains on retranslation of foreign operations – – – – – – – (276) – (276)
Total comprehensive income for the period – – – – – – – (276) 7,829 7,553
Balance at 31 October 2015 3,587 1,112 11,741 (1,271) 1,900 1,294 (242) (238) 35,756 53,639
Issue of share capital 53 – 1,739 – – – – – – 1,792
Share options charge – – – – 597 – – – – 597
Exercise of share options – – – – (275) – – – 259 (16)
Purchase of treasury shares – – – 27 – – – – – 27
Deferred tax movement on share options – – – – – – – – 272 272
ESOP trust – – – – – – (32) – – (32)
Equity dividends paid – – – – – – – – (3,148) (3,148)
Transactions with owners 53 – 1,739 27 322 – (32) – (2,617) (508)
Profit for the period – – – – – – – – 11,806 11,806
Other comprehensive income – –
Exchange gains on retranslation of foreign operations – – – – – – – 295 – 295
Total comprehensive income for the period – – – – – – – 295 11,806 12,101
At 31 October 2016 3,640 1,112 13,480 (1,244) 2,222 1,294 (274) 57 44,945 65,232
The accompanying accounting policies and notes form an integral part of these financial statements.
Idox plc Annual Report and Accounts for the year ended 31 October 2016 38 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 2014 3,587 1,112 11,741 (1,001) 1,636 1,294 (213) 38 30,396 48,590
Share options charge – – – – 309 – – – – 309
Exercise of share options – – – – (45) – – – – (45)
Purchase of treasury shares – – – (270) – – – – – (270)
Deferred tax movement on share options – – – – – – – – 199 199
ESOP trust – – – – – – (29) – – (29)
Equity dividends paid – – – – – – – – (2,668) (2,668)
Transactions with owners – – – (270) 264 – (29) – (2,469) (2,504)
Profit for the period – – – – – – – – 7,829 7,829
Other comprehensive income
Exchange gains on retranslation of foreign operations – – – – – – – (276) – (276)
Total comprehensive income for the period – – – – – – – (276) 7,829 7,553
Balance at 31 October 2015 3,587 1,112 11,741 (1,271) 1,900 1,294 (242) (238) 35,756 53,639
Issue of share capital 53 – 1,739 – – – – – – 1,792
Share options charge – – – – 597 – – – – 597
Exercise of share options – – – – (275) – – – 259 (16)
Purchase of treasury shares – – – 27 – – – – – 27
Deferred tax movement on share options – – – – – – – – 272 272
ESOP trust – – – – – – (32) – – (32)
Equity dividends paid – – – – – – – – (3,148) (3,148)
Transactions with owners 53 – 1,739 27 322 – (32) – (2,617) (508)
Profit for the period – – – – – – – – 11,806 11,806
Other comprehensive income – –
Exchange gains on retranslation of foreign operations – – – – – – – 295 – 295
Total comprehensive income for the period – – – – – – – 295 11,806 12,101
At 31 October 2016 3,640 1,112 13,480 (1,244) 2,222 1,294 (274) 57 44,945 65,232
The accompanying accounting policies and notes form an integral part of these financial statements.
39
Company 
Information
Overview Strategic Report Governance
Financial 
Statements
Financial Statements > Consolidated Statement of Changes in Equity At 31 October 2016
Consolidated Cash Flow Statement
2016
£000
2015
£000
Cash flows from operating activities
Profit for the period before taxation 12,983 9,763
Adjustments for:
Depreciation 584 785
Amortisation 6,052 5,480
Acquisition credits (722) (156)
Finance income (55) (135)
Finance costs 873 892
Debt issue costs amortisation 100 100
Research and development tax credit (301) –
Share option costs 597 309
Movement in receivables (6,292) (7,070)
Movement in payables (271) (225)
Cash generated by operations 13,548 9,743
Tax on profit paid (2,456) (1,670)
Net cash from operating activities 11,092 8,073
Cash flows from investing activities
Acquisition of subsidiaries (4,701) (8,917)
Purchase of property, plant and equipment (639) (559)
Purchase of intangible assets (4,168) (1,826)
Finance income 55 135
Net cash used in investing activities (9,453) (11,167)
Cash flows from financing activities
Interest paid (827) (579)
New loans 13,000 13,000
Loan related costs (96) (178)
Loan repayments (11,524) (7,538)
Equity dividends paid (3,148) (2,668)
Purchase of own shares – (344)
Sale of own shares 570 –
Net cash flows from financing activities (2,025) 1,693
Net movement on cash and cash equivalents (386) (1,401)
Cash and cash equivalents at the beginning of the period 4,084 5,855
Exchange gains on cash and cash equivalents 89 (370)
Cash and cash equivalents at the end of the period 3,787 4,084
The accompanying accounting policies and notes form an integral part of these financial statements.
Idox plc Annual Report and Accounts for the year ended 31 October 2016 40 For the year ended 31 October 2016
Notes to the Accounts
1 Accounting Policies
General information
Idox plc is a leading supplier of software and services for the management of local government and other organisations. 
The Company is a public limited company which is listed on the AIM Market of the London Stock Exchange and is 
incorporated and domiciled in the UK. The address of its registered office is 2nd Floor, 1310 Waterside, Arlington  
Business Park, Theale, Reading, RG7 4SA. 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 26 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:
• Amendments to IFRS 10, IFRS 12 and IAS 28 – Investment Entities: Applying the Consolidation Exception –  
effective for periods commencing on or after 1 January 2016
• Amendments to IFRS 11 – Accounting for Acquisitions of Interests in Joint Operations – effective for periods 
commencing on or after 1 January 2016
• Disclosure Initiative – Amendments to IAS 1 – Presentation of Financial Statements – effective for periods commencing 
on or after 1 January 2016
• Amendments to IAS 16 and IAS 38 – Clarification of Acceptable Methods of Depreciation and Amortisation –  
effective for periods commencing on or after 1 January 2016
• Amendments to IAS 16 and IAS 41 – Agriculture: Bearer Plants – effective for periods commencing on or after  
1 January 2016
• Amendments to IAS 27 – Equity Method in Separate Financial Statements – effective for periods commencing  
on or after 1 January 2016
• Annual Improvements 2012-2014 – effective for periods commencing on or after 1 January 2016
• IFRS 9 ‘Financial instruments’ – effective for periods commencing on or after 1 January 2018
• IFRS 15 ‘Revenue from contracts with customers’ – effective for periods commencing on or after 1 January 2018
• IFRS 16 ‘Leases’ – not yet endorsed
Adoption of new and revised standards
There were no additional standards, amendments and interpretations that had a material impact on the Group’s financial 
statements during the year. The following standards, amendments and interpretations were effective in the year but had  
no material impact on the Group’s financial statements:
• Amendments to IAS 19 – Defined Benefits – Employee Contributions
• IFRIC 21 Levies
• Annual Improvements 2010 – 2012 
• Annual Improvements 2011 – 2013 
Restatement of comparative figures
In previous periods, the Group was organised into two main operating segments. Following the acquisition and integration 
of Cloud Amber Limited and Reading Room Limited, and an internal reorganisation, the operating segments were revised. 
As at 31 October 2016, the Group is primarily organised into five operating segments. The segmental analysis for the 
comparative period to 31 October 2015 has been restated to show results for all five business segments. 
41 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
Notes to the Accounts continued
1 Accounting Policies continued
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.
(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 bi-annual review. 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, at 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 service agreements, 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) Contingent consideration
The contingent consideration provision is the maximum undiscounted amount which will be paid, which represents fair 
value. Where an acquisition involves a potential payment of contingent consideration the estimate of any such payment 
is based on its fair value. To estimate the fair value an assessment is made as to the amount of contingent consideration 
which is likely to be paid having regard to the criteria on which any sum due will be calculated. 
(vi) 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. Under IFRS10, control exists when an investor is exposed, or has rights, to variable returns from its involvement 
with the investee and has the ability to affect those returns through its powers over the investee. As each of the subsidiaries 
are 100% wholly owned, the Group has full control over each of its investees.
All inter-company transactions are eliminated on consolidation. 
Idox plc Annual Report and Accounts for the year ended 31 October 2016 42 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. For 
all acquisitions, the Group will perform a fair value review of all property, plant and equipment and intangible assets to align 
accounting policies with the Group. 
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 and information solutions. 
Software licence revenue is recognised when the licence is despatched to the customer and there are no ongoing 
obligations associated with the licence once 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 or by reference to the project milestones either included in the contract itself or 
included within a separate detailed project delivery plan. 
Revenue relating to digital services, including search engine optimisation, ecommerce and digital advertising, is  
recognised at the time of service delivery.
Revenue relating to goods delivered as part of software solutions provided is only recognised once the goods have  
been received by the customer.
Revenue relating to goods delivered for elections is recognised when the goods have been received by the customer. 
Consultancy revenue for elections is recognised on a stage of completion basis. 
The revenues for maintenance and hosted managed service contracts are spread evenly over the life of the agreement, 
which is typically one year. 
Revenue from software-as-a-service (“SaaS”) contracts is recognised evenly over the life of the agreement. 
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 which is 
determined by reference to the project delivery plan.
Revenue relating to grant applications is recognised on a ‘no win-no fee’ basis. Revenue is only recognised when 
confirmation that the grant application has been successful is received. 
Revenue relating to hardware is recognised when the hardware is despatched to the customer.
