TIDMELCO
RNS Number : 5702A
Elecosoft PLC
27 March 2017
27 March 2017
Elecosoft plc
("Elecosoft", the "Company" or the "Group")
Preliminary Results
For the Year Ended 31 December 2016
Elecosoft plc (AIM: ELCO), the construction software specialist,
is pleased to announce its audited results for the year ended 31
December 2016.
Financial Highlights
Continuing operations
-- Revenue up 17% to GBP17.8m (2015: GBP15.3m) of which 48.5%
was from recurring maintenance and support revenue (2015:
47.7%)
-- Revenue up 8% in constant currency terms (2015: 9%)
-- Operating profit up 42% to GBP1.6m (2015: GBP1.1m)
-- Adjusted operating profit up 68% to GBP1.9m* (2015:GBP1.1m)
-- Profit before tax up 50% to GBP1.5m (2015: GBP1.0m)
-- EBITDA up 35% to GBP2.4m (2015: GBP1.8m)
-- Increased R&D spend of GBP2.6m (2015:GBP2.3m) of which GBP0.6m is capitalised
-- Free cash flow up 71% to GBP1.2m (2015: GBP0.7m)
-- Basic earnings per share up 55% to 1.7p (2015: 1.1p)
-- Adjusted earnings per share up 94% to 2.1p* (2015: 1.1p)
-- Final dividend of 0.25p, total year dividend of 0.40p
At constant exchange rates
-- Revenue GBP16.5m, up 8% (2015: GBP15.3m)
-- Operating profit GBP1.5m, up 34% (2015: GBP1.1m)
-- Profit before tax GBP1.4m, up 42% (2015: GBP1.0m)
Operational Highlights
-- Acquired Icon in October 2016 which develops software for 7
of the top 10 UK retailers including ASDA, Boots & John
Lewis
-- Released updated versions of Asta Powerproject(R) and Asta
Powerproject(R) BIM, Staircon(R), Statcon(R) and launched a new
product Bidcon(R) BIM that provides quantity take-off from a 3D BIM
file
-- First ESIGN sale to Chinese flooring manufacturer
-- For the third year running Elecosoft won the 'Best Project
Management/Planning Software' award at the UK Construction
Computing awards
-- Achieved ISO 9001 accreditation recognising Elecosoft as a 'quality supplier'
-- An increasing number of customers are taking advantage of the
full Elecosoft product portfolio
-- Acquired an established reseller in the Netherlands
* Adjustment for GBP0.2m acquisition expenses associated with
Icon and one off director termination payment of GBP0.1m
Executive Chairman, John Ketteley said:
"I am pleased to report a significantly improved trading and
financial performance by Elecosoft in 2016. Elecosoft is fast
becoming a truly international provider of market leading
construction software applications for digital construction, 5D
BIM, project management, estimation, 3D architectural design,
timber engineering, and visual marketing software applications. I
am therefore pleased to say that the current year has started well,
our financial position is strong and Elecosoft is particularly well
placed post-Brexit from a trading standpoint."
For further information please
contact:
Elecosoft plc www.elecosoft.com
JHB Ketteley , Executive Chairman Tel: 0203 857 5210
David Pearson, Finance Director
Jonathan Hunter, Group Marketing
& Business Development Director
finnCap Ltd
Adrian Hargrave / Kate Bannatyne Tel: 0207 220 0500
(Corporate Finance)
Camille Gochez (Corporate Broking)
Redleaf Communications
Rebecca Sanders-Hewett / David Tel: 0207 382 4730
Ison / Susie Hudson 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 programs cover
project management, construction site management, estimating,
timber engineering, 3D design and visualisation, and cloud based
digital marketing solutions.
For more information, please visit www.elecosoft.com
Chairman's Statement
I am pleased to report a significantly improved trading and
financial performance by Elecosoft in 2016, and comment on the
acquisition of Icon during the year. My statement for the year
ended 31 December 2016 is set out below.
Trading performance
Revenues
Elecosoft's Revenues for the year under review rose from
GBP15,260,000 to GBP17,795,000, an increase of 17 per cent. The
proportion of recurring maintenance revenue remained steady at
approximately 48 per cent in the year under review and this
recurring revenue increased by 18 per cent to GBP8,622,000 from
GBP7,278,000 last year.
Profits
Operating profit for the year under review was GBP1,594,000
(2015: GBP1,126,000) an increase of GBP468,000 or 42 per cent in
the year under review. This result is after acquisition expenses of
GBP212,000 being legal and professional fees relating to the
acquisition of Icon in October 2016 and a former Director's
termination payment of GBP109,000. On the basis of these
adjustments, adjusted operating profit for the year was
GBP1,915,000 (2015: GBP1,137,000) an increase of 68%.
Profit after tax on continuing operations for the year under
review was GBP1,243,000 (2015: GBP802,000) an increase of 55 per
cent. Basic earnings per share of continuing operations for the
year under review was 1.7p (2015: 1.1p), an increase of 0.6p or 55
per cent. Adjusted EPS as set out in the paragraph above was 2.1p
(2015: 1.1p) an increase of 94%.
EBITDA for the year under review was GBP2,432,000 (2015:
GBP1,795,000) an increase of GBP637,000 or 35 per cent in the year
under review.
