Elecosoft PLC Trading Update (8835S)

TIDMELCO

RNS Number : 8835S

Elecosoft PLC

14 July 2020

Elecosoft plc

("Elecosoft", the "Company" or the "Group")

Trading Update

The Board of Elecosoft plc (AIM: ELCO) announces a trading update for the six months ended 30 June 2020, based on unaudited management accounts for the period.

Unaudited revenues for the six months ended 30 June 2020 held up well and were lower than revenues for the same period last year by only 4 per cent.

Unaudited management accounts for the six months ended 30 June 2020 also showed that profits before tax increased by 23 per cent, compared with profit before tax in the same period last year and that adjusted profit before tax* increased by 14 per cent.

Strong cashflow in the period ended 30 June 2020 also enabled Elecosoft to improve its net cash position from GBP1.1m at 31 December 2019 to GBP4.4m as at 30 June 2020.

The Board of Elecosoft expects to release Elecosoft's interim results in late September and will announce the date in due course.

(* Adjusted profit measures exclude acquisition and corporate finance related expenses and amortisation of acquired intangible assets.)

John Ketteley, Executive Chairman of Elecosoft said:

"Elecosoft continued to perform well in the first half of 2020; and we will concentrate on increasing sales, improving our recurring income, and generating positive cash flow in the second half."

 
 
  For further information, please contact: 
Elecosoft plc                               Tel: +44 (0)20 7422 8000 
John Ketteley, Executive Chairman 
 Jonathan Hunter, Chief Operating Officer 
 Ben Moralee, Group Finance Director 
 
  finnCap Limited                             Tel: +44 (0)20 7220 0500 
Geoff Nash/ Kate Bannatyne (Nomad) 
 Camille Gochez (ECM) 
 
  Newgate Communications                      Tel: +44 (0)20 3757 6880 
Elisabeth Cowell / Isabelle Smurfit         elecosoft@newgatecomms.com

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

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

TSTFZGMNMFGGGZZ

(END) Dow Jones Newswires

July 14, 2020 02:00 ET (06:00 GMT)

Eleco Public (LSE:ELCO)
Historical Stock Chart
From Jun 2024 to Jul 2024