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. 
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.
Management have reviewed the requirements of IFRS 15 Revenue from Contracts from Customers which will replace  
IAS 18 in the financial year commencing 1 November 2018 and they do not expect this to result in any significant changes 
to the Group’s revenue recognition policies. 
43 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements 1 Accounting Policies continued
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 for the year 
ended 31 October 2016 comprised the Chief Executive Officer, the Chief Financial Officer and the Chief Operating 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. 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.
For the year ended 31 October 2016
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 44 (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, Artesys International SA, CTSpace Group, Digital Spirit 
GmbH, Cloud Amber Limited, Reading Room Limited and Open Objects Software Limited. These relationships are carried 
at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated using the straight 
line method over a period of 20, 10 and 5 years. 
(iii) Trade names
Trade names represent the named intangible asset recognised on the acquisition of CAPS Solutions Limited, Plantech 
Limited, J4B Software and Publishing Limited, Strand Electoral Management Services Limited, Grantfinder Limited, 
McLaren Software Limited, Lalpac Limited, Interactive Dialogues NV, Opt 2 Vote Limited, Currency Connect Holding BV, 
FMx Limited, Artesys International SA, CTSpace Group, Digital Spirit GmbH, Cloud Amber Limited, Reading Room Limited, 
Open Objects Software Limited and Rippleffect Studio Limited. These trade names are carried at cost less accumulated 
amortisation and accumulated impairment losses. Amortisation is calculated using the straight line method over a period  
of between 5 and 20 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, Artesys International SA, CTSpace Group, Digital Spirit GmbH, Cloud Amber Limited, Open Objects 
Software Limited and Rippleffect Studios Limited. The software is carried at cost less accumulated amortisation and 
accumulated impairment losses. Amortisation is calculated using the straight line method over a period of between  
3 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 cost 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 includes 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.
Order backlog includes two managed services contracts acquired from Miria Systems Inc. Amortisation on the managed 
service 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.
45 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
1 Accounting Policies continued
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 25%, 50% and 100% straight line
Fixtures, fittings and equipment 25% straight line
Library books and journals 33 1/3% and 100% straight line
Motor vehicles 25% straight line
During the year, the Group changed the depreciation rate in relation to certain Computer Hardware to 25%.  
Useful economic lives and residual values are reviewed annually.
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 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 profit and loss account 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. In 
some circumstances upon exercise of share options, the right to shares are waived and the proceeds are settled in cash.
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 obligation of the employee share scheme. Purchased 
shares are classified within the ESOP trust reserve and the cost of shares purchased are 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.  
The cost of treasury shares is debited to the Treasury reserve.
• “Foreign currency translation reserve” represents exchange gains and losses on retranslation of foreign operations. 
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 46 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 in other comprehensive income or 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.
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.
Dividend distributions
Interim dividends in respect of equity shares are recognised in the financial statements in the period in which they are paid.
Final dividends in respect of equity shares are recognised in the financial statements in the period that the dividends are 
formally approved.
Foreign currency translation
The functional and presentation currency of Idox plc and its United Kingdom subsidiaries is the pound sterling (£). 
Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of the transaction. 
Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of 
exchange ruling at the balance sheet date. All differences are taken to 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 the foreign currency translation reserve and reported in other comprehensive income.
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 with a maturity of 3 months or less from inception and 
are subject to an insignificant risk of changes in value. 
47 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
1 Accounting Policies continued
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.
2 Segmental analysis
In previous periods, the Group was organised into two main operating segments. Following the acquisition and 
integration of Cloud Amber Limited and Reading Room Limited, and an internal reorganisation, the operating segments 
were revised. As at 31 October 2016, the Group is primarily organised into five operating segments, which are detailed 
below. The segmental analysis for the comparative period to 31 October 2015 has been restated to show results for all 
five business segments. 
Financial information is reported to the chief operating decision maker, which in the year ended 31 October 2016 
comprised the Chief Executive Officer, the Chief Operating 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 (PSS) – delivering specialist information management solutions and services to the public sector
• Engineering Information Management (EIM) – delivering engineering document management and control solutions to 
asset intensive industry sectors
• Grants (GRS) – delivering funding solutions to private and third sector customers
• Compliance (COMP) – delivering compliance solutions to corporate, public and commercial customers 
• Digital (DIG) – delivering digital consultancy services to public, private and third sector customers
Segment revenue comprises 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, Group interest payments and Group acquisition 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.
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 48 The segment revenues by geographic location are as follows:
Revenues from external customers
2016
£000
2015
 £000
United Kingdom 55,739 41,463
USA 6,361 6,987
Europe 12,271 12,804
Australia 1,008 617
Rest of World 1,360 704
76,739 62,575
Revenues are attributed to individual countries on the basis of the location of the customer. 
Revenues by type
2016
£000
2015
 £000
Recurring revenues 32,861 27,613
Non-recurring revenues 43,878 34,962
76,739 62,575
The segment results by business unit for the year ended 31 October 2016:
PSS
£000
EIM
£000
GRS
£000
COMP
£000
DIG
£000
Total
£000
Revenue 40,966 14,059 6,433 4,371 10,910 76,739
Profit before interest, tax, depreciation, 
amortisation, share option costs, 
acquisition costs and restructuring costs 16,310 3,300 689 135 1,018 21,452
Adjusted segment operating profit 11,961 2,113 309 (277) 179 14,285
Finance income 55
Finance costs (1,357)
Profit before Tax 12,983
The segment results by business unit for the year ended 31 October 2015:
PSS
£000
EIM
£000
GRS
£000
COMP
£000
DIG
£000
Total
£000
Revenue 35,803 13,606 5,919 6,101 1,146 62,575
Profit before interest, tax, depreciation,
amortisation, share option costs,
acquisition costs and restructuring costs 14,127 2,242 571 985 290 18,215
Adjusted segment operating profit 9,540 347 (65) 537 185 10,544
Finance income 445
Finance costs (1,226)
Profit before Tax 9,763
49 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
3 Operating Profit for the Year
Operating profit for the year has been arrived at after charging:
2016
£000
2015
£000
Auditor’s remuneration:
Fees payable to the Company Auditor for the audit of the parent company  
and consolidated annual accounts 56 54
The audit of the Company’s subsidiaries, pursuant to legislation 108 60
Audit related services 31 33
195 147
Corporate Finance fees 136 –
Tax services – compliance 43 35
Tax services – advisory – 3
Operating lease rentals – buildings & equipment 1,917 1,176
Depreciation – owned 584 785
Amortisation of intangibles 6,052 5,480
Equity-settled share-based payments 597 415
Research & development costs 4,523 4,114
4 Directors and Employees
Staff costs during the year were as follows:
2016
£000
2015
£000
Wages and salaries 31,226 25,633
Social security costs 3,271 2,744
Pension costs 1,025 921
35,522 29,298
During the year, share based payment charges of £597,000 (2015: £415,000) were incurred. 
During the year, the Group incurred restructuring costs of £330,000 (2015: £1,025,000). The restructuring costs represent 
redundancy payments to former staff. 
The average number of employees of the Group during the year was 676 (2015: 572) and was made up as follows:
2016
No.
2015
No.
Office and administration (including Directors of the Company and its subsidiary undertakings) 29 24
Sales 33 40
Development 101 101
Operations 513 407
676 572
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 50 Remuneration in respect of Directors was as follows:
2016
£000
2015
£000
Emoluments 1,265 802
Pension contributions 22 9
Share based payment charge – 134
1,287 945
In addition to the remuneration stated above, the Group incurred social security costs in respect of Directors of £162,000 
(2015: £103,000). 
During the year, no directors exercised share options. 
The amounts set out above include remuneration in respect of the highest paid Director as follows:
2016
£000
2015
£000
Aggregate emoluments 484 371
Pension contributions – –
484 371
During the year, the Group incurred social security costs in respect of the highest paid director of £66,000 (2015: £50,000).
During the current year and the prior year, the highest paid director did not exercise any share options.
Details of the remuneration for each Director are included in the Report on Remuneration, which can be found on  
pages 27 and 28 but does not form part of the audited accounts.
5 Acquisition Costs
Following the implementation of IFRS 3, 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 23.
Acquisition costs
2016
£000
2015
£000
Acquisition costs (318) (122)
Release of contingent consideration 722 156
404 34
During the year, the contingent consideration on Cloud Amber Limited was reduced from £1,200,000 to £478,000. The 
reduction was a result of missing the revenue target as set out in the Share Purchase Agreement. At the reporting date, 
management’s best estimate is that the adjusted contingent consideration will be payable.
51 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
6 Finance Income and Costs
2016
£000
2015
£000
Interest receivable 4 2
Insurance Income 8 –
Dividends receivable 19 16
Foreign exchange differences – 310
Other income 24 117
Finance income 55 445
Bank loans interest payable (790) (714)
Bank charges and loan facility fees (298) (358)
Loss on discounting of amounts recoverable from customers (191) (154)
Foreign exchange differences (78) –
Finance costs (1,357) (1,226)
7 Dividends
2016
£000
2015
£000
Final dividend paid in respect of the year ended 31 October 2015 and 31 October 2014 1,885 1,512
Pence per ordinary share 0.525p 0.425p
Interim dividend paid in respect of the year ended 31 October 2016 and 31 October 2015 1,263 1,156
Pence per ordinary share 0.350p 0.325p
The Directors have proposed the payment of a final dividend of 0.650p per share, which would amount to £2,347,000 
(2015: 0.525p).