Financial Performance
Elecosoft continued to generate cash from operations in the year
under review and at 31 December 2016 Net Assets increased to
GBP9,716,000 (31 December 2015: GBP7,893,000). The net increase in
cash and cash equivalents in the year under review amounted to
GBP694,000, which together with the beneficial effect of changes in
exchange rates used to translate overseas cash balances of
GBP260,000 contributed to a significant improvement in Elecosoft's
financial position during the year.
The Business
I am pleased to say that in many ways 2016 was a record year.
For example, the number of Elecosoft employees increased to a
record 190 (2015: 178). Elecosoft UK won the award for best Project
Planning software at the Construction Computing Software Awards for
the third year running; Turnover and Profits in 2016 were at record
levels; Elecosoft Sweden launched its latest BidconBIM and Bidcon
Climate module in conjunction with Tyrens AB; and ESIGN made its
first sale to a Chinese flooring manufacturer who claims to be the
largest laminated flooring manufacturer in the world.
The Acquisition of Icon
The acquisition of Icon was also significant for Elecosoft being
the first substantial acquisition made by the Group for a number of
years. Icon brought with it a number of good things, beginning with
its enthusiastic team of outstanding software professionals, who
had successfully promoted their building specification and
information management systems to the giants of the UK Retail
Industry - its clients now include 7 of the top 10 UK retailers,
including Boots, Sainsbury's, Asda, Morrisons, John Lewis, Waitrose
and The Co-operative. Icon has also worked closely with McCarthy
& Stone, the largest UK specialist in the construction of
retirement homes, in the development of state of the art
construction software.
Icon has also provided an excellent SaaS capability to
Elecosoft, with opportunities to link with Elecosoft's Bidcon(R)
estimating software and Asta Powerproject(R) software which is
developed in the UK. During our discussions leading up to the
acquisition of Icon in October, we were pleased to hear that Jim
Awe, Chief Software Architect at Autodesk Inc with which Icon had
collaborated in the development of its web-based viewer, had made
the following comment;
"For far too long, designers have been forced to sync associated
data back into the original 3D model where it doesn't really
belong. What Icon has done is an awesome demonstration of the
principle of Internet-enabled design data. The data can reside and
be managed in the appropriate place, but is still visible and
accessible in the context of the model."
I am pleased to say that my colleagues are already beginning to
exploit Icon's potential and we are confident of the opportunities
that Icon will present to Elecosoft in the form of the expertise of
the developers and staff of Icon and also the potential to
cross-sell Icon and Elecosoft's products to each other's
customers.
The total consideration payable for Icon was GBP2.4m and was
partly financed by a new term loan of GBP1.8 from Barclays Bank,
and GBP600,000 by way of an issue of 2.2m ordinary shares of
Elecosoft to the vendors of Icon. As part of this transaction, the
Group also took the opportunity to refinance its existing term
loan.
Software Development
Software development expenditure for the year under review
increased to GBP2,593,000 (2015: GBP2,305,000) of which the amount
capitalised was GBP625,000 (2015: GBP665,000). The total
development spend for the period represented 15 per cent of sales
(2015: 15 per cent) and is consistent with our commitment to our
customers to maintain and enhance our market leading software
programmes.
For some years now, regular monthly meetings of all our lead
developers across the Group have taken place to facilitate the
interchange of ideas and technical opportunities. Our Lead
Developer Community, is a major contributor to the technology
strategies that emerge from these meetings. I hesitate to say much
more because I don't wish to shine light onto magic. But I would
like thank those involved in the Lead Developer Community for the
creativity, the flair, the imagination and the technical know-how
that they exercise as they strive to keep our technology ahead of
the curve.
Re-branding
The initial "Elecosoft" rebranding exercise was announced by our
Consultec colleagues at the Nordberg Fair in Stockholm in 2016 and
was positively received by both customers and the market at that
time. More importantly, the rebrand has since had a very beneficial
effect on our business in Scandinavia with Elecosoft Sweden
becoming the leading construction software provider in the Swedish
construction market. We intend to rebrand the remaining elements of
the Group worldwide in 2017, while seeking ways to retain some of
our original brands which are well established with our
customers.
Board and Management
The Board will continue in its present form and following the
addition of two new Directors, whom shareholders are invited to
elect, would consist of five Executive Directors and three
Non-Executive Directors.
The five Executive Directors together will constitute a newly
constituted Group Executive Committee, who will be responsible for
the day to day running of the Group; and the three Non-Executive
Directors will continue to be responsible for maintaining and
enhancing Elecosoft's corporate governance standards and will
participate in the Audit, Remuneration, and Nomination
Committee.
The Group Executive Committee and all other Committees will be
responsible to the Board, to which they will provide regular
reports on those matters for which they are responsible.
The Board of Elecosoft will comprise the following directors in
the year ahead.
