Eleco PLC Directorate Change (8050A)
February 07 2022 - 1:59AM
UK Regulatory
TIDMELCO
RNS Number : 8050A
Eleco PLC
07 February 2022
07 February 2022
Eleco Plc
("Eleco," "Group" or the "Company")
Directorate Change
The Board of Eleco Plc (AIM: ELCO), the AIM-listed construction
software specialist, announces that Robert Tearle is stepping down
from the Board as a Director of Eleco plc with immediate
effect.
Robert Tearle will continue to work closely with Rose Clark, to
hand over and complete the annual report and accounts for the year
ending 31 December 2021. As announced on 25 January, EBITDA for the
year to 31 December 2021 is expected to be ahead of expectations at
GBP7m, (2020: GBP6.7m) and the financial position of the Group
remains strong, with net cash of GBP10m at the year end.
Rose Clark, an existing member of the finance team, has been
appointed as Interim CFO. Rose will assume additional
responsibilities and assist with the year end accounts whilst the
Board seeks to recruit a permanent CFO. Rose is an FCA and
experienced CFO with a background in global SaaS tech start-ups,
professional services project businesses (infrastructure/buildings
sector design & engineering consultancy) and financial
services.
The Board has complete confidence in Rose Clark and the finance
team to deliver the accounts on time and does not expect this to
impact Eleco's end of year timetables.
The Board expects to make a further announcement in due course,
once the recruitment process has been completed.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Enquiries:
Eleco plc +44 (0)20 7422 8000
Serena Lang, Non-Executive Chairman
-----------------------
Jonathan Hunter, Chief Executive
Officer
-----------------------
finnCap Limited +44 (0)20 7220 0500
-----------------------
Geoff Nash/Kate Bannatyne (Corporate
Finance)
-----------------------
Richard Chambers/Charlotte Sutcliffe
(ECM)
-----------------------
SEC Newgate UK +44 (0)20 3757 6882
-----------------------
Elisabeth Cowell/Bob Huxford/ eleco@secnewgate.co.uk
Isabelle Smurfit
-----------------------
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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