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 52 8 Income Tax
The tax charge is made up as follows:
2016
£000
2015
£000
Current tax
UK corporation tax on profits for the period 2,634 2,310
Foreign tax on overseas companies 508 498
Over provision in respect of prior periods (754) (259)
Total current tax 2,388 2,549
Deferred tax
Origination and reversal of temporary differences (961) (555)
Adjustment for rate change (252) –
Adjustments in respect of prior periods 2 (60)
Total deferred tax (1,211) (615)
Total tax charge 1,177 1,934
The differences between the total tax charge above and the amount calculated by applying the standard rate of UK 
corporation tax to the profit before tax, together with the impact on the effective tax rate, are as follows:
2016
£000
% ETR 
movement
2015
£000
% ETR 
movement
Profit before taxation on continuing operations 12,983 9,763
Profit on ordinary activities multiplied by the standard  
rate of corporation tax in the UK of 20% (2015: 20%) 2,597 20.00 1,953 20.00
Effects of:
Share option deduction (216) (1.66) 84 0.86
Tax losses arising (utilised) in year (113) (0.87) 0 0.00
International losses not recognised 172 1.32 3 0.03
Other timing differences 5 0.04 150 1.54
Expenses not deductible for tax purposes 118 0.91 103 1.06
Prior year over-provision (751) (5.78) (330) (3.38)
Non-taxable income (152) (1.17) (46) (0.47)
Adjustment for tax rate differences (374) (2.88) 85 0.86
R&D enhanced relief (139) (1.07) (99) (1.01)
Foreign tax suffered 30 0.22 31 0.31
1,177 9.06 1,934 19.80
53 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
8 Income Tax continued
The effective tax rate (‘ETR’) for the period was 9.06% (2015: 19.80%). A significant tax repayment was processed in 
2016, in respect of historic R&D claims covering FY13, FY14 and the Reading Room Group’s 31 March 2014 year-end. 
Furthermore, the decrease in the deferred tax rate provided for, from 20% to 18%, in advance of decreases in the UK 
corporation tax main rate to 19% (1 April 2017) and 17% (1 April 2020), resulted in downward pressure on the ETR given 
the Group’s net deferred tax liability position. 
The higher effective tax rate in 2015 was due to a larger proportion of the overall tax charge being incurred in overseas 
jurisdictions with a higher rate of corporation tax than the UK. Another factor increasing the tax rate in 2015 was the 
derecognition of deferred tax assets in the US given uncertainty over the assets’ future recoverability.
Movement on trading losses during 2016 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 2015 – 2,281 2,281 456
Impact of decrease in deferred tax rate – – – (45)
Recognised during the year – 41 41 7
Utilised during the year – 76 76 14
At 31 October 2016 – 2,398 2,398 432
Unrecognised trading losses
Losses not recognised – (880) (880) (158)
At 31 October 2016 – (880) (880) (158)
As noted above, no UK trading losses were brought forward to 2016. Foreign losses of £310,000 were utilised during the 
year in the US, however, the sterling value of the losses increased to the extent that the closing sterling value of these US 
losses is higher than at Oct 15, notwithstanding the utilisation during 2016. This explains the positive utilisation contribution 
above. The closing derecognised overseas losses of £880,000 relate to the US and Germany. The decision was made 
to derecognise these assets until there is more certainty over their future utilisation. Across the year the total deferred tax 
asset in respect of unrelieved trading losses has decreased from £456,000 to £432,000.
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 54 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:
2016
£000
2015
£000
Profit for the year 11,806 7,829
Basic earnings per share
Weighted average number of shares in issue 357,989,177 354,730,817
Basic earnings per share 3.30p 2.21p
Weighted average number of shares in issue 357,989,177 354,730,817
Add back:
Treasury shares 3,023,469 2,863,552
ESOP shares 875,044 1,139,245
Weighted average allotted, called up and fully paid share capital 361,887,690 358,733,614
Diluted earnings per share
Weighted average number of shares in issue used in basic earnings per share calculation 357,989,177 354,730,817
Dilutive share options 13,579,022 17,234,828
Weighted average number of shares in issue used in dilutive earnings per share calculation 371,568,199 371,965,645
Diluted earnings per share 3.18p 2.10p
2016
£000
2015 
£000
Adjusted earnings per share
Profit for the year 11,806 7,829
Add back:
Amortisation on acquired intangibles 3,817 3,778
Acquisition credits (404) (34)
Restructuring costs 330 1,025
Tax effect (829) (961)
Adjusted profit for year 14,720 11,637
Weighted average number of shares in issue – basic 357,989,177 354,730,817
Weighted average number of shares in issue – diluted 371,568,199 371,965,645
Adjusted earnings per share 4.11p 3.28p
Adjusted diluted earnings per share 3.96p 3.13p
55 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
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 2014 1,855 494 11 236 2,596
Additions 464 20 – 72 556
Additions on acquisition 132 198 – – 330
Internal reallocation to intangible assets (432) – – – (432)
Disposals (1,010) (198) (11) (124) (1,343)
At 31 October 2015 1,009 514 – 184 1,707
Additions 554 64 – 61 679
Additions on acquisition 65 10 – – 75
Internal reallocation to intangible assets (12) – – – (12)
Disposals (359) (105) – – (464)
At 31 October 2016 1,257 483 – 245 1,985
Depreciation
At 1 November 2014 831 157 11 148 1,147
Provided in the year 536 140 – 109 785
Eliminated on disposal (996) (195) (11) (124) (1,326)
Fair value adjustment 22 2 – – 24
At 31 October 2015 393 104 – 133 630
Provided in the year 355 139 – 90 584
Eliminated on disposal (359) (75) – – (434)
Fair value adjustment 63 27 – – 90
At 31 October 2016 452 195 – 223 870
Net book amount at 31 October 2016 805 288 – 22 1,115
Net book amount at 31 October 2015 616 410 – 51 1,077
The Group has pledged the above assets to secure banking facilities granted to the Group.
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 56  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 2014 43,869 18,430 7,967 10,947 5,718 569 4,200 91,700
Additions – – – 628 1,203 – 121 1,952
Additions on acquisition 4,921 3,330 1,646 739 491 – – 11,127
Disposals – – – (599) (25) – – (624)
Internal reallocation – – – 432 – – – 432
Fair value adjustment 301 – – (239) (59) – – 3
At 31 October 2015 49,091 21,760 9,613 11,908 7,328 569 4,321 104,590
Revaluation of  
opening balance – – – 29 109 – 20 158
Additions – – – 1,393 2,799 – – 4,192
Additions on acquisition 2,925 245 1,924 3,970 – – – 9,064
Internal reallocation – – – 12 – – – 12
Fair value adjustment 630 – – (238) – – – 392
At 31 October 2016 52,646 22,005 11,537 17,074 10,236 569 4,341 118,408
Amortisation
At 1 November 2014 647 7,612 3,227 5,908 3,023 554 3,937 24,908
Amortisation for the year – 1,724 780 1,776 956 15 229 5,480
Disposals – – – (599) (11) – – (610)
At 31 October 2015 647 9,336 4,007 7,085 3,968 569 4,166 29,778
Revaluation of  
opening balance – – – 21 34 – 4 59
Amortisation for the year – 1,903 740 2,082 1,261 – 66 6,052
At 31 October 2016 647 11,239 4,747 9,188 5,263 569 4,236 35,889
Carrying amount at  
31 October 2016 51,999 10,766 6,790 7,886 4,973 – 105 82,519
Carrying amount at  
31 October 2015 48,444 12,424 5,606 4,823 3,360 – 155 74,812
During the year, goodwill and intangibles were reviewed for impairment in accordance with IAS 36, ‘Impairment of Assets’. 
There were no impairment charges identified as a result of this review (2015: £Nil). 
Fair value adjustments are in relation to Cloud Amber Limited and Reading Room Limited acquired in the year ended 
31 October 2016. Further information on these fair value adjustments is provided in note 23.
The Group has pledged the above assets to secure banking facilities granted to the Group.
