Last checked at 19 Jan 2021 07:00
19 January 2021
Eleco Plc
("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."
Enquiries:
Eleco plc | +44 (0)20 7422 8000 |
Serena Lang, Executive Chairman |
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Jonathan Hunter, Chief Executive Officer |
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Ben Moralee, Group Finance Director |
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finnCap Limited | +44 (0)20 7220 0500 |
Geoff Nash/Kate Bannatyne (Corporate Finance) |
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Richard Chambers (ECM) |
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Newgate Communications | +44 (0)20 3757 6880 |
Elisabeth Cowell/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 US.
The Company's market-leading Elecosoft software solutions are developed by teams in the United Kingdom, Sweden and Germany, and its solutions cover 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.