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Back again this morning, both a 10k and a 25k sell has gone through the market. I don't think it's got anything to do with the Ketteleys' holdings as they would have had to issue a notification notice by now.
Director K Craig making a forlorn attempt to save his directorship by buying shares at long last. Far too late sir.
Monday's annual results announcement is just over seven weeks earlier than last year which, in stock market translation, is normally indicative of good news on the way. From past experience of disappointments, I won't be counting my eggs .....
Don't believe all you read re buys/sells. The online quote just now was 90.2/94.8p but in reality you could sell @ 90.304p and buy @ 91.488p; I've just bought a few more at the later price but its been marked as a 'sell'.
Taking into consideration the disruption being caused by the Covid-19 pandemic, an outstanding statement:
(“Eleco” or the “Company”)
Year-end trading update
The Board of Eleco Plc (AIM: ELCO), the AIM-listed construction software specialist, is pleased to announce that its financial results for the year to 31 December 2020 are expected to show significant profit growth.
Based on unaudited management accounts, the Company expects to report revenues similar to 2019, which stood in excess of £25m, whilst profit before tax is expected to be at least 10% ahead of the prior year.
The business finished the year strongly with total revenues in the second half improving 6% on the first half of 2020 and being some 2% ahead of the equivalent period in 2019. This is despite training and other face-to-face service revenues continuing to be affected by Covid-19 restrictions.
Cash generation remained strong, resulting in a further significantly increased net cash position of £6.1m at 31 December 2020, compared to £1.1m at 31 December 2019.
Serena Lang, Executive Chairman, commented:
“Eleco has shown great resilience throughout 2020 despite the adverse impact of the Covid-19 pandemic on our customers’ business activity and the timing of orders as well as on our training and face-to-face services.
“We continue to provide support to our customers which will enable them to keep working through these challenging circumstances. I have been encouraged by both the number of new customers won as well as the increase in uptake among existing customers and thank the teams for their hard work and commitment.
“I would like to take this opportunity to welcome Stella Toresse who has recently joined us as Company Secretary. With a background and degree in Law, Stella is a Chartered Company Secretary and Fellow of the CGI (formerly ICSA). Stella also has a master’s in Corporate Governance and brings with her a wealth of experience in diverse sectors.
“We are nearing the completion of our strategic growth review and will continue to build a business that draws on our core strengths, allowing us to benefit from the accelerated digitisation of the built environment.”
Much as previously intimated by the chairman - https://eleco.com/results/latest-results - which, in our present economic climate, is more than satisfactory.
The news of ex-chairman John Ketteley's immediate retirement was not unexpected but still leaves a huge hole on the Board of which he's been an outstanding member for 23 years. Fortunately, in Jonathan Hunter, there is a younger but well- coached (John's been his mentor for the past decade) board member as his replacement CEO so Eleco's progressive expansion should continue unabated.
Happy retirement Mr K.