Elecosoft Regulatory News (ELCO)

30 Oct 2006 07:00

Eleco PLC30 October 2006 For release 7.00am 30 October 2006 ELECO PLC (ELCO.L) The Building Systems and Construction Software Group UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2006 Enquiries to:John Ketteley, Executive Chairman Tel: 01920 443 830Eleco plc john.ketteley@eleco.com David Dannhauser, Finance Director Tel: 01920 443 830Eleco plc david.dannhauser@eleco.com http://www.elecoplc.com Tarquin Edwards Tel: 07879 458 364Adventis Financial PR Tel: 020 7034 4758 CONTINUED STRONG PERFORMANCE Highlights • Turnover from continuing operations up 15 per cent. to £55.2m (2005: £48.0m) • Operating profit from continuing operations up 65 per cent. at £4.1m (2005: £2.7m) • Profit on ordinary activities before tax was £4,379,000 (2005: £2,325,000), an increase of 88 per cent. • Group profit for the year after tax increased to £3.3m (2005: £2.1m) up 58 per cent. • Operating cash flow was again strong and net funds in hand increased to £4.7m (2005: £0.2m) • Earnings per share up 57 per cent. to 6.7p (2005: 4.3). • Proposed full year dividends up 50 per cent. to 2.1p per share (2005: 1.4p). • Good start to the current year and Q1 performance ahead of previous period in 2005 John Ketteley, Executive Chairman of Eleco plc, commented: "Last year I said that, having regard to Eleco's strong financial position, goodcash generation and the benefit to be gained from our continuing investment innew products and software, I had every confidence in the future of the ElecoGroup." "This year Eleco is in a stronger financial position. Its cash generation hasremained strong and we have continued to invest. We have a dedicated managementteam backed by an experienced workforce and we have again made a good start tothe year. Our performance for the first quarter is ahead of the same period lastyear". "I therefore continue to have every confidence in the future of Eleco". Notes to Editors: Eleco is a building systems, software development and design group. Originallyfounded as the 'Engineering and Lighting Equipment Co. Limited', the Companylisted on the London Stock Exchange ("LSE") in 1939 and subsequently was renamedEleco Holdings plc. In 1999, the Group was renamed Eleco plc and in March 2006, it moved from thefull list of the LSE to AIM. • The Company manufactures precast concrete products, secret fix metal roofing and cladding products and timber frame and flooring solutions. • The Company is a full system suppliers to the fabricated timber roof truss industries in the UK and Republic of Ireland, Germany and South Africa • The Company develops integrated software solutions for the construction industry based on AutoCAD(R) and other software platforms. The growth in the number of Eleco's businesses over recent years has led to asignificant proliferation of individual brands and logos across the Group. Thecompany has sought to address this issue and a rebranding is currently takingplace, being mindful at the same time of the need to retain the strength ofEleco's product brands in their respective market places. Eleco's businesses will accordingly be organised into four divisions, of whichthree are engaged in the provision of Building Systems and the fourth inConstruction Software.. Building Systems: Eleco Precast will comprise Bell & Webster Concrete, which manufactures precastFastBuild rooms for hotels and student accommodation, retaining walls, stadiaterracing and ground beams. Eleco Timber Engineering Systems will comprise Eleco Bauprodukte in Germany;International Truss Systems in South Africa; and Gang-Nail Systems, whichoperates in the United Kingdom. These businesses are engaged in the provision ofcomplete timber engineering systems, design and engineering software, connectorplates, manufacturing equipment, system support and training. Engineered Building Products will consist of SpeedDeck Building Systems, PromptProfiles, and Downer Cladding which manufacture metal roofing, cladding andfixing systems; and Eleco Building Components which manufactures ElecoFrame(R)and Ecojoist(R) used in the ElecoFrame product, ElecoFloor(R) acoustic flooringand decorative panelling. Construction Software Construction Software will consist of Eleco Software in the United Kingdom;Eleco Software Esign in Germany; and Eleco Software in Sweden which comprisesConsultec System, Consultec Byggprogram and Consultec Arkitekter & Konstuktorer.These businesses are involved the development and distribution of design andengineering software; estimating and contract management software; 3Dvisualisation software; and visual data compression software as well asarchitectural and consultancy services. It is anticipated that the re-branding program, including the launch of a newgroup website, will be completed by the end of 2006. Chairman's Statement I am pleased to present my statement for the year ended 30 June 2006, includingthe review of our business