Eleco PLC Trading Statement (9066K)
June 30 2014 - 7:22AM
UK Regulatory
TIDMELCO
RNS Number : 9066K
Eleco PLC
30 June 2014
For Immediate Release
30 June 2014
ELECO plc
("ELECO" or "the Company")
Trading Statement
For The Half Year To 30 June 2014
The Board of ELECO is encouraged by the Group's progress in the
first half of 2014. Trading of ELECO's continuing operations in the
UK in the period benefited from the upturn in the UK economy,
offset to some extent by a more subdued performance in the period
from ELECO's continuing operations in Germany and Sweden,
reflecting the less buoyant economies in those markets. Overall,
however, the trading of our continuing operations was in line with
the Board's expectations and turnover and operating profit of our
continuing operations are expected to be ahead of that for the
equivalent period last year.
ELECO's continuing operations now consist solely of businesses
engaged in the development and supply of project management,
estimation and visualisation software applications serving
construction industries principally in the UK, Sweden and Germany,
but also in other international markets.
The Board of ELECO notes that since 1 January 2014, subsidiary
companies of ELECO, which hitherto had been statutory employers of
the ELECO Retirement and Benefits Scheme have been placed either
into administration or into liquidation. These companies are no
longer under control of ELECO and the Board has been advised that
the results and balance sheets of these companies should no longer
be included in the consolidated results of the ELECO group. The
pension scheme liability amounting to GBP6.2m of the ELECO
Retirement and Benefits Scheme, net of the associated deferred tax,
will therefore be de-recognised from the consolidated balance sheet
of the ELECO Group as at 30 June 2014.
- ENDS -
For further information
please contact:
ELECO plc http://www.ELECO.com
John Ketteley, Executive Tel: 0207 422 0044
Chairman
Peckwater PR
Tarquin Edwards Tel: 07879 458 364 /
0207 808 7340
Cenkos Securities plc
Nicholas Wells / Callum Tel: 0207 397 8900
Davidson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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