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Trading Update

RNS Number : 8835S
Elecosoft PLC
14 July 2020
 

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.”

 

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

 

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

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.
 

END

 
 

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