activities and the outlook for the current year. Performance summary for the year Group turnover for the year was £55,197,000 (2005: £48,018,000), an increase of15.0 per cent. Group operating profit was 51.4 per cent. higher at £4,059,000(2005: £2,680,000). Group operating profit is after goodwill amortisation costsfor the year of £744,000 (2005: £339,000). Profit on ordinary activities before tax, after net interest payable of £156,000(2005: £231,000), was £4,379,000 (2005: £2,325,000), an increase of 88.3 percent. Group profit for the year after tax was £3,293,000 (2005: £2,083,000) equivalentto 6.7p per share (2005: 4.3p per share), an increase of 57.1 per cent. Thereduced tax charge again reflects the benefit of utilising brought forwardlosses for which no deferred tax asset was previously recognised. Operating cash flow was again strong and net funds in hand at 30 June 2006increased to £4,682,000 compared with total net funds in hand at 30 June 2005 of£176,000. We continue to invest significantly in new products and enhanced softwaredevelopment and the above results were achieved after incurring £1,281,000 ofresearch and development expenditure (2005: £1,254,000). The Company's performance in the year under review as measured by the above keyperformance indicators is again most encouraging. Dividends The Board proposes an increased final dividend of 1.50p per share (2005:1.00pper share), which subject to approval by shareholders, will be paid on 8December, 2006 to shareholders on the Register on 17 November, 2006. This, together with the interim dividend of 0.60p already paid, would result intotal dividends for the year end 30 June 2006 of 2.10p per share (2005: 1.40pper share), an increase of 50.0 per cent. Review of Business Activities ELECO BUILDING SYSTEMS Turnover of the Building Systems operations increased by 14.7 per cent. to£48,544,000 (2005: £42,333,000). The operating profit increased by 42.3 percent. to £5,361,000 (2005: £3,768,000). The Building Systems operations are principally concerned with the design andsupply of engineered building components, manufactured offsite in precastconcrete, metal and timber in the UK. It is also involved in the provision oftimber engineering systems in the UK, Germany and South Africa, through thesupply of design and CADCAM software, related support services and componentsused in the product manufacturing process. Eleco Precast Bell & Webster Concrete experienced a strong resurgence in profits owing tocontinuing strong demand for its FastBuild Rooms for hotels and studentaccommodation projects. Including the supply of nearly 1,300 rooms for studentaccommodation at the University of East London, and Brunel University, itincreased its sales of these products, which accounted for more than 80 percent. of its turnover. Demand for its terracing, retaining wall and ground beamproducts also remained firm. The business has strengthened its management team during the year and isactively developing new products to add to its range. Eleco Engineered Building Products The roofing and cladding businesses, comprising SpeedDeck Building Systems,Prompt Profiles and Downer Cladding Systems, again produced a creditableperformance by increasing profits over the previous year in a difficult marketenvironment. Eleco Timber Frame increased the market penetration of its patented ElecoFrame(R) system, despite the business being subject to disruption owing to itsrelocation into alternative factory premises during the year. Stramit Industriesbenefited from increased sales of ElecoFloor(R), its patented acoustic flooringproduct, partly as a consequence of demand generated by increased sales ofElecoFrame. ElecoFrame was one of four products short-listed for the Offsite Product of theYear award at Interbuild 2006 in Birmingham earlier this year and ElecoFloor wasnamed Product of the Year at The Building Show 2006 in Dublin. Given the intensecompetition for these industry awards, the technical design teams directlyinvolved in the development of these products are to be congratulated on theiroutstanding achievement. From the end of the financial year, Eleco Timber Frame and Stramit Industrieswere combined to trade as Eleco Building Components. Eleco Timber Engineering Systems Eleco Timber Engineering Systems consists of Gang-Nail Systems in the UK, ElecoBauprodukte in Germany and International Truss Systems in South Africa. Gang-Nail Systems produced higher profits despite the impact of higher steelprices and the restrictions on steel availability owing to intense demand. Inthe UK, we are merging our specialist timber engineering software andconsultancy activity, which principally supports the timber frame industry, andGang-Nail Systems. The combination will enable us to provide an improved,co-ordinated and comprehensive service to the full range of our timberengineering systems customers. Eleco Bauprodukte performed well during the year, maintaining