David Pearson Finance Director
Jason Ruddle Managing Director of Elecosoft UK Ltd
Anders Karlsson Managing Director of Elecosoft Consultec AB
Jonathan Hunter Marketing and Business Development Director
Serena Lang Non Executive Deputy Chairman
Jonathan Edwards Non Executive
Kevin Craig Non Executive
John Ketteley Executive Chairman
I am pleased to welcome Anders Karlsson, the Managing Director
of Elecosoft Consultec AB to the Board and I am delighted that the
two executives, who are Managing Directors of their respected
companies which are the largest operations in the Elecosoft Group
will serve as Directors of Elecosoft plc.
Also announced earlier this year was that Graham Spratling who
has been with Elecosoft for nine years, of which two were as
Finance Director, has decided for personal reasons to stand down. I
am pleased to say that Graham volunteered to assist David Pearson,
who joined us very recently, to complete the accounts which you
have before you. I would like to thank him for his contribution to
our affairs during the time that he has spent with us and wish him
well.
David Pearson, has had a distinguished career in IT and Finance
and has led a number of high level investigations in these areas,
has agreed to join the Board as Finance Director and we welcome him
on board as we continue the progress of the Group.
Finally, we have announced today the appointment of Kevin Craig
as a Non-Executive Director with immediate effect. Kevin brings
with him a wealth of advisory and media industry experience and we
look forward to working with him.
Dividend
Having regard to Elecosoft's strong trading and financial
performance in the second half of the year, the Board has decided
to recommend the payment of a final dividend of 0.25 pence per
share. The Board has also proposed that subject to the necessary
approval by shareholders at the Annual General Meeting, that
shareholders will be offered an opportunity to elect to receive
dividends in the form of new shares in Elecosoft in lieu of the
proposed final dividend.
Payment of the Final Dividend will be subject to approval by
Shareholders at the Annual General Meeting and will be paid on 24
May 2017 to shareholders on the register at the close of business
on 7 April 2017; the ex-dividend date will be 6 April 2017. As
mentioned above, and subject to approval by Shareholders at the
Annual General Meeting being given at the annual general meeting,
arrangements will also be made to provide a scrip dividend
alternative. The latest date to elect for the scrip dividend
alternative will be 10 May 2017. The scrip reference price is
38.95p calculated from the average of the closing price for an
ordinary share of the company as derived from the daily official
list of the London Stock Exchange during the period of five dealing
days ending on 24 March 2017. The Company will, on or before 10
April 2017, post to shareholders a letter containing additional
information on the scrip dividend alternative and how shareholders
may participate. At the same time, a copy of this letter will be
available on the Company's website: www.elecosoft.com
Brexit
In the period leading up to the Referendum on 23 June 2016, the
Board concluded that the pattern of cash generation across the
Group was such that each of Elecosoft's operations, and in
particular its UK operations would be in a position to service and
repay their borrowing obligations in accordance with their
terms.
The Board also decided that our overseas interests, which are
profitable and cash generative, should retain their cash balances
in their own currencies because the Board's view was that,
whichever way the Referendum vote went, the Group would still be in
a position to meet all its financial obligations as they fall due,
whether in Sterling or our other major trading currencies, namely
the Swedish Krona, the Euro and the US dollar. This position is not
only logically sound to match cash position with operations, given
the movement of currencies in 2016, this alignment has also
strengthened the Group's financial position in Sterling terms.
Employees
Elecosoft has development teams, testing teams, marketing teams,
sales teams, training teams, finance teams, administration teams
and support teams and our people is our greatest asset. In 2016
they worked very hard to produce what I consider to be a good
result achieved in not the easiest of markets. I would therefore
like to take this opportunity to thank them all on your behalf for
their contribution to Elecosoft's performance in 2016 and to say
that I am confident that they will produce another good result in
2017, of which they will be proud.
Outlook
These are uncertain times and with the added uncertainties that
events such as Brexit may bring, we know that new challenges will
present themselves as we go forward. However, that said we are
confident that we shall be able to meet them because of the
resilience, innovative skills, dedication and application of our
employees and the urgent need for companies such as Elecosoft to
provide the means to enhance the performance of industries in which
we involved and in particular, the construction industry. I believe
that it is because of the effort, creativity and collaboration of
all our employees in all the countries in which Elecosoft operates
that Elecosoft is fast becoming a truly international provider of
market leading construction software applications for 5D BIM,
project management, estimation, 3D architectural design, timber
engineering, digital visualisation, and augmented reality software
applications.
I am therefore pleased to say that the current year has started
well, our financial position is strong and Elecosoft is
particularly well placed post the EU referendum, from a trading
standpoint. Therefore, against this background, we will continue to
invest in our core business of developing market leading software
solutions and also to ensure that high quality training is
available to our customers in the markets we serve. We will also be
taking additional measures to enhance the co-ordination between our
sales, support and training teams to improve our service to our
customers and remain open to inorganic growth opportunities to
accelerate our development should they arise.
John Ketteley
Executive Chairman
24 March 2017
Operating Review
A strong, stable and progressive year with our wider software
portfolio delivered revenue and profit growth beyond market
expectations. With a new management team and renewed focus on our
core strengths and strategy to grow Elecosoft as a leading provider
of innovative integrated solutions we stepped out of blocks and led
from the start amongst growing competition. Although we experienced
some challenges and timing delays in our use of resellers this
year, we continue to have our sights set on expanding through them
going forward. The performance of our leading applications of Asta
Powerproject(R) and Bidcon(R) within project management and
estimating was outstanding, with double digit growth achieved both
in the UK and Sweden which contributed to a successful year and
surpassed a number of key milestones.