57 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
11 Intangible Assets continued
The remaining useful lives and carrying value of the above intangible assets is as follows:
2016 
Remaining 
amortisation 
period
(years)
2015 
Remaining 
amortisation 
period
(years)
2016 
Carrying 
value
£000
2015 
Carrying 
value
£000
CAPS intangibles
Customer relationships 10.5 11.5 3,079 3,371
Trade names 10.5 11.5 1,310 1,436
Software 0.5 1.5 150 456
Plantech intangibles
Customer relationships 11 12 636 694
Trade names 11 12 286 312
Software 1 2 84 168
J4B intangibles
Customer relationships (project) 2.5 3.5 33 46
Trade names 2.5 3.5 51 71
Grantfinder intangibles
Trade name 3.5 4.5 82 105
Strand intangibles
Customer relationships 3.8 4.8 870 1,102
LAMP contracts intangibles
Backlog order book 1 2 3 43
McLaren intangibles
Customer relationships 4.1 5.1 418 519
Trade names – 0.1 – 26
Software – 0.1 – 19
Lalpac intangibles
Customer relationships 4.5 5.5 741 905
Trade names 4.5 5.5 74 90
Software 4.5 5.5 148 181
Interactive Dialogues intangibles
Customer relationships 5 6 176 211
Trade names 5 6 103 123
Software 5 6 206 247
CT Space intangibles
Customer relationships – 1 – 125
Trade names 5 6 619 743
Software 5 6 743 892
Opt2Vote intangibles
Customer relationships 0.4 1.4 64 217
Trade names 5.4 6.4 286 339
Software 5.4 6.4 381 451
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 58 2016 
Remaining 
amortisation 
period
(years)
2015 
Remaining 
amortisation 
period
(years)
2016 
Carrying 
value
£000
2015 
Carrying 
value
£000
Currency Connect intangibles
Customer relationships 5.4 6.4 1,068 1,266
Trade names 5.4 6.4 141 167
Software 5.4 6.4 152 180
FMx intangibles
Customer relationships 0.9 1.9 124 259
Trade names 5.9 6.9 132 154
Software 5.9 6.9 197 231
Artesys intangibles
Trade names 6.4 7.4 193 223
Software 6.4 7.4 229 265
Digital Spirit intangibles
Customer relationships 8 9 371 418
Trade names 8 9 164 185
Software 8 9 164 185
Cloud Amber intangibles
Customer relationships 8.7 9.7 889 993
Trade names 8.7 9.7 290 323
Software 8.7 9.7 434 484
Miria contracts intangibles
Backlog order book 3.7 4.7 104 112
Reading Room intangibles
Customer relationships 9 10 2,068 2,298
Trade names 9 10 1,178 1,309
Open Objects intangibles
Customer relationships 4.7 – 229 –
Trade names 13.7 – 807 –
Software 6.7 – 2,450 –
Rippleffect intangibles
Trade names 11.8 – 1,074 –
Software 2.8 – 1,279 –
Development costs 5 5 4.973 3,360
Software costs 3 3 1,269 1,064
59 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
11 Intangible Assets continued
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. As the Board reviews results on a segmental level, the Group is monitoring goodwill on 
the same basis. 
The carrying value of goodwill by each CGU is as follows:
Cash Generating Units (CGU)
2016
£000
2015
£000
Public Sector Software 30,191 27,533
Engineering Information Management 11,774 11,774
Grants 5,289 5,289
Compliance 1,865 1,865
Digital 2,880 1,983
51,999 48,444
The recoverable amount of all CGUs 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. 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 and are based on an increase in market share. 
For value-in-use calculations, the growth rates and margins used to estimate future performance are based on financial 
year 2017 budgets (as approved by the Board) which is 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 2016, the Weighted 
Average Cost of Capital for each CGU has been used as an appropriate discount rate to apply to cash flows. The same 
basis was used in the year to 31 October 2015.
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 CGUs:
Cash Generating Unit (CGU)
Discount rate 
Current year
Growth rate 
Current year
Discount rate
 Prior year
Growth rate 
Prior year
Public Sector Software 11.41% 2% 12.65% 2%
Engineering Information Management 12.89% 2% 11.93% 2%
Grants 10.94% 2% 10.94% 2%
Compliance 10.94% 2% 10.94% 2%
Digital 10.94% 2% 10.94% 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 Weighted Average Cost of Capital is recalculated at each period end. 
There have been no impairment charges identified for the year ended 31 October 2016 (2015: None).
Sensitivities have been run on cash flow forecasts for all CGUs. 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 exceeding the recoverable amount. A 0% growth rate would result in 
the following headroom:
Cash Generating Unit (CGU)
Growth rate 0%
headroom 
£000
Public Sector Software 120,141
Engineering Information Management 8,905
Grants 7,744
Compliance 2,619
Digital 20,361
Sensitivities have also been run on the discount rate applied and management are satisfied that a reasonable increase in 
the discount rate would not lead to the carrying amount of the relevant CGU exceeding the recoverable amount. 
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 60 12 Deferred Income Tax
Deferred tax assets and liabilities are summarised as follows:
2016
£000
2015
£000
Deferred tax assets 2,114 1,649
Deferred tax liabilities (non-current) (4,351) (4,357)
(2,237) (2,708)
The movement in the year in the net deferred tax provision was as follows:
2016
£000
2015
£000
At 1 November (2,708) (2,468)
Credit to income for the year 961 555
Adjustment for changes in rate 252 –
Prior year adjustment (2) 60
Other movements 93 48
Charged to goodwill for the year (1,105) (1,102)
Transferred to equity 272 199
At 31 October (2,237) (2,708)
The movement in deferred income tax assets and liabilities during the year is as follows:
Share-based 
payments
£000
Other 
temporary 
differences
£000
Tax losses 
carried 
forward
£000
Accelerated 
tax 
depreciation
£000
Total 
deferred tax 
asset
£000
Total 
deferred tax 
liability
£000
At 1 November 2014 454 50 658 408 1,570 (4,038)
Charge to income 94 (19) (202) 7 (120) 776
Charge to equity 199 – – – 199 –
Changes in rate – – – – – –
Deferred tax recognised  
on acquisition – – – – – (1,095)
At 31 October 2015 747 31 456 415 1,649 (4,357)
At 1 November 2015 747 31 456 415 1,649 (4,357)
Charge to income 218 56 21 64 359 750
Charge to equity 272 – – – 272 –
Changes in rate (75) (3) (46) (42) (166) 361
Deferred tax recognised  
on acquisition – – – – – (1,105)
At 31 October 2016 1,162 84 431 437 2,114 (4,351)
The deferred tax liability relates to deferred tax on intangible assets acquired on acquisition of subsidiaries.
61 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
13 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 consolidated balance sheet relate to the following categories of assets and liabilities:
Financial assets Note
2016
£000
2015
£000
Financial assets measured at amortised cost:
Current:
Trade and other receivables 14 18,929 16,154
Cash and cash equivalents 15 3,787 4,084
22,716 20,238
Loans and receivables:
Non-current:
Amounts recoverable on contracts 14 6,094 4,956
6,094 4,956
Current:
Amounts recoverable on contracts 14 12,677 8,230
12,677 8,230
Financial liabilities Note
2016
£000
2015
£000
Financial liabilities measured at amortised cost:
Non-current:
Bank borrowings 19 26,410 24,831
26,410 24,831
Current:
Bank borrowings 19 2,425 2,428
Trade and other payables 16 7,643 7,109
Other liabilities 17 1,387 1,303
11,455 10,840
Financial liabilities measured at fair value through profit or loss:
Non-current:
Other liabilities* 14 1,600 –
1,600 –
Current:
Other liabilities* 14 478 1,200
478 1,200
*  Hierarchy 3 being inputs for the asset or liability which are not based on observable market data. The current year liability relates to deferred 
consideration on the acquisition of Open Objects Limited and Cloud Amber Limited. The prior year liability relates to a deferred consideration  
on the acquisition of Cloud Amber Limited. 
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 62 The Group’s financial liabilities per the fair value hierarchy classifications under IFRS 13 ‘Financial Instruments: Disclosures’ 
are described below:
Category of  
financial liability
Fair value at  
31 October 
2016
£000
Level in 
hierarchy
Description of  
valuation technique
Inputs used for  
financial model
Total gains 
recognised in 
profit or loss 
£000
Contingent 
consideration due 
on acquisitions
2,078 3 Based on future revenue 
and probability that  
vendor will meet  
obligations under sale and 
purchase agreement
Management estimate on 
probability and timescale of 
vendors meeting revenue 
targets specified in sale and 
purchase agreement
722
There have been no changes to valuation techniques or any amounts recognised through ‘Other Comprehensive Income’. 
The adjustment of £722,000 is included in ‘Acquisition credits’ in the Consolidated Interim Statement of Comprehensive Income.
14 Trade and Other Receivables
2016
£000
2015
£000
Trade receivables, gross 18,784 15,557
Allowance for credit losses (437) (421)
Trade receivables, net 18,347 15,136
Amounts recoverable on contracts 12,677 8,230
Other receivables 582 1,018
Financial assets 31,606 24,384
Prepayments 2,147 2,329
Non-financial assets 2,147 2,329
Trade and other receivables due within one year 33,753 26,713
2016
£000
2015
£000
Amounts recoverable on contracts 6,094 4,956
Trade and other receivables due after one year 6,094 4,956
The carrying amount of trade and other receivables approximates to their fair value, which has been calculated based on 
expectations of debt recovery from historic performances feeding into impairment provision calculations. 
Trade receivables are reviewed regularly for impairment and judgement made as to any likely impairment based on historic 
trends and the latest communication with customers.
Amounts recoverable on contracts represent work completed and delivered to the customer but due to the contractual payment 
terms have not yet been invoiced. Amounts recoverable due after one year have been discounted to amortised cost.
All of the closing Group trade receivables are in UK sterling with the exception of:
2016 2015
Euros €5,694,000 €5,187,000
Australian Dollars AUD10,000 AUD30,000
Emirati Dirham AED34,000 AED190,000
US Dollars $2,726,000 $4,801,000
Canadian Dollars $19,000 $2,000
Swiss Franc – CHF1,000
63 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
14 Trade and Other Receivables continued
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:
2016
£000
2015
£000
Local authorities and other public bodies 6,679 5,757
Private companies 12,105 9,800
18,784 15,557
The ageing of trade receivables at the reporting date for the Group was:
Gross
2016
£000
Impairment
2016
£000
Gross
2015
£000
Impairment
2015
£000
Not past due 11,375 – 10,424 –
Past due 0 to 30 days 2,485 – 2,088 –
Past due 31 to 60 days 424 – 374 –
More than 61 days 4,500 437 2,671 421
18,784 437 15,557 421
Movements in the provision for impairment of receivables for the Group were as follows:
2016
£000
2015
£000
At 1 November 2015 421 144
Charge for the year 1,004 98
Relating to acquisitions 104 220
Utilised (1,092) (41)
At 31 October 2016 437 421
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. 