its level of salesand improving profitability despite market conditions remaining difficult. International Truss Systems, having already established itself as a majorcontributor to the Group's profits, delivered another outstanding performance. ELECO CONSTRUCTION SOFTWARE Turnover of our Construction Software operations increased by 17.0 per cent. to£6,653,000 (2005: £5,685,000). While the headline operating loss was £1,302,000(2005: £1,088,000), the operating loss before goodwill charges was somewhatlower than the previous year at £590,000 (2005: £782,000) and included a firstyear loss contribution from Esign of £185,000. Disappointingly, the improvementin trading performance did not match progress made technically. Fully expenseddevelopment expenditure on new and enhanced software products rose to £858,000(2005: £835,000). Eleco Software Sweden had another steady year during which some reorganising ofthe sales operations in Sweden occurred and international sales channels forsome applications were established, the benefits from which should becomeapparent in the current year. Eleco Software Germany produced a profit comparedwith a loss in the previous year, benefiting from ending previous distributorarrangements for Arcon(R) and establishing new sales channels in Germany andFrance. The UK software operations made good progress in introducing theStairCon application and further developed its Whole House Engineeringapplication, which will shortly be ready for launch. We have made good progress at a technical level with a number of applications.For example, our 3D visualisation and date compression technology has been usedextensively on the website of the prestigious Swedish Forest IndustriesFederation; Esign has now established its Floor Studio software with 30 of theleading producers of wood flooring in Germany; our latest 3D technology is beingused by a number of leading German companies, including Mercedes Benz; Consultecsuccessfully launched its PDA version of SiteCon just recently in Sweden; thelatest English professional version of Arcon will be launched this November; andmeanwhile ArCon Visual Architecture remains the leading selling product of itstype in the French retail market. Although Eleco Construction Software has achieved a number of technicalsuccesses and while its input and technical support is of undoubted value to theBuilding Systems operations, we have not succeeded in translating adequately theincreased turnover and technical achievements of Eleco Construction Softwareinto a satisfactory financial performance. I am therefore making someorganisational changes within Eleco Construction Software with the objective ofachieving a more satisfactory financial outcome in the current year. Employees The excellent result in the year under review is due principally to theoutstanding effort, initiative and imagination of our employees across the Groupand I would like, on your behalf, to thank them for their tremendouscontribution to these results. Outlook Forecasts for the UK building sector do not indicate significant growth inoverall demand. However, the success of Eleco Building Systems in recent yearshas been founded on identifying special requirements within the build processand developing products which match the changing patterns of customer needs foroffsite manufactured systems and products. We will continue with our strategy oftargeting the products of the Building Systems operations to meet theserequirements. The build process increasingly demands more advanced and functional softwareapplications and this also presents an opportunity for our Construction Softwareoperations to complement the products of our Building Systems operations.Progress has been made by the Construction Software operations as evidenced bythe significant increase in their market penetration in the year under review,although the technical excellence of their product range was not reflected intheir financial performance. A key task this year will therefore be to ensure asfar as possible that the Construction Software operations produce a moreappropriate financial return. Last year I said that, having regard to Eleco's strong financial position, goodcash generation and the benefit to be gained from our continuing investment innew products and software, I had every confidence in the future of the ElecoGroup. This year Eleco is in a stronger financial position. Its cash generationhas remained strong and we have continued to invest. We have a dedicatedmanagement team backed by an experienced workforce and we have again made a goodstart to the year. Our performance for the first quarter is ahead of the sameperiod last year. I therefore continue to have every confidence in the future of Eleco. John Ketteley EXECUTIVE CHAIRMAN 30 October 2006 Eleco plc----------- Consolidated Profit and Loss Account (Unaudited) For the year ended 30 June 2006-------------------------------- ------ -------- -------- -------- Notes 2006 2006 2005 (Restated) £'000 £'000 £'000 ---- ------------------------------- ------ -------- -------- --------Turnover Continuing operations 55,015 47,836 Acquisitions 182 - ---- ------------------------------- ------ -------- -------- --------Total Continuingoperations 55,197 47,836 Discontinued operations - 182 ---- ------------------------------- ------ -------- -------- --------Turnover 3 55,197 48,018 Operating profit Continuing operations 4,632 2,735 Acquisitions (215) Acquisitions - Goodwill impairment (358) (573) - ---- ------------------------------- ------ -------- -------- --------Total Continuingoperations 3 4,059 2,735 Discontinued operations 3 - (55) ---- ------------------------------- ------ -------- -------- --------Operating profit 4,059 2,680 ---- ------------------------------- ------ -------- -------- -------- Loss on termination of discontinuedoperations - (124)Profit on sale of tangible assets 476 --------------------------------- ------ -------- -------- --------Profit on ordinary activities beforeinterest 4,535 2,556Net interest payable (114) (226)Other finance charges (42) (5)-------------------------------- ------ -------- -------- --------Profit on ordinary activities beforetaxation 4,379 2,325 Taxation (1,086) (242)-------------------------------- ------ -------- -------- -------- Profit for the financial year 3,293 2,083-------------------------------- ------ -------- -------- -------- Basic earnings per ordinary 10pshare 5 6.7p 4.3p Diluted earnings per ordinary 10pshare 5 6.7p 4.3p-------------------------------- ------ -------- -------- -------- Statement of Total Recognised Gains and Losses (Unaudited)------------------------------------------------------------ for the year ended 30 June 2006------------------------------------- ----- ---------- --------- Notes 2006 2005 (Restated) £'000 £'000------------------------------------- ----- ---------- ---------Profit for the financial year 3,293 2,083 Translation differences on foreign currency netinvestments (125) (78)Actuarial gain/(loss) on retirement benefit scheme 1,354 (3,335) Associated deferred tax on retirement benefitscheme (406) 1,000------------------------------------- ----- ---------- --------- Total recognised gains/(losses) for the period 4,116 (330) --------- Prior year adjustment 7 (2,159)------------------------------------- ----- ---------- Total gains and losses recognised since last annualreport 1,957------------------------------------- ----- ---------- Reconciliation of Movement in Shareholders' Equity (Unaudited)---------------------------------------------------------------- for the year ended 30 June 2006------------------------------------ ------ ---------- --------- Notes 2006 2005 (Restated) £'000 £'000------------------------------------ ------ ---------- ---------Profit for the financial year 3,293 2,083 Other recognised profits/(losses) relating to the year 823 (2,413)LTIP expense net of vesting credit (69) 203 Increase in own shares held by ESOT (52) - Dividends 4 (786) (621) Issue of ordinary shares 324 3------------------------------------ ------ ---------- ---------Increase/(decrease) in shareholders' equity 3,533 (745)------------------------------------ ------ ---------- --------- Opening shareholders' equity as previously reported 8,677 11,581 Prior year adjustments:FRS 17 Pension deficit - (2,585)FRS 21 Dividend - 426------------------------------------ ---------- --------- Opening shareholders' equity as restated 8,677 9,422 Increase/(decrease) in shareholders' equity 3,533 (745)------------------------------------ ---------- --------- Closing shareholders' equity 12,210 8,677------------------------------------ ---------- --------- Eleco plc------------ Summarised Consolidated Balance Sheet (Unaudited)--------------------------------------------------- at 30 June 2006------------------------------------ ------ ---------- --------- 2006 2005 (Restated) £'000 £'000------------------------------------ ------ ---------- ---------Fixed assets 13,935 14,697------------------------------------ ------ ---------- --------- Current assets Stocks 2,821 2,166 Debtors 9,891 10,035 Cash at bank and in hand 6,852 2,707------------------------------------ ------ ---------- --------- 19,564 14,908Creditors: amounts falling duewithin one year (16,394) (14,822)------------------------------------ ------ ---------- --------- Net current assets 3,170 86------------------------------------ ------ ---------- --------- Total assets less currentliabilities 17,105 14,783------------------------------------ ------ ---------- --------- Creditors: amounts falling dueafter more than one year (954) (1,409)Provisions for liabilities andcharges (400) (141)------------------------------------ ------ ---------- --------- Net assets excluding retirementbenefit liability 15,751 13,233 Retirement benefit liability (3,541) (4,556)------------------------------------ ------ ---------- --------- Net assets 12,210 8,677------------------------------------ ------ ---------- --------- Capital and reserves Called up share capital 5,033 4,911 Share premium account 6,224 6,022 Merger reserve 367 367 Other reserve (102) (50) Profit and loss account 688 (2,573)------------------------------------ ------ ---------- --------- Shareholders' Equity 12,210 8,677------------------------------------ ------ ---------- --------- Eleco plc------------ Consolidated Cash Flow Statement (Unaudited)---------------------------------------------- for the year ended 30 June 2006------------------------------------ ------ --------- --------- Notes 2006 2005 (Restated) £'000 £'000------------------------------------ ------ --------- --------- Net cash inflow from continuing operations 8 7,975 3,999 Net cash inflow from discontinued operations 8 - 56------------------------------------ ------ --------- ---------Net cash inflow from operating activities 8 7,975 4,055------------------------------------ ------ --------- --------- Returns on investment and servicing of finance Net interest paid (119) (237)------------------------------------ ------ --------- --------- Net cash outflow from returns on investment andservicing of finance (119) (237)------------------------------------ ------ --------- --------- Net cash outflow from taxation (494) (532)------------------------------------ ------ --------- --------- Capital expenditure and financial investment Purchase of fixed assets (1,384) (1,269) Disposal of tangible fixed assets 930 100 Purchase of investments (29) (217)------------------------------------ ------ --------- ---------Net cash outflow from capitalexpenditure and financialinvestment (483) (1,386)------------------------------------ ------ --------- --------- Acquisitions and disposals Purchase of subsidiary undertakings (1,151) (333) Cash acquired with subsidiary undertakings 33 163------------------------------------ ------ --------- ---------Net cash outflow from acquisitionsand disposals (1,118) (170)------------------------------------ ------ --------- --------- Equity dividends paid (786) (621)------------------------------------ ------ --------- --------- Net cash inflow before financing 4,975 1,109------------------------------------ ------ --------- --------- Financing New bank loans 650 150 Repayment of principal under finance leases (321) (293) Repayment of bank loans (885) (746) Issue of ordinary shares 31 3 Own shares purchased by Employee Share (52) - --- Ownership Trust ----------------------------------- ------ --------- ---------Net cash outflow fromfinancing (577) (886)------------------------------------ ------ --------- --------- Increase in cash in the year 9 4,398 223------------------------------------ ------ --------- --------- Eleco plc------------ Notes------- 1. The financial information in this announcement, which is unaudited, does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory accounts of the Company, on which the Auditors will report, will be delivered to the Registrar of Companies and posted to shareholders on 7 November 2006. The comparative figures for the year to 30 June 2005 have been taken from, but do not constitute, the Company's statutory financial statements for that financial year. Those financial statements have been reported on by the Auditors and delivered to the Registrar of Companies. The Report of the Auditors was unqualified and did not contain a statement under s237(2) or (3) of the Companies Act 1985. 2. The information herein has been prepared on the basis of the accounting policies adopted for the year ended 30 June 2005, as set out in the Company's Annual Report and Accounts as modified by the adoption of new Financial Reporting Standards as detailed in note 7 below. 3. Turnover and Segmental analysis Group turnover and profits were attributable as follows: Turnover Operating profit/(loss) 2006 2006 2006 2005 2006 2006 2006 2006 2005 Prior to goodwill Goodwill charges Continuing Acquisition (Restated) Continuing Acquisition (Restated) £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 ----------- ------- ------- ------ ------- ------- ------- ------- ------ ------ Continuing operations Building 48,544 - 48,544 42,333 5,393 - (32) 5,361 3,768 systems Construction 6,471 182 6,653 5,503 (405) (185) (712) (1,302) (1,033) software ----------- ------- ------- ------ ------- ------- ------- ------- ------ ------ Total 55,015 182 55,197 47,836 4,988 (185) (744) 4,059 2,735 continuing operations ----------- ------- ------- ------ ------- ------- ------- ------- ------ ------ Discontinued operations Construction - 182 - (55) software ----------- ------- ------- ------ ------- ------- ------- ------- ------ ------ Total discontinued - 182 - (55) ----------- ------- ------- ------ ------- ------- ------- ------- ------ ------ Exceptional 476 (124) profit/ (loss) Net interest (156) (231) ----------- ------- ------- ------ ------- ------- ------- ------- ------ ------ Profit 4,379 2,325 before taxation ----------- ------- ------- ------ ------- ------- ------- ------- ------ ------ 4. A dividend of £298,824 (0.6p per share) was declared at the interim stage. A final dividend representing 1.50p per share is being proposed and, if approved at the Annual General Meeting, will be payable on 8 December 2006 to shareholders on the Register on 17 November 2006. 