Last checked at 23 Jan 2018 07:00
23 January 2018
Elecosoft plc
("Elecosoft", the "Company")
Trading Update
Elecosoft plc (AIM: ELCO), the AIM-listed construction software specialist, is pleased to announce that Revenue and Profit before Tax trading for the year ended 31 December 2017 are both expected to be significantly higher compared with Revenue and Profit before Tax for the year ended 31 December 2016 and in line with market expectations.
Elecosoft's strong conversion of operating profits into cash in the year enabled the Group to eliminate its net borrowing position at 30 June 2017 and to also improve its net cash position further as at 31 December 2017.
Elecosoft's strong trading performance in 2017 was driven by the success of its sales strategy of securing new direct customers, backed up by providing strong customer training and support reflected in continued high renewal rates, and continued growth in our software reseller programme. The 2017 trading performance also benefited from the successful integration of the ICON business, which had been acquired in October 2016; and favourable exchange rate movements relative to sterling in our core trading currencies. Our decision to unify all our software products brands under the Elecosoft® brand during the year was also well received by the market.
John Ketteley, Executive Chairman said: "2017 was a year in which Elecosoft employees again maintained Elecosoft's growth momentum. They did so by delivering significant profit growth and cash generation; by unifying the Elecosoft Brand in all our markets; and by developing a number of significant, award winning technical innovations for the benefit of our customers. We thank all Elecosoft employees for their efforts and look forward with confidence as they and all our colleagues and partners worldwide look forward to working together again in the year ahead.''
For further information please contact: | |
Elecosoft plc JHB Ketteley, Executive Chairman Jonathan Hunter, Chief Operating Officer | www.elecosoft.com Tel: 0207 422 0044 |
finnCap Ltd | |
Adrian Hargrave / Kate Bannatyne (Corporate Finance) Camille Gochez (Corporate Broking) | Tel: 0207 220 0500 |
Redleaf Communications | |
Elisabeth Cowell / Fiona Norman | Tel: 0207 382 4730 elecosoft@redleafpr.com |
About Elecosoft plc
Elecosoft is listed on the Alternative Investment Market in London (AIM: ELCO). It is a specialist international provider of software and related services to the architectural, engineering, construction and digital marketing industries from centres of excellence in the UK, Sweden, Germany and the US. Elecosoft's market leading software solutions are developed by teams in the United Kingdom, Sweden and Germany; and its software solutions cover project management, construction site management, estimating, timber engineering, 3D design and visualisation, and cloud based digital marketing solutions.