15 Cash and Cash Equivalents
2016
£000
2015
£000
Cash at bank and in hand 3,787 4,084
Cash and cash equivalents per cash flow statements 3,787 4,084
The credit quality of the holders of the cash at bank is A and AA rated.
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 64 16 Trade and Other Payables
2016
£000
2015
£000
Trade payables 3,922 3,084
Accruals 3,721 4,025
7,643 7,109
The carrying values of trade and other payables are considered to be reasonable approximations of fair value. Accruals 
represent liabilities which have been recognised at the balance sheet date. The majority of these will be paid during the 
next six months.
17 Other Liabilities
2016
£000
2015
£000
Current:
Social security and other taxes 2,453 2,015
Other payables 1,865 2,503
Deferred income 15,896 14,565
20,214 19,083
£000 £000
Non-current: 
Other payables – deferred consideration 1,600 –
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 that are spread over the 
period, typically one year, for which the service is supplied.
18 Provisions
2016
£000
2015
£000
At 1 November 2015 29 18
Provision made during the year 10 17
Provision utilised during the year – (6)
At 31 October 2016 39 29
The opening and closing provisions relate to estimated dilapidation costs expected to arise on exit of leased properties.
65 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
19 Borrowings
All borrowings are held at amortised cost and after set-off for unamortised loan facility fees:
2016
£000
2015
£000
Current:
Bank borrowings 2,425 2,428
Non-current:
Bank borrowings 26,410 24,831
Total borrowings 28,835 27,259
At the balance sheet date, the Group had two loan facilities in place through a two-bank facility with Royal Bank of 
Scotland and Silicon Valley Bank. The facilities consist of a term loan of £12m and a revolving credit facility of £23m.
At the balance sheet date, the term loan had an outstanding balance of £12m (2015: £14.5m) and during the period the 
loan was held, the average interest rate was 3.06% (2015: 3.16%).
At the balance sheet date, the revolving credit facility had an outstanding balance of £17m (2015: £13m) and during the 
period the loan was held, the average interest rate was 2.75% (2015: 3.06%). 
There are unamortised loan fees of £190,000 (2015: £290,000) at the balance sheet date. 
As security for the above loans, Royal Bank of Scotland and Silicon Valley Bank hold a fixed and floating charge over the 
assets of Idox plc and certain subsidiaries, a guarantee supported by Idox plc and certain subsidiaries and a share pledge 
in respect of the entire issued share capital of each subsidiary company.
The Group also has two term loans in place with Oseo, France. At the balance sheet date, the total outstanding amount 
was £25,000 and the average interest rate paid during the period the facility was held was 8.10%. 
The Directors estimate that the fair value of the Group’s borrowing is not significantly different to the carrying value. 
20 Risk Management Objectives and Policies
The Group’s principal financial instruments comprise cash and cash equivalents, short term deposits and bank borrowings. 
The main purpose of these financial instruments is to finance the Group’s operations. The Group has other financial 
instruments, which mainly comprise trade receivables and trade payables that arise directly from its operations.
Risk management is carried out by the finance department under policies approved by the Board. The Group’s 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 Board have evaluated 
the risks and are satisfied that the risk management objectives are met.
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 66 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 functional currency of the operations. 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 2016 and 2015, all the Group’s borrowings at variable rates were denominated in UK Sterling. The average interest 
rate during the year ended 31 October 2016 was 3.06% for the term loan and 2.75% for the revolving credit facility. Interest 
payable in the year was £790,000. If the average interest rate during the year had been 1% different, this would have had 
an impact of £282,000 on the interest payable during the period. 
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:
Classes of financial assets – carrying amounts
2016
£000
2015
£000
Cash and cash equivalents 3,787 4,084
Trade receivables 18,347 15,136
Amounts recoverable on contracts 18,771 13,186
Other receivables 582 1,018
Financial assets at fair value 41,487 33,424
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 and 
these reviews take 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 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.
67 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
20 Risk Management Objectives and Policies continued
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 cash flow requirements of the Group are met.
Detailed analysis of the debt facilities taken out and available to the Group are disclosed in note 19. 
As at 31 October 2016, the Group’s financial liabilities have contractual maturities (including interest payments where 
applicable) as summarised below:
Current Non-current
Within  
1 month
£000
1–3
 months
£000
3–12  
months
£000
1–5 
years
£000
Later than  
5 years
£000
Bank borrowings 44 1,423 1,701 27,190 –
Trade and other payables 5,718 1,664 261 – –
This compares to the maturity of the Group’s financial liabilities in the previous reporting period as follows:
Current Non-current
Within  
1 month
£000
1–3
 months
£000
3–12  
months
£000
1–5 
years
£000
Later than  
5 years
£000
Bank borrowings 79 222 2,941 26,491 –
Trade and other payables 6,902 35 172 – –
The above amounts reflect the contractual undiscounted cash flows, 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.
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 68 Capital for the reporting periods under review is summarised as follows:
2016
£000
2015
£000
Total equity 65,232 53,639
Less unrestricted cash and cash equivalents (note 15) (3,787) (4,084)
61,445 49,555
Total equity 65,232 53,639
Borrowings (note 19) 28,835 27,259
94,067 80,898
Capital-to-overall financing ratio 0.65 0.61
21 Share Capital
2016
£000
2015
£000
Authorised:
650,000,000 ordinary shares of 1p each (2015: 650,000,000) 6,500 6,500
Allotted, called up and fully paid:
As at 1 November 3,587 3,587
Issued and allotted during the year 53 –
364,012,063 ordinary shares of 1p each (2015: 358,733,615) 3,640 3,587
Movement in issued share capital in the year
During the year to 31 October 2016, four employees exercised share options across eleven separate exercises. To satisfy 
the exercise of eight of these transactions, the Company issued and allotted 3,373,686 new ordinary shares of 1p each. 
The three remaining exercises were settled with treasury shares totalling 64,000 ordinary shares of 1p each.
In addition, a further 1,904,762 new ordinary shares of 1p each were issued and allotted during the year as part of the 
consideration for Open Objects Software Ltd. 
The Company has one class of ordinary share which carries no right to fixed income.
At 31 October 2016, there were 2,259,329 (2015: 2,093,953) shares in issue under ESOP. During the year, the average 
issue share price was 57p (2015: 40p).
At 31 October 2016, there were 2,991,219 (2015: 3,055,219) shares held in treasury.
69 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
22 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 settled in equity once exercised.
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. 
Details of all share options over 1p Ordinary shares, falling within the measurement and recognition criteria of IFRS 2 
“Share-based Payment” and forming part of the unapproved share scheme, 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
666,000 – – – 666,000 7.50p May 2007 May 2017
385,000 – 44,000 – 341,000 8.125p Jun 2007 Jun 2017
275,000 – 275,000 – – 15.00p Dec 2007 Dec 2017
423,077 – 423,077 – – 13.00p Aug 2008 Aug 2018
366,667 – 366,667 – – 15.00p Aug 2008 Aug 2018
4,287,337 – 975,610 – 3,311,727 10.25p Mar 2010 Mar 2020
6,750,000 – 1,000,000 – 5,750,000 20.00p Mar 2011 Mar 2021
1,005,000 – 40,000 – 965,000 18.00p Mar 2011 Mar 2021
430,000 – – – 430,000 35.00p Apr 2012 Apr 2022
600,000 – 300,000 – 300,000 44.00p Sep 2012 Sep 2022
450,000 – – 250,000 200,000 35.75p Jul 2013 Jul 2023
500,000 – – – 500,000 39.12p Mar 2014 Mar 2024
460,000 – 13,332 – 446,668 39.00p Jul 2014 Jun 2024
1,130,000 – – – 1,130,000 38.38p Feb 2015 Feb 2025
– 2,395,000 – – 2,395,000 50.00p Apr 2016 Apr 2026
– 700,000 – – 700,000 50.00p Apr 2016 Apr 2026
17,728,081 3,095,000 3,437,686 250,000 17,135,395
The following table sets out the number of share options and associated weighted average exercise price (WAEP) 
outstanding during the year:
2016 2015
No.
WAEP 
Pence No.
WAEP 
Pence
Outstanding at the beginning of the year 17,728,081 20.23 18,015,203 19.78
Granted during the year 3,095,000 50.00 1,130,000 38.38
Exercised during the year (3,437,686) 17.43 (559,622) 13.49
Lapsed during the year (250,000) 35.75 (857,500) 38.97
Outstanding at the end of the year 17,135,395 25.95 17,728,081 20.23
Exercisable at the end of the year 15,313,635 23.15 17,360,025 19.86
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 70 The share options outstanding at the end of the year have a weighted average remaining contractual life of 5 years.  
The share options exercised during the year had a weighted average exercise price of 17.43p and a weighted average 
market price of 45.44p.
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 16 2,395,000 56.38 50.00 32.50 8 0.47 1.75 0.18
Apr 16 700,000 56.38 50.00 32.50 8 0.47 1.75 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 management’s best estimate, for the effects of non-
transferability, exercise restrictions and behavioural considerations.