-- Revenue grew to GBP17.8m up from GBP15.3m
-- Profit before tax of GBP1.5m up from GBP1.0m
Our Focus on Sales Growth
With an underlining growth performance across our core revenue
lines of licences, maintenance and services, the Group delivered
results significantly ahead of industry sector bench marks. With a
prominent influence through our direct model approach, we have
proven that amongst a number of major global competitors Elecosoft
is highly regarded as a provider of quality software and services.
Revenue growth is pivotal to our long term strategy and with an
improved performance in all graphical areas, Elecosoft is in a
strong position to maintain our current momentum. A summary of
revenue growth on 2015 is as follows:
-- UK revenue increased by 13%
-- Scandinavia revenue increased by 13%
-- Germany revenue increased by 29%
-- Rest of Europe increased by 22%
-- Rest of World increased by 17%
Historically, our software portfolio has centred on the PC
market but with ever increasing competition and expansion into
other verticals we have a growing number of SaaS product offerings
that sit alongside and complement our existing applications.
Through continued investment in our direct approach and through
channel expansion, Elecosoft is in a strong position to maintain
progressive growth over and above the broader market.
Growing International Awareness
With a wide portfolio of products that cover project management,
construction site management, estimating, timber engineering, 3D
design and visualisation, cloud based digital marketing and data
storage solutions we have some great opportunities in reaching out
to a wider audience with our integrated offering. With a continuing
trend across the globe to standardise processes through common data
exchanges and a collaborative approach to sharing of data,
Elecosoft is strongly placed to deliver international awareness and
growth.
In recent years, we have established the cross selling of our
products to help deliver on local government legislations which in
turn has positioned Elecosoft as a major player in the provision of
4D & 5D BIM. Our marketing teams have successfully developed
and implemented promotional plans for market sector and territory
growth to help drive the increased awareness out to the end client
through increased use of webinars, exhibition attendance, event
speaking and corporate sponsorship. With the acquisition in January
of one of Asta Powerproject's Dutch resellers, we have also
delivered on the plans to improve the performance of the business
and also commenced the transition approach to selling more products
to existing and new customers.
Our colleagues in Sweden delivered a sterling performance with
the new management team that was orchestrated the previous year and
also expanded their international reach by establishing new
resellers in New Zealand, Canada, Finland and Denmark for
Bidcon(R), Statcon(R) and Staircon(R). We have seen successful
expansion within the interior market with key business wins in
China and the US through our modular marketing solution for
simplifying and automating databased marketing activities
throughout the marketing chain.
Brand Awareness
Elecosoft is now a well-established technology organisation
focused on delivering leading edge applications across multiple
sectors with strong brand identity both at company and product
level. The company has been very successful in leveraging the
Elecosoft name into established market spaces with clear and
directive marketing campaigns directed from the Group management
team. Our new website now reflects a product identity through the
six main disciplines of focus, these being:
Project Management
Asta Powerproject(R) has continued to gain market share within
its core focus on construction and infrastructure organisations
across the globe. Many leading contractors worldwide have delivered
major projects utilising the project management tool and have
expanded their use on growing bolt-on tools such as Asta
Powerproject(R) BIM and Site Progress Mobile. The application is
now available in 13 languages and continues to be enhanced based on
the client feedback and industry requirements.
Estimating
Our cost estimating software Bidcon(R), remains a key part of
our integrated solution selling into new and existing customers.
With a strong adoption in its home market in Sweden, Bidcon(R) is
now leading the way alongside Asta Powerproject(R) in providing a
full 5D BIM solution to the wider audience either through our
direct model or via the growing reseller channel.
CAD/Design
Our prominent position in Germany with Arcon Evo(R) and o2c(R)
is maintained with continued development of the product based on
customer feedback and technology advancements. This in turn is
growing the product awareness and is being used to expand the use
of the software into new markets through our eCommerce offering and
a reseller channel.
Visualisation
Our reach into the Interiormarket through our Esign portfolio
highlights the significant steps we've made in gaining 80% of the
European floor manufactures who use our offering to successfully
marketing their interior products through Digitalisation,
Visualisation, Configuration and Product Information Management
(PIM). During 2016 we've seen good progress on wider global
adoption with floor manufacturers in China and the US working with
our German colleagues on adopting our offering.
Engineering
Our portfolio of timber engineering applications maintain their
strong market presence in the UK, Sweden, Germany and Benelux and
have recently seen adoption through resellers in Canada, Finland
and Denmark. With local territories demands of increased housing
stock and commercial timber structures through focus on modular
construction, our applications of Staircon(R), Framing and
Statcon(R) serve the needs of design, manufacturing and site
management processes.
Information Management
The management of information in any business is critical to
gaining success and with our Marketing manager offering to the
floor manufacturers which sits alongside our visualisation tools,
we've seen further adoption within existing and new clients. This
is assisting organisations to efficiently control multi-channel
marketing from a central database and saves considerable time and
expenses in the company-wide data workflow.
