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Discuss Shares, buying selling, tips and deals
Lemon Quarter
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Postby brightncheerful » October 31st, 2018, 4:22 pm

I am a fan of Idox and currently a patient holder.

I first became interested after realised that many of the planning application searches I made (and make) are on local authority sites hosted by Idox. I paid about 50p and monitored the momentary ups-and-downs, taking profits here and there in the range 50-65p or thereabouts.

After a dire aftermath (to put it mildly) of an acquisition, which resulted in the sp effectively halving to around 25p, the sp has slowly climbed up to its current 34.3p buy. Currently, I'm at a slight loss allowing for costs, having paid just under 34p. I should like to have bought some more when the sp slipped recently to circa 30p but needs elsewhere must.

During recent months, there have been some interesting developments. A "high calibre" CEO, David Meaden, is now in the driving seat; CFO Jane Mackie resigned - she was of the old guard - and a successor is being sought; and most recently Richard Griffiths previously an unknown shareholder has increased his interest gradually to a disclosable 5.49%. Today's announcement that Oliver Scott - of Kestrel Partners LLP, whose current and long-term holding in Idox is 10.34% - has been appointed as a non-ex.

I don't think much of the website design division which seems to me intent upon making its football clubs customers' website all look the same - but what do I know, I'm not a football fan - and I'm aware that local authority customers probably aren't the most lucrative, possibly not prompt payers, but at least many of the services that Idox provides are for statutory functions which means continuing regardless of how cash-strapped the customer. Idox's election division is well-established and in my view if anything is crying out for reform it's the old-fashioned way we go about voting in the UK. It has other irons in the fire too, all of which contribute to the revenue. Before the dire aftermath, the target revenue was £100M a year so on 2017 figures is only about £12M short. But the CEO's emphasis is on profit margin -which is good to know because "turnover is vanity, profit is sanity".

I cannot comment on accounts, etc, partly because I don't know how to read company accounts of non-prop cos; also i am not interested in pe ratios, etc. I only buy shares to top up my cash savings or more specific purchases so I like to invest in companies whose products or services make sense to me and where i can see the potential. Invariably i sell too soon but at least I buy well.


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