The Group recognised a total charge of £419,000 (2015: £311,000) for equity-settled share-based payment transactions 
related to the unapproved share option scheme during the year. A charge of £419,000 (2015: £205,000) related to share 
options granted and £nil (2015: £106,000) related to share options exercised. 
Long-Term Incentive Plan (LTIP)
During the year, no further options were granted under the Long-Term Incentive Plan. 
The Group recognised a total charge of £178,000 (2015: £104,000) for equity-settled share-based payment transactions 
related to the LTIP during the year. The total cost was in relation to share options granted and £nil (2015: £Nil) related to 
share options exercised. 
The number of options in the LTIP scheme is as follows:
2016 
No. of 
options
2015 
No. of 
options
Outstanding at the beginning of the period 3,600,000 –
Granted – 3,600,000
Forfeited – –
Vested – –
Outstanding at the end of the period 3,600,000 3,600,000
Exercisable at the end of the period – –
71 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
23 Acquisitions
Open Objects Software Limited
On 25 July 2016, the Group acquired the entire share capital of Open Objects Software Limited for a total consideration 
of £6.24m, being £5.04m in cash and £1.20m in shares. Open Objects offer managed cloud services to the public 
sector, specialising in social care and health. It is a UK market leader in the provision of Adult Social Care and Family 
Services software and services to local authorities. The acquisition supports the Group’s strategy of extending its  
Public Sector domains. 
Goodwill arising on the acquisition of Open Objects has been capitalised and consists largely of the workforce value, 
synergies and economies of scale expected from combining the operations of Open Objects with Idox. None of the 
goodwill recognised is expected to be deductible for income tax purposes. The purchase of Open Objects has been 
accounted for using the acquisition method of accounting.
Book value
£000
Provisional 
fair value 
adjustments
£000
Fair value
£000
Intangible assets 1 3,646 3,647
Property, plant and equipment 54 (11) 43
Trade receivables 954 – 954
Other receivables 86 – 86
Cash at bank 1,040 – 1,040
TOTAL ASSETS 2,135 3,635 5,770
Trade payables (73) – (73)
Other liabilities (144) – (144)
Deferred income (1,101) – (1,101)
Social security and other taxes (2) – (2)
Deferred tax liability – (656) (656)
TOTAL LIABILITIES (1,320) (656) (1,976)
NET ASSETS 3,794
Purchased goodwill capitalised 2,443
Total consideration 6,237
Satisfied by:
Cash to vendor 3,437
Issue of share capital 1,200
Earn out consideration 1,600
Total consideration 6,237
Due to the timing of the acquisition, the fair values stated above are provisional based on management’s best estimate. 
The fair value adjustment for the intangible assets includes £3,645,000 in relation to customer relationships, trade names 
and software. A related deferred tax liability has also been recorded as a fair value adjustment. Adjustments were also 
processed to align company policies with Idox Group policies. These included £1,000 in respect of intangible assets and 
£11,000 in relation to property, plant and equipment.
The revenue included in the consolidated statement of comprehensive income since 25 July 2016, contributed by Open 
Objects was £825,000. Open Objects also made a profit of £159,000 for the same period. If Open Objects had been 
included from 1 November 2015, it would have contributed £3,078,000 to Group revenue and a profit after tax of £423,000. 
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 72 The earn out period is 1 April 2017 to 31 March 2018. The earn out arrangement requires the Group to pay the former 
owners of Open Objects an amount to be determined by revenue in the earn out period, up to a maximum of £1,600,000 
in cash. £1,600,000 has been recognised at the date of acquisition, which represents the fair value of the contingent 
consideration. At the reporting date, management’s best estimate, based on forecast revenues, is that the full contingent 
consideration will be payable. 
Acquisition costs of £75,000 have been written off in the consolidated statement of comprehensive income.
Rippleffect Studio Limited
On 22 August 2016, the Group acquired the entire share capital of Rippleffect Studio Limited for a total consideration of 
£2.039m in cash. Rippleffect is a digital consultancy agency with expertise in the delivery of digital solutions for the sports, 
leisure and public sector markets including the provision of e-commerce platforms. The acquisition is complementary to 
Idox’s Digital segment and provides new technology. The acquisition also supports the Group’s strategy of expansion into 
sector neutral content and digital platforms.
Goodwill arising on the acquisition of Rippleffect has been capitalised and consists largely of the workforce value, 
synergies and economies of scale expected from combining the operations of Rippleffect with Idox. None of the goodwill 
recognised is expected to be deductible for income tax purposes. The purchase of Rippleffect has been accounted for 
using the acquisition method of accounting.
Book value
£000
Provisional 
fair value 
adjustments
£000
Fair value
£000
Intangible assets – 2,492 2,492
Property, plant and equipment 17 (8) 9
Trade receivables 609 – 609
Accrued Income 1,277 (879) 398
Other receivables 45 – 45
Cash at bank (265) – (265)
TOTAL ASSETS 1,683 1,605 3,288
Trade payables (280) – (280)
Other liabilities (54) (186) (240)
Deferred Income – (603) (603)
Social security and other taxes (159) – (159)
Deferred tax liability – (449) (449)
TOTAL LIABILITIES (493) (1,238) (1,731)
NET ASSETS 1,557
Purchased goodwill capitalised 482
Total consideration 2,039
Satisfied by:
Cash to vendor 2,039
Earn out consideration –
Total consideration 2,039
73 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
23 Acquisitions continued
Rippleffect Studio Limited continued
Due to the timing of the acquisition, the fair values stated above are provisional, based on management’s best estimate. 
The fair value adjustment for the intangible assets relates to customer relationships and trade names. A related deferred tax 
liability has also been recorded as a fair value adjustment. Adjustments were also processed to align company policies with 
Idox Group policies. These included £8,000 in respect of fixed assets, £879,000 in relation to accrued income, £186,000 in 
relation to accruals and £603,000 in relation to deferred income.
The fair value of trade receivables is equal to the gross contractual amounts receivable. An initial review of trade receivables 
has not indicated any recoverability issues.
The revenue included in the consolidated statement of comprehensive income since 22 August 2016, contributed by 
Rippleffect, was £1,151,000. Rippleffect also made a loss of £82,000 for the same period. If Rippleffect had been included 
from 1 November 2015, it would have contributed £6,000,000 to Group revenue and a loss after tax of £312,000. 
There is no earn out period for Rippleffect.
Acquisition costs of £48,000 have been written off in the consolidated statement of comprehensive income.
Had the above acquisitions occurred at the beginning of the financial year, the revenue of the Group would be £85.8m  
and the profit before tax of the Group would be £13.1m.
Cloud Amber Limited
During the period, a fair value adjustment was made in respect of the acquisition of Cloud Amber Limited on the 
7 July 2016. The adjustment totalled £215,000 and was in relation to the release of a bad debt provision not utilised. 
During the period the contingent consideration was adjusted from £1,200,000 to £478,000. The reduction was a 
result of missing the revenue target as set out in the Share Purchase Agreement. At the reporting date, management’s 
best estimate is that the adjusted contingent consideration will be payable. The adjustment of £722,000 is included in 
‘Acquisition credits’ in the Consolidated Interim Statement of Comprehensive Income.
Reading Room Limited
During the period, there have been several fair value adjustments in respect of the acquisition of Reading Room Limited  
on 8 October 2015. The adjustments totalled £414,000. 
A number of adjustments were processed to align company policies with Idox Group policies. These included £238,000 
in respect of intangible assets, £71,000 in respect of property, plant and equipment, £12,000 in respect of the bad debt 
provision, £193,000 in respect of deferred income and £74,000 in respect of accruals.
Acquisition cash flows
Acquisition cash flows in the year are as follows:
Net cash 
outflow 
£000
Subsidiaries acquired during the year:
Open Objects Software Limited 2,397
Rippleffect Studio Limited 2,304
4,701
No additional fair value adjustments have been made in the year in respect of prior year acquisitions.
Notes to the Accounts continued
Idox plc Annual Report and Accounts for the year ended 31 October 2016 74 24 Operating Lease Commitments
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2016
£000
2015
£000
Amounts due:
Within one year 2,160 1,565
Between one and five years 3,979 4,477
After five years 1,752 1,747
7,891 7,789
Operating lease payments represent rentals payable by the Group for office premises, motor vehicle leasing charges 
and equipment.
25 Capital Commitments
The Group had no capital commitments at 31 October 2016 or 31 October 2015. 
26 Contingent Liabilities
There were no material Group contingent liabilities at 31 October 2016 or 31 October 2015.
27 Related Party Transactions
Compensation paid to key management (which comprises the executive management team and the Board) of the Group:
2016
£000
2015
£000
Salaries and other short term employee benefits including NIC 1,669 1,540
Post-employment benefits 30 23
Share-based payments – 134
1,699 1,697
28 Post Balance Sheet Events
There are no material post balance sheet events.
75 Financial Statements > Notes to the Accounts
Company 
Information
Overview Strategic Report Governance
Financial 
Statements For the year ended 31 October 2016
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 2016 which  
comprise the parent company Balance Sheet, Statement of Changes in Equity 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) including FRS101 ‘Reduced Disclosure Framework’.
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 Statement of Directors’ Responsibilities set out on page 26, 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 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 Financial Reporting Council’s website at 
www.frc.org.uk/auditscopeukprivate.
