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Having been incommunicado for the past couple of months, a bit of catching up to do on recent announcements:- 1st Dec - Appointment of non-executive director http://uk.advfn.com/news/UKREG/2014/article/64621913; director Mcullen resigns http://uk.advfn.com/news/UKREG/2015/article/65039409; FD appointed http://uk.advfn.com/news/UKREG/2015/article/65329784. On top of that, numerous attendances at exhibitions and conferences in UK, USA and Germany with more coming up in the not-too-distant future. All in all, everything appears to be going swimmingly albeit slowly.
(i) A new non-exec appointment of lady au fait with the software business: http://uk.advfn.com/news/UKREG/2014/article/64621913. (ii) A prestigious construction industry award win for Aspa Powerproject: http://uk.advfn.com/news/RNSNON/2014/article/64630448. Confirmation that Eleco finally appears to be heading in the right direction.
Another change to improve operations/profits: http://eleco.dp-os.com/scripts/php/rns_viewer.php?id=22194667
Investors appear oblivious to what has/is happening at Eleco. Perhaps it'll take an increased profit announcement before the penny drops but, by then of course, the MMs will have hoisted the sp by 20%!
further progress todays guys...looking good once revenues come in from these new offerings...ps hope ur both well!
I couldn't agree more. As mentioned by the chairman, once the company's share capital realignment has been fomally Court approved, it should be full steam ahead for company profits and shareholders alike.
Good bullish statements....recevery underway, re- banked...back in profit. Interest coverage ratios will also increase year end if current trend continues.
First one concerns an exciting new prospect called o2c - http://www.youtube.com/watch?v=E0yaF9V2CJk&feature=youtu.be and the second is a RNS issued this morning stating that a private investor wants to buy an additional 1.0 mil shares following the recent 'Subscription' fund-raising - http://uk.advfn.com/news/UKREG/2014/article/63308525. Has the blue touch paper been lit at last?
assumng the fomer, I have high hopes for this turnaround
Mr Herbert Allen jnr and his family have increased their shareholding from 5.76 mil to 11.51 mil shares and now control 15.6% of ELCO's share capital. Confidence or foolishness?
Holdings in Company The Company was informed on 14th July 2014 that following an acquisition of ordinary shares of 10p each in the Company, Mr. G Oury and his wife hold a beneficial interest of 2,904,816 ordinary shares representing approximately 3.93% of the Company's issued share Capital.
Interview with recently appointed CEO, Nick Caw (aged 42!) - [http://www.eleco.com/index.php/media-news/news/217-interview-with-recently-appointed-ceo-nick-caw.html]
UNITED HOUSE USES NEW APP TO MANAGE SITES - http://www.theconstructionindex.co.uk/news/view/united-house-uses-new-app-to-manage-sites
New appointment, CEO with a software CV: [http://hsprod.investis.com/ir/elco/ir.jsp?page=news-item&item=1800806772768768]
Promising outlook from the chairman especially bearing in mind that Sweden's economy, where Eleco are well established, has recently appeared to be improving. I'll be 'subscribing' for a few more.
30 June 2014 ELECO plc ("ELECO" or "the Company") Trading Statement For The Half Year To 30 June 2014 The Board of ELECO is encouraged by the Group's progress in the first half of 2014. Trading of ELECO's continuing operations in the UK in the period benefited from the upturn in the UK economy, offset to some extent by a more subdued performance in the period from ELECO's continuing operations in Germany and Sweden, reflecting the less buoyant economies in those markets. Overall, however, the trading of our continuing operations was in line with the Board's expectations and turnover and operating profit of our continuing operations are expected to be ahead of that for the equivalent period last year. ELECO's continuing operations now consist solely of businesses engaged in the development and supply of project management, estimation and visualisation software applications serving construction industries principally in the UK, Sweden and Germany, but also in other international markets. The Board of ELECO notes that since 1 January 2014, subsidiary companies of ELECO, which hitherto had been statutory employers of the ELECO Retirement and Benefits Scheme have been placed either into administration or into liquidation. These companies are no longer under control of ELECO and the Board has been advised that the results and balance sheets of these companies should no longer be included in the consolidated results of the ELECO group. The pension scheme liability amounting to GBP6.2m of the ELECO Retirement and Benefits Scheme, net of the associated deferred tax, will therefore be de-recognised from the consolidated balance sheet of the ELECO Group as at 30 June 2014. - ENDS - For further information please contact: ELECO plc
Announcement yesterday (copied from another thread): 'Eleco PLC ("ELECO" or the "Company") - 24 June 2014 [Specialist Software Applications for the Construction Industry.] Reclassification to 'Software' (sub-sector of 'Software & Computer Services') from the 'Construction and Materials' classification of FTSE Industry Classification Benchmark ELECO plc (AIM: ELCO), the wholly focused international specialist software group serving the construction industry, is pleased to announce that following the divestment of its precast and building systems interests in 2013, the FTSE industry classification of the Company has changed today and has been reclassified to 'Software & Computer Services'; sub-sector 'Software'. The Company was formerly classified under the 'Construction and Materials' sector.'
Subsription details (20.75p/share) for the additional capital needing to be raised: [http://hsprod.investis.com/ir/elco/ir.jsp?page=news-item&item=1792380046934016]
Taken from another thread ( I hope rathkum doesn't mind); http://www.qualityarticles.com/asta-development-builds-sales-momentum-with-north-american-reseller-network.htm
Having re-read the Annual Report - with great difficulty given the amount of 'messy' historical information there to digest - decided that the past horrors need to be forgotten and concentrate solely on the what lies ahead. Imho, the world is now Eleco's oyster and, on that basis alone, nibbled at a few more. In for a penny, in for a pound!
yep...looking good now. free cash flow generated too.
The 2013 Annual Report & Accounts now available from Eleco's website [http://www.eleco.com/], well worth a read. Their chairman very confident that the financial proposals will be achieved and, if they are, with the re-positioning which has taken place duringr the past 18 months into a pure software company, their listing could quite possibly be transferred from the construction to the IT sector. That alone could easily warrant a favourable re-rating. The next 12-18 months could be an exciting ride!
Well, well. Written off by some a couple of years ago as being destined to be dead as the proverbial Dodo, instead it looks now as though the company has turned out to be more like a Phoenix rising from the ashes. Having divested itself (at significant cost unfortunately) of all their precast building components, ELECO has now emerged as a leading international supplier of innovative technology led software applications with well established basis in the UK, Sweden, Germany and the Benelux countries; toe-holds have also recently been made in the potentially huge USA and India markets. A complex preliminary results announcement yesterday cleared the cupboard of all skeletons and, once the financial position has been finally sorted, it should be all systems go for what the chairman stated as ‘a bright future’. As regards the outlook, he added “The board remains optimistic about the prospects for 2014 with a positive start to the first half in most of the core markets in which the Group operate”.
big trade.....