With the acquisition of Icon taking place in late October, the
opportunity to expand its current offering outside the retail
sector is a strong focus moving forward. Icon's one-stop property
asset information system is a web-based building information
management system that is used from concept design, through
construction and fit-out to completion and management. This clearly
complements our existing project management and cost estimating
suite of programs and presents a great opportunity in further
upselling within the existing client base across our territory
bases.
Award Winning Software
Offering the best possible proposition to our customers has
remained our core focus and is central to driving the growth of our
software offering in both our direct markets and reseller channel.
Our customers have continued to recognise the quality of our
products, service and extending range of products, evidenced by the
continued success of our award winning software. Asta
Powerproject(R) achieved for the 3rd year in succession the Project
Management/Planning Software of the Year Award at the Construction
Computing Awards 2016. Recognition was also made for our cost
estimating application, Bidcon(R), as this was voted runner-up in
the Estimation & Valuation Software category. We believe this
reflects the strengthening recognition of our consumer brand.
The retention rate of our customers is important to support our
growth and this has remained in line with historical trends. We
have introduced to our markets product releases across the whole
software portfolio that reflect the requirements of our customers.
We have seen progression in our eCommerce product offering with our
CAD and visualisation 22 applications and have continuous plans to
expand the reach into new territories using effective web
platforms.
Outlook
2016 delivered a milestone year in revenue and profit growth and
looking forward the teams within Elecosoft are excited about the
future and look forward to contributing to another fruitful year
both in our direct markets and growing international reach through
the reseller channel network.
John Ketteley
Executive Chairman
24 March 2017
Financial Review
The Group has had a successful year with strong trading
performances in all areas validating the strategy. The acquisition
of Integrated Computing and Office Networking Limited ("Icon") in
October positions the Group for the future. Exchange rate movements
in the Group's core trading currencies during the year had a
positive impact on the results which has accentuated the Group's
strong underlying performance.
Revenue
Revenue for continuing operations for the year increased 17% to
GBP17.8m (2015: GBP15.3m) This growth was accentuated by the
weakness of Sterling against the Swedish Krona, the US Dollar and
the Euro which collectively accounted for over 60% of the Group's
sales. The underlying growth at constant exchange rates was 8%
(2015: 9%).
The Group continues to drive high levels of recurring revenue
from Maintenance and Support with the balance of the revenue coming
from Licence sales and Services. The level of deferred income at
the balance sheet date, which is a measure of future maintenance
revenue, increased from GBP3.7m to GBP4.4m during the year
representing a positive growth rate of 19%.
Revenue growth was driven by direct sales with an increase of
17% to GBP16.6m (2015: GBP14.2m) with the Group committed to
growing both the Direct and Reseller channels going forward. The
mix of sales across Licences 28% (2015: 30%), Maintenance 48%
(2015: 48%) and Services 24% (2015: 23%) is balanced and similar to
prior years.
The geographic revenue performance of the Group was good on all
fronts with Germany leading the growth 29% to GBP3.0m (2015:
GBP2.3m), while the UK and Scandinavia both grew 13% during the
year. The strategy to move into new geographic markets continues to
provide strong results with the Rest of the World up by 20% to
GBP2.6m (2015: GBP2.1m).
Gross profit
Gross profit is revenue less the direct cost of providing
products and services to customers, principally the costs of
training and consultancy staff. In 2016 the gross profit margin
fell slightly from 89% to 87% due to the slight changed mix of
Licences, Maintenance and Services revenue.
Overheads
Selling and administrative expenses increased 11% over prior
year to GBP13.8m (2015: GBP12.4m). Tight control of overheads is
expected to be a feature of the Group while ensuring that
development is prioritised. The average number of employees during
the year was 190 (2015: 178).
Software product development expenses amounted to GBP2.6m for
the year (2015: GBP2.3m) of which GBP0.6m (2015: GBP0.7m) was
capitalised demonstrating the commitment to Group-wide
development.
The major projects during the year which met the requirements of
the accounting policy for capitalisation and were therefore
capitalised in the year include the following: Arcon Evo phase 2,
Bidcon BIM and Bidcon.net databases. The carrying value of these
software assets together with the carrying value of software assets
capitalised in previous periods was reviewed for impairment at the
balance sheet date and no impairment was required.
Profit
Continuing operations operating profit was GBP1.6m (2015:
GBP1.1m) a growth of over 40% over the prior period, a reflection
of strong revenue performance with overhead control. Adjusted
Operating Profit for the year was GBP1,915,000 (2015: GBP1,137,000)
an increase of 68%. Profit before tax was GBP1.5m, up GBP0.5m, an
increase of 50% compared to the prior period. Taxation amounted to
GBP0.3m in the period (2015: GBP0.2m).
Balance Sheet and Cash Flow
Shareholder's equity increased to GBP9.7m, up GBP1.8m, 23% at 31
December compared to 2015.
Net borrowings, including finance leases, increased by GBP0.5m
to GBP1.3m (2015: GBP0.8m) as a result of additional borrowings of
GBP1.8m to complete the Icon acquisition.
Trade and other receivables increased to GBP3.7m (2015: GBP2.9m)
as anticipated and in line with the growth of the Group. This
represented 54 days sales outstanding compared to 48 for the prior
period. Trade and other payables increased to GBP1.5m (2015:
GBP1.3m) and accruals were slightly higher at GBP1.6m (2015:
GBP1.4m) in line with Group activities.
