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Elecosoft PLC (ELCO)

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Thursday 02 August, 2018

Elecosoft PLC

Trading Update

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 £2.6m as at 30 June 2018, compared with £1.0m at the beginning of the year.

Elecosoft has since 30 June 2018 refinanced its previously existing bank borrowings into a new £8.0m medium term loan agreement to finance further expansion, including the consideration for the acquisition of Shire Systems Limited of £6.3m, the assets of which at completion included £1.2m 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

 

 

finnCap Ltd

 

Tel: +44 (0)20 7220 0500

Adrian Hargrave / Kate Bannatyne (Corporate Finance)

 

Camille Gochez (Corporate Broking)

 

 

Redleaf Communications

 

Tel: +44 (0)20 3757 6880

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).


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