Audited Results for the Year Ended 31 December 2023.

Chairman’s Statement

Clear strategy has delivered a strong set of results

In my first year as Chair, I am delighted to report that Eleco’s clear strategy has delivered another strong set of results. This has resulted in a robust financial performance as well as notable industry achievements at a time when we are endeavouring to meet the combined challenges of the digital evolution and the need for ever greater efficiency and productivity whilst remaining conscious of our environmental responsibilities.

The Group has entered the final phase of its transition to a recurring revenue business, based around the SaaS and subscription model it started in late 2021. Now reporting our 2023 results, our key financial measures all reflect strong growth. ARR (Annual Recurring Revenue) and TRR (Total Recurring Revenue) were up 24 per cent and 22 per cent respectively and Adjusted EBITDA up 13 per cent to £6.1m (2022: £5.4m). Adjusted EPS was 4.0 pence (2022: 3.6 pence). The business also continues to generate strong cash flows; even though 2023 saw us make an acquisition and increased dividend payments to our loyal shareholders, we ended the year with a cash position of £10.9m (2022: cash £12.5m).

As well as the focus on streamlining its solution portfolio to higher-margin products, the Group also sold the non-core Eleco Software GmbH (‘Arcon’) business and acquired BestOutcome Limited. The latter is a leading UK provider of simple, scalable Project Portfolio Management (PPM) software for projects and structured programmes.

Post year end, we also welcome, as part of our most recent acquisition, our new colleagues from the Vertical Digital group of companies in Romania (see note 29), who with their diverse, proven R&D capabilities will further enhance and advance our innovation roadmaps.

£ 1 28 .0m
Total Revenue
£ 1 6 .1m
Adjusted EBITDA
£ 1 3 .4m
Profit before tax
Board changes

After nearly nine years as a director and latterly as Chair, Serena Lang stepped down in May 2023. She oversaw a number of developments which further transformed the business into a customer-centric, building lifecycle-focused operation, also adopting a new cultural focus. I thank Serena for the significant contribution she made to the Group during her tenure.

Serving as Interim Chair since her departure, and following a formal recruitment process with an independent search agency, I was delighted to accept the role of Chair in October 2023.

Paul Boughton stepped down earlier in 2023 as a Non-Executive Director and was replaced by Alyson Levett, who brings a wealth of leadership experience from within the software sector and succeeded Paul as Chair of the Audit and Risk Committee. We were also delighted that in April 2024 James Pellatt joined the Board as Non-Executive Director, providing a customer perspective and extensive experience in real estate, innovation and sustainability.


Eleco has a distinct and rich corporate culture which is reflected in the Company’s clear purpose: to solve the challenges of the built environment through digital transformation. On behalf of the Board, I would like to thank all my colleagues at Eleco for their dedication to making the business what it is today.


In line with the further success of the Group and our growth in profitability, the Board is proposing a final dividend of 0.55 pence per share, which, with the interim dividend of 0.25 pence per share, gives a total for the year of 0.80 pence per share, up 14 per cent (2022: 0.70 pence per share). This is in line with the Group’s progressive, sustainable dividend policy.

Current trading and outlook

Eleco’s future prospects remain strong. We are well placed to deliver on our expansion plans via both inorganic and organic growth. International markets continue to be robust and we have seen a positive start to the year. As at 31 March 2024, our ARR was £24.5m. It gives a clear indication of our continued organic growth in recurring revenues. Looking forward, the Group is trading in line with 2024 expectations.