Cash generated from operations amounted to GBP2.4m in the year
up from GBP1.6m in 2015. Free cash flow increased to GBP1.2m
compared to GBP0.7m in 2015, a continuing upward trend reflective
of the Group performance overall.
2016 2015
GBP'000 GBP'000
Cash generated in
operations 2,422 1,640
Net capital expenditure (1,103) (645)
Net interest
paid (82) (152)
Income tax paid (17) (127)
Free cash flow 1,220 716
Acquisitions and disposals (1,700) 726
Loan (repayments)/proceeds 1,438 (1,091)
Finance lease repayments (153) (251)
Equity dividends
paid (111) -
Net cash inflow 694 100
Exchange difference 260 (15)
Net increase in cash and cash
equivalents 954 85
----------------------------------- -------- --------
Capital and financing
The UK banking facilities are with Barclays Bank plc and the
Group facilities comprise the following:
-- The previous loan was repaid and a new term loan of GBP3.16m,
with 16 quarterly loan repayments of GBP197,500 commencing from
October 2016 was agreed to help fund the acquisition of ICON,
carrying an interest rate of 2.75% over base rate, a reduction of
0.5% on the previous facility; and
-- a GBP1.0m overdraft facility, carrying an interest rate of 2.75% over base rate
Security provided to the bank for the provision of these
facilities is a cross guarantee and debenture between the parent
company and certain UK subsidiary companies and a commitment of the
shares of the operating companies.
Covenants have been made to the bank in respect of three
elements: EBITA to gross financing costs, net borrowings to EBITDA
and cash flow to debt service. These covenants are tested
quarterly.
Business disposal / Discontinued operations
There were no disposals in the period.
Earnings per share and dividends
The basic earnings per share on continuing operations is 1.7p
(2015: 1.1p).The basic earnings per share on total operations is
1.7p (2015: 1.6p).
The Board has recommended the payment of a final dividend in
respect of the year ended 31 December 2016 of 0.25p per share, with
a scrip alternative to be made available.
David Pearson
Group Finance Director
24 March 2016
Consolidated Income Statement
For the year ended 31 December 2016
2016 2015
Notes GBP'000 GBP'000
------------------------------- ------ --------- ---------
Continuing
operations
Revenue 1,2 17,795 15,260
Cost of sales (2,374) (1,688)
Gross profit 15,421 13,572
-------------------------------- ------ --------- ---------
Operating expenses before
amortisation of intangible
assets, acquisition expenses
and termination payments (12,875) (11,940)
Amortisation of
intangible assets 2 (631) (495)
Operating expenses before
acquisition expenses and
termination payments 3 (13,506) (12,435)
----------------------------------- ------ --------- ---------
Operating profit before
acquisition expenses and
termination payments 1,915 1,137
Acquisition
expenses (212) -
Former directors' termination
payments (109) (11)
---------------------------------- ------ --------- ---------
Selling and administrative
expenses 3 (13,827) (12,446)
--------------------------------- ------ --------- ---------
Operating profit 2,3 1,594 1,126
Finance income 5 3 1
Finance cost 5 (93) (121)
Profit before
tax 1,504 1,006
Tax 6 (261) (204)
Profit for the financial
period from continuing
operations 2,8 1,243 802
Profit for the financial
period from discontinued
operations - 360
Profit for the financial
period 1,243 1,162
--------------------------------- ------ --------- ---------
Attributable
to:
Equity holders of
the parent 1,243 1,162
--------------------------------- ------ --------- ---------
Earnings per share
- basic
--------------------------------- ------ --------- ---------
Continuing
operations 8 1.7 p 1.1 p
Discontinued
operations 8 0.0 p 0.5 p
Total operations 8 1.7 p 1.6 p
-------------------------------- ------ --------- ---------
Earnings per share
- diluted
--------------------------------- ------ --------- ---------
Continuing
operations 8 1.6 p 1.1 p
Discontinued
operations 8 0.0 p 0.5 p
Total operations 8 1.6 p 1.6 p
-------------------------------- ------ --------- ---------
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2016
2016 2015
GBP'000 GBP'000
----------------------------------- -------- --------
Profit for
the period 1,243 1,162
Other comprehensive
income:
------------------------------------- -------- --------
Items that will be reclassified
subsequently to profit and loss:
Translation differences
on foreign operations 92 (11)
Other comprehensive income
net of tax 92 (11)
Total comprehensive income
for the period 1,335 1,151
-------------------------------------- -------- --------
Attributable
to:
Equity holders
of the parent 1,335 1,151
------------------------------------- -------- --------
Consolidated Statement of Changes in Equity
For the year 31 December 2016
Share Share Merger Translation Other Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- --------- --------- --------- ------------ --------- ---------- --------
At 1 January 2016 749 - - (172) (338) 7,654 7,893
Dividends - - - - - (111) (111)
Share-based payments - - - - 13 - 13
Elimination of cancelled
share based payments - - - - (14) - (14)
Issue of share capital 22 578 - - - - 600
Transactions with
owners 22 578 - - (1) (111) 488
-------------------------- --------- --------- --------- ------------ --------- ---------- --------
Profit for the period - - - - - 1,243 1,243
Other comprehensive
income:
Exchange differences
on translation of
net investments in
foreign operations - - - 92 - - 92
Total comprehensive
income for the period - - - 92 - 1,243 1,335
