Eleco PLC Trading Update (8156T)
July 27 2022 - 2:00AM
UK Regulatory
TIDMELCO
RNS Number : 8156T
Eleco PLC
27 July 2022
27 July 2022
Eleco Plc
("Eleco", "Group" or "the Company")
H1 Trading Update
The Board of Eleco plc (AIM: ELCO), the AIM-listed construction
software specialist, is pleased to provide a trading update for the
six months ended 30 June 2022, based on unaudited management
accounts for the period.
-- Recurring revenue for the period increased by 9% to GBP8.2m
(2021: GBP7.5m) and is approximately 61% (2021: 55%) of total
revenue.
-- Total revenues for the period were GBP13.4m (2021: GBP13.8m)
and GBP13.8m at constant currency.
-- Profits remain in line with expectations.
-- Strong cash generation during the period with a net cash
position of GBP11.3m (GBP10.0m at 31 December 2021) following
payment of final dividend in June of GBP0.3m.
Jonathan Hunter, Chief Executive Officer of Eleco plc said,
"We are pleased with Eleco's performance in the first six months
of 2022 despite the challenging economic conditions. There are
increasing inflationary pressures on salaries across the Group
which have been addressed through a set of initiatives aimed at
retaining existing colleagues and attracting new talent and I am
pleased to report that in May we were certified as a Great Place to
Work(R).
In the period, the pandemic continued to impact our ability to
market at trade fairs and we saw reduced demand for services and
sales of new licences across the portfolio in Germany. In the UK
and Swedish markets however, we experienced growth in new and
existing customer subscription revenue and our consistently strong
renewal rates on maintenance contracts ensured positive progress
towards our strategy to expand our higher value and predictable
recurring revenue.
The Board remains confident in delivering in line with market
expectations for the full year."
Enquiries:
Eleco plc +44 (0)20 7422 8000
Jonathan Hunter, Chief Executive Officer
Rose Clark, Interim Chief Finance Officer
finnCap Limited +44 (0)20 7220 0500
Geoff Nash / Kate Bannatyne / James Balicki
(Corporate Finance)
Richard Chambers / Charlotte Sutcliffe (ECM)
SEC Newgate UK +44 (0)20 3757 6882
Elisabeth Cowell / Bob Huxford / Isabelle eleco@secnewgate.co.uk
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 and the Netherlands.
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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