Elecosoft PLC Trading Update (5585W)
August 02 2018 - 2:01AM
UK Regulatory
TIDMELCO
RNS Number : 5585W
Elecosoft PLC
02 August 2018
2 August 2018
Elecosoft plc
("Elecosoft", the "Company")
Trading Update for the six months to 30 June 2018
The Board of Elecosoft announces a trading update for the six
months ended 30 June 2018 ("the period"), based on unaudited
management accounts for the period.
Unaudited revenue for the period increased by 5 per cent
compared with revenue for the same period last year. At constant
rates of exchange, unaudited revenue increased by 7 per cent.
Unaudited profit, before tax and exceptional acquisition related
costs, was some 45% ahead of the equivalent period last year. The
significantly higher profit before tax than for the same period
last year is in line with the Board's expectations, reflecting the
strength of the core business, and the benefits of scale and cost
management as the business grows. The results do not include any
contribution from the acquisition of Shire Systems Limited, which
was as announced on 5 July 2018.
Elecosoft continues to be strongly cash generative, with the
group's cash position improved to GBP2.6m as at 30 June 2018,
compared with GBP1.0m at the beginning of the year.
Elecosoft has since 30 June 2018 refinanced its previously
existing bank borrowings into a new GBP8.0m medium term loan
agreement to finance further expansion, including the consideration
for the acquisition of Shire Systems Limited of GBP6.3m, the assets
of which at completion included GBP1.2m in cash.
John Ketteley, Executive Chairman of Elecosoft, said:
"The first half of 2018 has seen Elecosoft continue strongly its
positive forward momentum, delivering solid revenue growth,
significant profit growth, and strong cash generation. It was a
period during which was concluded the acquisition of Shire
Systems.
Shire Systems is a leading UK developer of software for managing
and maintaining building and related plant and equipment and
represents a significant extension of Elecosoft's specialist
international construction software portfolio into the
post-construction phase of a building's management. I am delighted
to welcome our new colleagues at Shire Systems as they join the
Elecosoft group."
**Ends**
For further information, please contact:
Elecosoft plc Tel: +44 (0)20 7422 8000
JHB Ketteley, Executive Chairman
Jonathan Hunter, Chief Operating Officer
Simon Morgan, Finance Director
Tel: +44 (0)20 7220 0500
finnCap Ltd
Adrian Hargrave / Kate Bannatyne (Corporate Finance)
Camille Gochez (Corporate Broking)
Tel: +44 (0)20 3757 6880
Redleaf Communications
Elisabeth Cowell / Fiona Norman
About Elecosoft plc
Elecosoft is a specialist international provider of software and
related services to the Architectural, Engineering, Construction
and Owner-Operator industries and digital marketing industries from
centres of excellence in the UK, Sweden, Germany and the US.
Elecosoft's market leading software solutions are developed by
teams in the United Kingdom, Sweden and Germany; and its software
solutions cover project management, construction site management,
estimating, timber engineering, 3D design and visualisation, and
cloud based digital marketing solutions. Elecosoft is listed on the
Alternative Investment Market in London (AIM: ELCO).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTFMGGRMMVGRZZ
(END) Dow Jones Newswires
August 02, 2018 02:01 ET (06:01 GMT)
Eleco Public (LSE:ELCO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eleco Public (LSE:ELCO)
Historical Stock Chart
From Jul 2023 to Jul 2024