--------- --------- --------- ------------ --------- ---------- --------
At 31 December 2016 771 578 - (80) (339) 8,786 9,716
========= ========= ========= ============ ========= ========== ========
Share Share Merger Translation Other Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- --------- --------- --------- ------------ --------- ---------- --------
At 1 January 2015 7,487 7,923 4,086 (161) (358) (12,255) 6,722
Share-based payments - - - 20 - 20
Capitalisation of
merger reserve 4,086 - (4,086) - - - -
Capital reduction (10,824) (7,923) - - - 18,747 -
Transactions with
owners (6,738) (7,923) (4,086) - 20 18,747 20
--------- --------- --------- ------------ --------- ---------- --------
Profit for the period - - - - - 1,162 1,162
Other comprehensive
income:
Exchange differences
on translation of
net investments in
foreign operations - - - (11) - - (11)
Total comprehensive
income for the period - - - (11) - 1,162 1,151
--------- --------- --------- ------------ --------- ---------- --------
At 31 December 2015 749 - - (172) (338) 7,654 7,893
========= ========= ========= ============ ========= ========== ========
Consolidated Balance Sheet
At 31 December 2016
2016 2015
GBP'000 GBP'000
----------------------------- --------- --------
Non-current
assets
Goodwill 11,469 10,152
Other intangible
assets 3,321 1,910
Property, plant
and equipment 868 503
Total non-current
assets 15,658 12,565
------------------------------- --------- --------
Current assets
Inventories 11 9
Trade and other
receivables 3,674 2,871
Current tax
assets 67 173
Cash and cash equivalents 2,576 1,957
Total current
assets 6,328 5,010
------------------------------ --------- --------
Total assets 21,986 17,575
------------------------------ --------- --------
Current liabilities
Bank overdraft (339) (674)
Borrowings (790) (750)
Obligations under
finance leases (163) (139)
Trade and other
payables (1,459) (1,255)
Provisions (228) (203)
Current tax
liabilities (89) (2)
Accruals and deferred
income (6,003) (5,068)
Total current
liabilities (9,071) (8,091)
------------------------------ --------- --------
Non-current
liabilities
Borrowings (2,370) (972)
Obligations under
finance leases (218) (225)
Deferred tax
liabilities (570) (242)
Non-current
provisions (41) (139)
Other non-current
liabilities - (13)
Total non-current
liabilities (3,199) (1,591)
------------------------------- --------- --------
Total liabilities (12,270) (9,682)
------------------------------ --------- --------
Net
assets 9,716 7,893
================================== ========= ========
Equity
Share capital 771 749
Share premium
account 578 -
Translation
reserve (80) (172)
Other reserve (339) (338)
Retained earnings 8,786 7,654
Equity attributable to
shareholders of the parent 9,716 7,893
================================ ========= ========
Consolidated Statement of Cash Flows
for the year ended 31 December 2016
2016 2015
GBP'000 GBP'000
--------------------------------- -------- --------
Cash flows from operating
activities
Profit
before
tax 1,504 881
Net finance costs 90 123
Depreciation charge 207 174
Amortisation charge 631 495
Profit on sale of property,
plant and equipment (28) (18)
Share-based payments
charge 13 20
Decrease in provisions (75) (20)
Cash generated in operations
before working capital
movements 2,342 1,655
Decrease in trade and
other receivables 403 349
Increase in inventories
and work in progress (1) (1)
Decrease in trade and
other payables (322) (363)
Cash generated
in operations 2,422 1,640
Interest
paid (85) (153)
Interest received 3 1
Income tax paid (17) (127)
Net cash inflow from
operating activities 2,323 1,361
----------------------------------- -------- --------
Investing activities
Purchase of intangible
assets (754) (754)
Purchase of property,
plant and equipment (449) (58)
Acquisition of subsidiary
undertakings net of cash
acquired (1,700) (28)
Proceeds from sale of
property, plant, equipment
and intangible assets 100 167
Sale of business net
of expenses - 754
Net cash (outflow)/inflow from
investing activities (2,803) 81
------------------------------------ -------- --------
Financing activities
Proceeds from
new bank loan 3,160 -
Repayment of bank
loans (1,722) (1,091)
Repayments of obligations under
finance leases (153) (251)
Equity dividends
paid (111) -
Net cash inflow/(outflow) from
financing activities 1,174 (1,342)
------------------------------------ -------- --------
Net increase in cash
and cash equivalents 694 100
----------------------------------- -------- --------
Cash and cash equivalents at
beginning of period 1,283 1,198
Effects of changes in
foreign exchange rates 260 (15)
Cash and cash equivalents
at end of period 2,237 1,283
----------------------------------- -------- --------
Cash and cash equivalents
comprise:
Cash and short-term
deposits 2,576 1,957
Bank overdrafts (339) (674)
2,237 1,283
--------------------------------- -------- --------
Extract from Notes to the Consolidated Financial Statements
1. Revenue
Revenue from continuing operations disclosed in the income
statement is analysed as follows:
2016 2015
GBP'000 GBP'000
Licence
sales 4,955 4,536
Recurring maintenance
and support revenue 8,622 7,278
Services
income 4,218 3,446
Total revenue 17,795 15,260
------------------------ -------- --------
2. Segment information
IFRS 8 requires operating segments to be identified on the basis
of internal reports about components of the Group
that are regularly reviewed by the chief operating decision
maker to allocate resources to the segments and to assess
their performance.
