Trading Update

14 July 2020

Elecosoft plc

(“Elecosoft”, the “Company” or the “Group”)

Trading Update

The Board of Elecosoft plc (AIM: ELCO) announces a trading update for the six months ended 30 June 2020, based on unaudited management accounts for the period.

Unaudited revenues for the six months ended 30 June 2020 held up well and were lower than revenues for the same period last year by only 4 per cent.

Unaudited management accounts for the six months ended 30 June 2020 also showed that profits before tax increased by 23 per cent, compared with profit before tax in the same period last year and that adjusted profit before tax* increased by 14 per cent.

Strong cashflow in the period ended 30 June 2020 also enabled Elecosoft to improve its net cash position from £1.1m at 31 December 2019 to £4.4m as at 30 June 2020.

The Board of Elecosoft expects to release Elecosoft’s interim results in late September and will announce the date in due course.

(* Adjusted profit measures exclude acquisition and corporate finance related expenses and amortisation of acquired intangible assets.)

John Ketteley, Executive Chairman of Elecosoft said: 

“Elecosoft continued to perform well in the first half of 2020; and we will concentrate on increasing sales, improving our recurring income, and generating positive cash flow in the second half.”

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.