Eleco PLC Year-end Trading Update (0938M)
January 19 2021 - 2:00AM
UK Regulatory
TIDMELCO
RNS Number : 0938M
Eleco PLC
19 January 2021
19 January 2021
Eleco Plc
("Eleco" or the "Company")
Year-end trading update
The Board of Eleco Plc (AIM: ELCO), the AIM-listed construction
software specialist, is pleased to announce that its financial
results for the year to 31 December 2020 are expected to show
significant profit growth.
Based on unaudited management accounts, the Company expects to
report revenues similar to 2019, which stood in excess of GBP25m,
whilst profit before tax is expected to be at least 10% ahead of
the prior year.
The business finished the year strongly with total revenues in
the second half improving 6% on the first half of 2020 and being
some 2% ahead of the equivalent period in 2019. This is despite
training and other face-to-face service revenues continuing to be
affected by Covid-19 restrictions.
Cash generation remained strong, resulting in a further
significantly increased net cash position of GBP6.1m at 31 December
2020, compared to GBP1.1m at 31 December 2019.
Serena Lang, Executive Chairman, commented:
"Eleco has shown great resilience throughout 2020 despite the
adverse impact of the Covid-19 pandemic on our customers' business
activity and the timing of orders as well as on our training and
face-to-face services.
"We continue to provide support to our customers which will
enable them to keep working through these challenging
circumstances. I have been encouraged by both the number of new
customers won as well as the increase in uptake among existing
customers and thank the teams for their hard work and
commitment.
"I would like to take this opportunity to welcome Stella Toresse
who has recently joined us as Company Secretary. With a background
and degree in Law, Stella is a Chartered Company Secretary and
Fellow of the CGI (formerly ICSA). Stella also has a master's in
Corporate Governance and brings with her a wealth of experience in
diverse sectors.
"We are nearing the completion of our strategic growth review
and will continue to build a business that draws on our core
strengths, allowing us to benefit from the accelerated digitisation
of the built environment."
Enquiries:
Eleco plc +44 (0)20 7422 8000
Serena Lang, Executive Chairman
Jonathan Hunter, Chief Executive
Officer
Ben Moralee, Group Finance Director
finnCap Limited +44 (0)20 7220 0500
Geoff Nash /Kate Bannatyne (Corporate
Finance)
Richard Chambers (ECM)
Newgate Communications +44 (0)20 3757 6880
Elisabeth Cowell/Isabelle Smurfit eleco@secnewgate.co.uk
About Eleco plc
Eleco plc is an AIM-listed (AIM: ELCO) specialist international
provider of software and related services to the Architectural,
Engineering, Construction and Owner/Operator (AECO) industries and
interior furnishing industries from centres of excellence in the
UK, Sweden, Germany, Netherlands and the US.
The Company's market-leading Elecosoft software solutions are
developed by teams in the United Kingdom, Sweden and Germany, and
its solutions cover project management, estimating, timber
engineering, CAD and visualisation, asset and facility management
and cloud-based digital marketing solutions.
For further information please visit www.eleco.com .
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END
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