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Trading Update

RNS Number : 8940O
Elecosoft PLC
04 June 2020

4 June 2020 

 

Elecosoft plc

(“Elecosoft”)

 

Trading update for the four-month period ended 30 April 2020

The Board of Elecosoft announces that Unaudited Management Accounts of Elecosoft for the period ended 30 April 2020 showed that:

i.      Revenues decreased in the period by 3 per cent (2 per cent at constant currency) compared to the same period in 2019,

ii.     Recurring maintenance, support and subscription revenues for the period were 6 per cent higher than the previous year equivalent; and that,

iii.    Profit before Tax increased in the period by 25 per cent.

iv.    Elecosoft was also cash generative in the period and it had a net cash position of £3.1m at 30 April 2020 compared with its net cash position of £1.1m at 31 December 2019.

Executive Chairman, John Ketteley, commented:

“The thorough planning, initiative and rapid response of our employees in dealing with the Coronavirus disruption meant that within less than two weeks all our business units had begun home working and had switched to the online delivery of training, consultancy and support services to our customers. The initiatives taken by all my colleagues in every business unit of the Elecosoft Group made a vital contribution to our dealing successfully with the unprecedented disruption to our operations threatened by the Covid-19 outbreak and we thank them all.”

 

 

For further information, please contact:

 

 

Elecosoft plc

Tel: +44 (0)20 7422 8000

John Ketteley, Executive Chairman

 

Jonathan Hunter, Chief Operating Officer

Ben Moralee, Group Finance Director

 

 

finnCap Limited

 

Tel: +44 (0)20 7220 0500

Geoff Nash/ Kate Bannatyne (Nomad)

 

Camille Gochez (ECM)

 

 

Newgate Communications

 

Tel: +44 (0)20 3757 6880

Elisabeth Cowell/ Isabelle Smurfit

elecosoft@newgatecomms.com

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

About Elecosoft plc

Elecosoft is a specialist international provider of software and related services to the Architectural, Engineering, Construction and Owner/Operator (AECO) 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, property management and cloud based digital marketing solutions. Elecosoft is listed on the Alternative Investment Market in London (AIM: ELCO).

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.

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