Last checked at 30 Apr 2021 07:00
30 April 2021
Eleco Plc
("Eleco" or the "Group")
Q1 Trading Update
Eleco Plc (AIM: ELCO), the AIM-listed construction software specialist, is pleased to announce a strong start to the year, building on its resilient performance in 2020, with unaudited Management Accounts for the three-month period ended 31 March 2021 reporting that:
· Revenues in the period increased by 9% compared to the same period in 2020 to £7.0m.
· Recurring revenues for the period of £3.7m, increased by 9% compared to the same period last year (includes maintenance, support, subscription and SaaS revenue).
· Profit before tax increased by 21% over the same period in 2020.
· Strongly cash generative during the period with a net cash position of £7.9m at 31 March 2021 against a net cash position of £6.2m on 31 December 2020.
Operational highlights for the period under review include:
· Turkish Minister of Transportation approved Powerproject as an accepted Project Scheduling software for Public projects
· Asda increased equipment ordering accuracy by 35%, lowered material wastage and dramatically cut data administration using IconSystem.
· Kingspan Group continued to expand its use of ShireSystem by adding another site in Poland.
· Large Powerproject Enterprise order placed by a well-known Austrian company specialising in intelligent automation of factories.
Executive Chairman, Serena Lang, commented:
"I am pleased to report that Eleco has experienced a strong start to trading in the first quarter which puts the Company well on track to deliver in line with market expectations for the year as a whole. This performance reflects the transformation that has taken place in recent months as well as the increased commitment and enthusiasm of our senior executives and staff to deliver on the new strategy for the Group. We are confident this will continue to bear fruit through 2021 and beyond. In the earlier part of this month this strategy was communicated to shareholders, investors and analysts and was well received by all.
The market opportunity for Eleco is compelling and our new, focussed growth strategy will allow us to better capitalise on the significant opportunities available to the Group.
The Company strongly urges that its shareholders vote today in favour of all the resolutions proposed by the board at the AGM, to ensure continued strategic growth through its strong leadership team and allow the Company to continue to deliver value to all shareholders."
For further information, please contact:
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Eleco plc | Tel: +44 (0)20 7422 8000 |
Serena Lang, Executive Chairman |
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Jonathan Hunter, Chief Executive Officer Robert Tearle, Chief Financial Officer |
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finnCap Limited, NOMAD and broker |
Tel: +44 (0)20 7220 0500 |
Geoff Nash / Kate Bannatyne / (Nomad) |
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Richard Chambers, Charlotte Sutcliffe (ECM) |
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SEC Newgate | Tel: +44 (0)20 3757 6880 |
Elisabeth Cowell / Bob Huxford/ Isabelle Smurfit | eleco@secnewgate.co.uk |
About Eleco plc
Eleco plc is an AIM-listed (AIM: ELCO) specialist international provider of software and related services to the Architectural, Engineering, Construction and Owner/Operator (AECO) industries and interior furnishing industries from centres of excellence in the UK, Sweden, Germany, Netherlands and the USA.
The Company's market-leading Elecosoft software solutions are developed by teams in the United Kingdom, Sweden and Germany, and its solutions include project management, estimating, timber engineering, CAD and visualisation, asset and facility management and cloud-based digital marketing solutions.
For further information please visit www.eleco.com.