5. The calculation of basic earnings per share is based on the profit attributable to equity shareholders of £3,293,000 (2005: £2,083,000) and on 48,961,869 ordinary shares (2005: 48,680,560), being the weighted average number of ordinary shares in issue during the year. The calculation of diluted earnings per share is based on the profit attributable to equity shareholders of £3,293,000 (2005: £2,083,000) and on 48,961,869 ordinary shares (2005: 48,700,519), being the weighted average diluted number of ordinary shares in issue during the year. 6. On 10 October 2005, the Group acquired the balancing 95% issued share capital of Esign Software GmbH, not already owned, for a nominal cash consideration. £33,000 cash was acquired. Goodwill on acquisition of £400,000 has been capitalised and included within fixed assets. 7. The Company has adopted the following accounting standards in the year. The comparative figures as at 30 June 2005 have been restated. FRS 17 Retirement benefits - requires changes to the accounting treatment of defined benefit arrangements. The Company now includes the fair value of the assets and liabilities of these arrangements in the balance sheet. Current and past service costs together with financial returns are included in the profit and loss account. Actuarial gains and losses are recognised in the statement of total recognised gains and losses. In the financial statements for the year ended 30 June 2006, the impact on the net assets on adoption of FRS 17 as at 1 July 2004 has been shown as a prior year adjustment. Shareholders' equity has been reduced by £2,585,000 as at 1 July 2004 and by £4,893,000 as at 30 June 2005. FRS 21 Events after the balance sheet date - includes the requirement that dividends be recognised when declared, not when proposed. In the financial statements for the year ended 30 June 2006, the impact on the net assets on adoption of FRS 21 as at 1 July 2004 has been shown as a prior year adjustment. Shareholders' equity has been increased by £426,000 as at 1 July 2004 and by £487,000 as at 30 June 2005. 2006 2005 (Restated) Pence Pence --------------------------------------- --------- -------- Final dividend (previous year) 1.00 0.875 Interim dividend (current year) 0.60 0.40 --------------------------------------- --------- -------- 1.60 1.275 --------------------------------------- --------- -------- 8. Reconciliation of operating profit/(loss) to net cash flow from operating activities Continuing Discontinued 2006 2005 2006 2005 (Restated) (Restated) £'000 £'000 £'000 £'000 ------------------------- -- --------- --------- --------- -------- Operating profit/(loss) 4,059 2,735 - (55) Termination costs and losses - - - (124) Depreciation charge 1,373 1,334 - 13 Amortisation of intangible assets 894 545 - - LTIP expense 224 203 - - Profit on sale of tangible assets (17) (5) - 3 Changes in intra-group indebtedness - (114) - 114 Working capital decrease/(increase) 1,442 (699) - 105 ------------------------- -- --------- --------- --------- -------- Net cash inflow from operating activities 7,975 3,999 - 56 ------------------------- -- --------- --------- --------- -------- 9. Reconciliation of net cash flow to movement in net funds 2006 2005 £'000 £'000 --------------------------------- -------- --------- -------- Increase in cash in the year 4,398 223 Cash flow from movements in debt and 556 889 lease financing --------------------------------- -------- --------- -------- Increase in net funds resulting from cash 4,954 1,112 flows Other non-cash items: New finance leases (414) (555) Effects of changes in foreign exchange rates (34) (71) --------------------------------- -------- --------- -------- Increase in net funds in the year 4,506 486 Opening net funds/(debt) 176 (310) --------------------------------- -------- --------- -------- Closing net funds 4,682 176 --------------------------------- -------- --------- -------- 10. The Annual General Meeting of Eleco plc will be held at The London Capital Club, 15 Abchurch Lane, London EC4N 7BB at 12:00 noon on 29 November 2006. 11. Copies of the Report and Accounts will be sent to shareholders on 7 November 2006 and will be available free of charge from the Secretary at the Company's registered office, Eleco House, 15 Gentleman's Field, Westmill Road, Ware, Hertfordshire, United Kingdom, SG12 0EF. This information is provided by RNS The company news service from the London Stock Exchange