Back to Regulatory News

Q1 Trading Update

RNS Number : 1457X
Eleco PLC
30 April 2021
 

30 April 2021

 

Eleco Plc

(“Eleco” or the “Group”) 

Q1 Trading Update 

Eleco Plc (AIM: ELCO), the AIM-listed construction software specialist, is pleased to announce a strong start to the year, building on its resilient performance in 2020, with unaudited Management Accounts for the three-month period ended 31 March 2021 reporting that:

·      Revenues in the period increased by 9% compared to the same period in 2020 to £7.0m.

·     Recurring revenues for the period of £3.7m, increased by 9% compared to the same period last year (includes maintenance, support, subscription and SaaS revenue).

·      Profit before tax increased by 21% over the same period in 2020.

·      Strongly cash generative during the period with a net cash position of £7.9m at 31 March 2021 against a net cash position of £6.2m on 31 December 2020.

Operational highlights for the period under review include:

·      Turkish Minister of Transportation approved Powerproject as an accepted Project Scheduling software for Public projects

·      Asda increased equipment ordering accuracy by 35%, lowered material wastage and dramatically cut data administration using IconSystem.

·      Kingspan Group continued to expand its use of ShireSystem by adding another site in Poland.

·      Large Powerproject Enterprise order placed by a well-known Austrian company specialising in intelligent automation of factories.

 

Executive Chairman, Serena Lang, commented:

“I am pleased to report that Eleco has experienced a strong start to trading in the first quarter which puts the Company well on track to deliver in line with market expectations for the year as a whole. This performance reflects the transformation that has taken place in recent months as well as the increased commitment and enthusiasm of our senior executives and staff to deliver on the new strategy for the Group.  We are confident this will continue to bear fruit through 2021 and beyond. In the earlier part of this month this strategy was communicated to shareholders, investors and analysts and was well received by all.

The market opportunity for Eleco is compelling and our new, focussed growth strategy will allow us to better capitalise on the significant opportunities available to the Group.

The Company strongly urges that its shareholders vote today in favour of all the resolutions proposed by the board at the AGM, to ensure continued strategic growth through its strong leadership team and allow the Company to continue to deliver value to all shareholders.”

 

For further information, please contact:

 

 

Eleco plc

Tel: +44 (0)20 7422 8000

Serena Lang, Executive Chairman

 

Jonathan Hunter, Chief Executive Officer

Robert Tearle, Chief Financial Officer

 

 

finnCap Limited, NOMAD and broker

 

Tel: +44 (0)20 7220 0500

Geoff Nash / Kate Bannatyne / (Nomad)

 

Richard Chambers, Charlotte Sutcliffe (ECM)

 

SEC Newgate

Tel: +44 (0)20 3757 6880

Elisabeth Cowell / Bob Huxford/ 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 USA.

The Company’s market-leading Elecosoft software solutions are developed by teams in the United Kingdom, Sweden and Germany, and its solutions include  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.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 
 

TSTPPUWUCUPGPUB

Related News

Registered Office Address Change

RNS Number : 7272P Eleco PLC 20 October 2021   20 October 2021   Eleco Plc ("Eleco" or the "Company")  Registered Office Address Change Eleco...
Read more

Exercise of Options and Total Voting Rights

RNS Number : 6517O Eleco PLC 11 October 2021   11 October 2021   Eleco Plc ("Eleco" or the "Company")  Exercise of Options and Total...
Read more

Dividend Timetable

RNS Number : 5550O Eleco PLC 08 October 2021   Eleco plc ("Eleco" or the "Company")   Dividend Timetable     Eleco plc (AIM: ELCO),...
Read more