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 for the year ended 31 October 2016;
• 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 Strategic Report and 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 2016.
Simon Bevan
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants 
London
13 December 2016
Idox plc Annual Report and Accounts for the year ended 31 October 2016 76 Note
2016
£000
2015
£000
Non current assets
Investments 6 93,236 84,642
Debtors: falling due after one year 7 145 2,039
93,381 86,681
Current assets
Debtors: falling due within one year 7 100 131
Creditors: amounts falling due within one year 8 (5,333) (36,292)
Net current liabilities (5,233) (36,161)
Total assets less current liabilities 88,148 50,520
Creditors: amounts falling due after more than one year 9 (26,500) (25,000)
Net assets 61,648 25,520
Capital and reserves
Called up share capital 10 3,640 3,587
Capital redemption reserve 1,112 1,112
Share premium account 13,480 11,741
Treasury reserve (1,244) (1,271)
Share option reserve 11 2,218 1,900
Retained earnings 42,442 8,451
Shareholders’ funds 61,648 25,520
The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2016 and are 
signed on its behalf by:
Andrew Riley
Chief Executive Officer
13 December 2016
The accompanying accounting policies and notes form an integral part of these accounts.
Company name: Idox plc   Company number: 03984070
At 31 October 2016
Company Balance Sheet
77
Company 
Information
Overview Strategic Report Governance
Financial 
Statements
Financial Statements > Company Balance Sheet For the year ended 31 October 2016
Company Statement of Changes in Equity
Share 
Capital
£000
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 2014
Issue of share capital 3,587 1,112 11,741 (1,001) 1,636 7,020 24,095
Share options reserve 
movement – – – – 264 – 264
Shares repurchased – – – (270) – – (270)
Dividends paid – – – – – (2,668) (2,668)
Transactions with owners – – – (270) 264 (2,668) (2,674)
Profit for the year – – – – – 4,099 4,099
Total comprehensive income  
for the year – – – – – 4,099 4,099
At 31 October 2015 3,587 1,112 11,741 (1,271) 1,900 8,451 25,520
Issue of share capital 53 – 1,739 – – – 1,792
Share options reserve 
movement – – – – 318 – 318
Shares repurchased – – – – – – –
Exercise of options from 
treasury reserve – – – 27 – (19) 8
Dividends paid – – – – – (3,149) (3,149)
Transactions with owners 53 – 1,739 27 318 (3,168) (1,031)
Profit for the year – – – – – 37,159 37,159
Total comprehensive income  
for the year – – – – – 37,159 37,159
At 31 October 2016 3,640 1,112 13,480 (1,244) 2,218 42,442 61,648
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 101 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 FRS 101.
The purpose of the treasury reserve is to enable the Board to issue share options to employees.
Idox plc Annual Report and Accounts for the year ended 31 October 2016 78 For the year ended 31 October 2016
Notes to the Company Financial Statements
1 Company Information
Idox plc is a company which is incorporated and domiciled in the UK. The address of its registered office is 2nd Floor,  
1310 Waterside, Arlington Business Park, Theale, Reading, RG7 4SA. The registered number of the Company is 03984070.
2 Accounting Policies
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards and in accordance 
with Financial Reporting Standard 101 – ‘The Reduced Disclosure Framework’ (FRS 101). The principal accounting policies 
adopted in preparation of these financial statements are set out below. These policies have all been applied consistently 
throughout the year unless otherwise stated.
The financial statements have been prepared on a historical cost basis as modified by the revaluation of certain financial 
assets and liabilities, being derivatives at fair value through profit or loss.
The financial statements are presented on Sterling (£).
Changes in accounting policies
This is the first year in which the financial statements have been prepared in accordance with FRS 101. The date of 
transition to FRS 101 is 1 November 2014. An explanation of the transition is included in note 12 to the financial statements. 
In applying FRS 101 for the first time, the company has applied early the amendment to FRS 101 which permits a first time 
adopter not to present an opening statement of financial position at the beginning of the earliest comparative period.
Disclosure exemptions adopted
In preparing these financial statements the Company has taken advantage of all disclosure exemptions conferred by 
FRS101. Therefore these financial statements do not include:
• A statement of cash flows and related notes
• The requirement to produce a balance sheet at the beginning of the earliest comparative period
• Presentation of comparative reconciliations for fixed assets
• Disclosure of key management personnel compensation
• Certain disclosure in relation to share based payments
• Disclosures in relation to impairment of assets
• The effect of future accounting standards not adopted
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.
79
Company 
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Overview Strategic Report Governance
Financial 
Statements
Financial Statements > Notes to the Company Financial Statements For the year ended 31 October 2016
Notes to the Company Financial Statements continued
2 Accounting Policies continued
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. 
Share capital is classed as an equity instrument where the contractual terms do not have any terms meeting the  
definition of a financial liability. 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.
Treasury reserve
The treasury reserve represents shares repurchased by the Company to be held for redistribution as share options.  
The cost of treasury shares is debited to the Treasury reserve.
3 Directors and Employees
There are no wages and salaries paid by the parent company.
The Company has no employees and Directors are remunerated by other Group companies. Details of the remuneration 
for each Director are included in the Report on Remuneration which can be found on pages 27 and 28 but which do not 
form part of the audited accounts.
4 Dividends
2016
£000
2015
£000
Final dividend paid in respect of the year ended 31 October 2015 and 31 October 2014 1,885 1,512
Pence per ordinary share 0.525p 0.425p
Interim dividend paid in respect of the year ended 31 October 2016 and 31 October 2015 1,264 1,156
Pence per ordinary share 0.350p 0.325p
The Directors have proposed the payment of a final dividend of 0.650p per share, which would amount to £2,347,000 
(2015: 0.525p).
Idox plc Annual Report and Accounts for the year ended 31 October 2016 80 5 Profit 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 profit for the year was £37,159,000  
(2015: £4,099,000).
6 Investments
Investment 
in Group 
undertakings
£000
Cost or market value
At 1 November 2015 87,699
Additions 8,873
Disposals (279)
At 31 October 2016 96,293
Impairment
At 1 November 2015 and 31 October 2016 3,057
Net book amount
At 31 October 2016 93,236
At 31 October 2015 84,642
81
Company 
Information
Overview Strategic Report Governance
Financial 
Statements
Financial Statements > Notes to the Company Financial Statements For the year ended 31 October 2016
Notes to the Company Financial Statements continued
6 Investments continued
At 31 October 2016 the Company held investments in the following companies:
Country of 
registration
Class of 
share held 
Proportion  
held
Nature of  
business
i-documentsystems Trustees Limited England Ordinary 100% Corporate trustee of Employee 
share ownership trust
Idox Software Limited England Ordinary 100% Software services
Cloud Amber Limited England Ordinary 100% Software services
Open Objects Software Limited England Ordinary 100% Software services
Reading Room Limited England Ordinary 100% Software services
Reading Room London Limited England Ordinary 100% Software services
Reading Room Studio Limited England Ordinary 100% Software services
Reading Room Manchester Limited England Ordinary 100% Software services
Rippleffect Studio Limited England Ordinary 100% Software Services
Idox Belgium NV* Belgium Ordinary 100% Information services
Idox Netherlands BV** Holland Ordinary 100% Information services
Currency Connect Holdings BV Holland Ordinary 100% Holding Company
Currency Connect BV Holland Ordinary 100% Information services
Idox Germany GmbH*** Germany Ordinary 100% Software services
McLaren Software Limited Scotland Ordinary 100% Software services
McLaren Software Inc USA Ordinary 100% Software services
Idox France SARL **** France Ordinary 100% Software services
CT Space Technologies Pty India Ordinary 100% Software services
Interactive Dialogues Limited England Ordinary 100% Dormant Company 
Uwsubsidie BV Holland Ordinary 100% Dormant Company
Strand Electoral Management Services Limited England Ordinary 100% Dormant Company
Strand Enterprises Limited England Ordinary 100% Dormant Company
Idox Information Solutions Limited  
(formerly J4B Software & Publishing Limited) England Ordinary 100% Dormant Company
Grantfinder Limited England Ordinary 100% Dormant Company
Plantech Limited England Ordinary 100% Dormant Company
Opt2Vote Limited England Ordinary 100% Dormant Company
CAPS Solutions Limited England Ordinary 100% Dormant Company
Lalpac Limited England Ordinary 100% Dormant Company
Idox Information Services Limited England Ordinary 100% Dormant Company
McLaren Software Group Limited Scotland Ordinary 100% Holding Company
McLaren Software GmbH Germany Ordinary 100% Dormant Company
McLaren Consulting BV Holland Ordinary 100% Dormant Company
McLaren Software SARL Switzerland Ordinary 100% Dormant Company
FMx Limited England Ordinary 100% Dormant Company
Buildonline Global Limited England Ordinary 100% Dormant Company
Buildonline Ireland Limited Ireland Ordinary 100% Dormant Company
CT Space Limited England Ordinary 100% Dormant Company
CT Space Inc USA Ordinary 100% Dormant Company
Citadon Inc USA Ordinary 100% Dormant Company
* Interactive Dialogues NV was renamed Idox Belgium NV during the year.
** J4B Nederland BV was renamed Idox Netherlands BV during the year.
***  Digital Spirit GmbH was renamed Idox Germany GmbH during the year. CT Space GmbH was merged 
 into Idox Germany GmbH during the year, with CT Space GmbH being immediately dissolved post-merger. 
