7 Aug 2019 07:00
7 August 2019
Elecosoft plc
("Elecosoft", the "Company" or the "Group")
Trading Update
The Board of Elecosoft announces a trading update for the six months ended 30 June 2019, based on unaudited management accounts for the period.
Unaudited revenue for the period increased by 20 per cent compared with revenue for the same period last year. At constant rates of exchange, unaudited revenue would have increased by 22 per cent. Trading margins for the period were consistent with the prior year and preliminary results for the half year based on unaudited management accounts indicate that the outlook for the full year remains in line with market expectations.
Elecosoft continued to generate positive cashflow in the period and reduced its net debt from £2.1m at 31 December 2018 to £0.6m at 30 June 2019. The Company expects to announce its interim results in late September and will confirm a date in due course.
John Ketteley, Executive Chairman of Elecosoft said:
"Elecosoft continued to perform well in the first half of 2019; and will continue to concentrate on increasing sales, on improving further our significant recurring income, and on generating positive cash flow in the second half."
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For further information, please contact:
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Elecosoft plc | Tel: +44 (0)20 7422 8000 |
JHB Ketteley, Executive Chairman |
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Jonathan Hunter, Chief Operating Officer Ben Moralee, Finance Director |
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finnCap Ltd |
Tel: +44 (0)20 7220 0500 |
Geoff Nash / Kate Bannatyne (Corporate Finance) |
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Camille Gochez (Corporate Broking) |
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Newgate Communications |
Tel: +44 (0)20 3757 6880 |
Elisabeth Cowell / Fiona Norman |
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About Elecosoft plc
Elecosoft is a specialist international provider of software and related services to the Architectural, Engineering, Construction and Owner-Operator industries 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. Elecosoft is listed on the Alternative Investment Market in London (AIM: ELCO).
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Elecosoft (ELCO)