****  CT Space SARL was renamed Idox France SARL during the year. Artesys International SA was merged  
into Idox France SARL during the year, with Artesys International SA being immediately dissolved post-merger. 
Idox plc Annual Report and Accounts for the year ended 31 October 2016 82 7 Debtors
2016
£000
2015
£000
Falling due within one year:
Other debtors 100 131
Falling due after one year:
Other debtors 90 190
Amounts owed by Group undertakings 55 1,849
145 2,039
Included in the above for the Company is £55,000 (2015: £1,849,000) owed by Group undertakings which is due after 
more than one year. The Directors consider this loan to be recoverable.
8 Creditors: Amounts Falling due within One Year
2016
£000
2015
£000
Bank loan 2,500 2,500
Amounts owed to Group undertakings 452 32,213
Other creditors 2,209 1,345
Accruals and deferred income 172 234
5,333 36,292
During the year the Group performed a review of intercompany balances and elected to waive various balances.
9 Creditors: Amounts Falling due after more than One Year
2016
£000
2015
£000
Bank loan 26,500 25,000
At the balance sheet date, the Company had two loan facilities in place through a two-bank facility with Royal Bank of 
Scotland and Silicon Valley Bank. These banking facilities consist of a term loan and a revolving credit facility.
At the balance sheet date, the term loan had an outstanding balance of £12,000,000 and during the period the loan was 
held, the average interest rate was 3.06%.
At the balance sheet date, the revolving credit facility had an outstanding balance of £17,000,000 and during the period the 
loan was held, the average interest rate was 2.75%. 
There are unamortised loan fees of £190,000 (2015: £290,000) at the balance sheet date. 
As security for the above loans, Royal Bank of Scotland and Silicon Valley Bank hold a fixed and floating charge over the 
assets of Idox plc and certain subsidiaries, a guarantee supported by Idox plc and certain subsidiaries 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 Company’s borrowing is not significantly different to the carrying value. 
83
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Financial 
Statements
Financial Statements > Notes to the Company Financial Statements For the year ended 31 October 2016
Notes to the Company Financial Statements continued
10 Share Capital
2016
£000
2015
£000
Authorised:
650,000,000 ordinary shares of 1p each (2015: 650,000,000) 6,500 6,500
Allotted, called up and fully paid:
As at 1 November 3,587 3,587
Issued and allotted during the year 53 –
364,012,063 ordinary shares of 1p each (2015: 358,733,615) 3,640 3,587
Movement in issued share capital in the year
During the year to 31 October 2016, four employees exercised share options across eleven separate exercises. To satisfy 
the exercise of eight of these transactions, the Company issued and allotted 3,373,686 new ordinary shares of 1p each. 
The three remaining exercises were settled with treasury shares totalling 64,000 ordinary shares of 1p each.
In addition, a further 1,904,762 new ordinary shares of 1p each were issued and allotted during the year as part of the 
consideration for Open Objects Software Ltd. 
The Company has one class of ordinary share which carries no right to fixed income.
At 31 October 2016, there were 2,259,329 (2015: 2,093,953) shares in issue under ESOP. During the year the average 
issue share price was 57p (2015: 40p).
At 31 October 2016, there were 2,991,219 (2015: 3,055,219) shares held in treasury.
Idox plc Annual Report and Accounts for the year ended 31 October 2016 84 11 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.
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. 
Details of all share options over 1p Ordinary shares, falling within the measurement and recognition criteria of FRS 101 
“Reduced Disclosure Framework” and forming part of the unapproved share scheme, 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
666,000 – – – 666,000 7.50p May 2007 May 2017
385,000 – 44,000 – 341,000 8.125p Jun 2007 Jun 2017
275,000 – 275,000 – – 15.00p Dec 2007 Dec 2017
423,077 – 423,077 – – 13.00p Aug 2008 Aug 2018
366,667 – 366,667 – – 15.00p Aug 2008 Aug 2018
4,287,337 – 975,610 – 3,311,727 10.25p Mar 2010 Mar 2020
6,750,000 – 1,000,000 – 5,750,000 20.00p Mar 2011 Mar 2021
1,005,000 – 40,000 – 965,000 18.00p Mar 2011 Mar 2021
430,000 – – – 430,000 35.00p Apr 2012 Apr 2022
600,000 – 300,000 – 300,000 44.00p Sep 2012 Sep 2022
450,000 – – 250,000 200,000 35.75p Jul 2013 Jul 2023
500,000 – – – 500,000 39.12p Mar 2014 Mar 2024
460,000 – 13,332 – 446,668 39.00p Jul 2014 Jun 2024
1,130,000 – – – 1,130,000 38.38p Feb 2015 Feb 2025
– 2,395,000 – – 2,395,000 50.00p Apr 2016 Apr 2026
– 700,000 – – 700,000 50.00p Apr 2016 Apr 2026
17,728,081 3,095,000 3,437,686 250,000 17,135,395
85
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Financial 
Statements
Financial Statements > Notes to the Company Financial Statements For the year ended 31 October 2016
Notes to the Company Financial Statements continued
11 Share Options continued
The following table sets out the number of share options and associated weighted average exercise price (WAEP) 
outstanding during the year:
2016 2015
No.
WAEP 
Pence No.
WAEP 
Pence
Outstanding at the beginning of the year 17,728,081 20.23 18,015,203 19.78
Granted during the year 3,095,000 50.00 1,130,000 38.38
Exercised during the year (3,437,686) 17.43 (559,622) 13.49
Lapsed during the year (250,000) 35.75 (857,500) 38.97
Outstanding at the end of the year 17,135,395 25.95 17,728,081 20.23
Exercisable at the end of the year 15,313,635 23.15 17,360,025 19.86
The share options outstanding at the end of the year have a weighted average remaining contractual life of 5 years. The 
share options exercised during the year had a weighted average exercise price of 17.43p and a weighted average market 
price of 45.44p.
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 16 2,395,000 56.38 50.00 32.50 8 0.47 1.75 0.18
Apr 16 700,000 56.38 50.00 32.50 8 0.47 1.75 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 management’s best estimate, for the effects of non-
transferability, exercise restrictions and behavioural considerations.
The Group recognised a total charge of £419,000 (2015: £311,000) for equity-settled share-based payment transactions 
related to the unapproved share option scheme during the year. A charge of £419,000 (2015: £205,000) related to share 
options granted and £nil (2015: £106,000) related to share options exercised. 
As the share option scheme is a Group scheme, there has been no charge recognised in the parent Company accounts. 
Idox plc Annual Report and Accounts for the year ended 31 October 2016 86 Long-Term Incentive Plan (LTIP)
During the year, no further options were granted under the Long-Term Incentive Plan. 
The Group recognised a total charge of £178,000 (2015: £104,000) for equity-settled share-based payment transactions 
related to the LTIP during the year. The total cost was in relation to share options granted and £nil (2015: £Nil) related to 
share options exercised. 
2016
No. of 
options
2015
No. of 
options
Outstanding at the beginning of the period 3,600,000 –
Granted – 3,600,000
Forfeited – –
Vested – –
Outstanding at the end of the period 3,600,000 3,600,000
Exercisable at the end of the period – –
As the LTIP share option scheme is a Group scheme, there has been no charge recognised in the parent Company accounts. 
12 Transition to FRS 101
The Company has adopted FRS 101 for the first time having previously applied UK GAAP, which was effective for periods 
commencing on or after 1 January 2015. The date of transition to FRS 101 was 1 November 2014. No adjustments have 
been made to comparatives for the year ended 31 October 2015.
13 Related Party Disclosures
As permitted by FRS 101, related party transactions with wholly owned members of the Group have not been disclosed. 
Related party transactions regarding remuneration and dividends paid to key management of the Company have been 
disclosed in note 27 of the Group financial statements.
14 Capital Commitments
The Company had no capital commitments at 31 October 2016 or 31 October 2015. 
15 Contingent Liabilities
There were no material Company contingent liabilities at 31 October 2016 or 31 October 2015.
16 Ultimate Controlling Party
There is no ultimate controlling party.
87
Company 
Information
Overview Strategic Report Governance
Financial 
Statements
Financial Statements > Notes to the Company Financial Statements Company Information
Secretary and Registered Office:
J Mackie
2nd Floor 
1310 Waterside 
Arlington Business Park 
Theale 
Reading 
RG7 4SA
Nominated Adviser and Broker:
N+1 Singer 
1 Bartholomew Lane 
London 
EC2N 2AX
Auditor:
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:
Neville Registrars Ltd
Neville House 
18 Laurel Lane 
Halesowen 
B63 3DA
Financial PR:
MHP Communications Ltd
6 Agar Street 
London 
WC2N 4HN
Company Registration Number:
03984070
Idox plc Annual Report and Accounts for the year ended 31 October 2016 88 This document is printed on 100% certified FSC recycled paper.
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Company 
Information
Overview Strategic Report Governance
Financial 
Statements Annual Report
& Accounts 2016
idoxplc.com
Idox plc
Second Floor, 1310 Waterside, 
Arlington Business Park,  
Theale, RG7 4SA
T +44 (0) 870 333 7101 
F +44 (0) 870 333 7131 
E investors@idoxplc.com
Idox plc Annual Report & Accounts 2016