The chief operating decision maker has been identified as the
Executive Directors. The Group revenue is derived entirely from the
sale of software licences, software maintenance and support and
related services. Consequently, the Executive Directors review the
three revenue streams but as the costs are not recorded in the same
way the information is presented as one segment and as such the
information is presented in line with management information.
2016 2015
Software Software
GBP'000 GBP'000
Revenue 17,795 15,260
------------------------------ --------- ---------
Adjusted operating
profit 4,721 3,446
Depreciation charge (207) (174)
Product development
costs (1,968) (1,640)
Operating profit before
amortisation of intangible
assets and exceptionals 2,546 1,632
Amortisation of intangible
assets (631) (495)
Acquisition expenses (212) -
Former directors'
termination payments (109) (11)
------------------------------
Operating profit 1,594 1,126
Net finance cost (90) (120)
Segment profit before
tax 1,504 1,006
Tax (261) (204)
------------------------------
Segment profit after
tax 1,243 802
============================== ========= =========
Internal development costs
capitalised (625) (665)
Total development
costs (2,593) (2,305)
============================== ========= =========
Operating profit 1,594 1,126
Amortisation of intangible
assets 631 495
Depreciation charge 207 174
EBITDA 2,432 1,795
============================== ========= =========
Adjusted operating profit of GBP4,721,000 (2015: GBP3,446,000)
is stated before depreciation and amortisation of intangible
assets, product development costs and certain items considered as
non-recurring. The latter includes acquisition expenses and
termination payments relating to former directors.
Development project costs are expensed as incurred unless they
meet the accounting policy requirements for capitalisation. The
software projects that have been capitalised in the twelve months
to 31 December 2016 are explained in the Financial Review.
2016 2015
Software Software
GBP'000 GBP'000
Group assets and
liabilities
Segment assets 21,986 17,595
Unallocated assets - -
Total Group assets 21,986 17,595
-------------------------- --------- ---------
Segment liabilities 12,270 9,682
Unallocated liabilities - -
Total Group liabilities 12,270 9,682
-------------------------- --------- ---------
Geographical, Product and sales channel information
Revenue by geographical area represents continuing operations
revenue from external customers based upon the geographical
location of the customer.
Revenue by geographical destination is as follows:
2016 2015
GBP'000 GBP'000
UK 5,498 4,857
Scandinavia 6,745 5,950
Germany 2,982 2,308
Rest of
Europe 1,653 1,359
Rest of
World 917 786
17,795 15,260
------------- -------- --------
Rest of World includes revenue from customers in the USA of
GBP633,000 (2015: GBP571,000).
Revenue by product group represents continuing operations
revenue from external customers.
Revenue by product group is as follows:
2016 2015
GBP'000 GBP'000
Project management 8,572 7,493
Site management 474 396
Estimating 2,964 2,557
Engineering 2,827 2,373
CAD/Design 1,137 1,001
Visualisation 1,821 1,440
17,795 15,260
-------------------- -------- --------
The Group utilises resellers to access certain markets. Revenue
by sales channel represents continuing operations revenue from
external customers.
2. Segment information continued
Revenue by sales channel is as follows:
2016 2015
GBP'000 GBP'000
Direct 16,674 14,236
Reseller 1,121 1,024
17,795 15,260
---------- -------- --------
Non-current assets excluding deferred tax by geographical area
represent the carrying amount of assets based in the geographical
area in which the assets are located.
Non-current assets by geographical location are as follows:
2016 2015
GBP'000 GBP'000
UK 8,027 7,130
Scandinavia 6,145 4,350
Germany 1,396 1,040
Rest of
Europe 88 44
Rest of
World 2 1
15,658 12,565
------------- -------- --------
Information about major customers
Revenues arising from sales to the Groups' largest customer were
below the reporting threshold of 10% of Group revenue (2015: Below
10% reporting threshold).
3. Operating profit
The continuing operations operating profit for the period is
stated after charging/(crediting) the following items.
2016 2015
GBP'000 GBP'000
Software product development 1,968 1,640
Depreciation of property,
plant and equipment 207 174
Amortisation of intangible
assets acquired 389 380
Amortisation of capitalised
development costs 242 115
Profit on disposal of property,
plant and equipment (28) (18)
Foreign exchange (gains)/losses (73) 85
Fees payable to the Company's
auditor for the audit of
the Company's financial statements 38 35
Fees payable to the Company's
auditor for other services:
- Audit of the subsidiaries
financial statements 54 39
- Other assurance services 2 -
Operating lease rentals:
Plant, equipment and vehicles 42 47
Properties 394 359
Acquisition expenses 212 -
Former directors termination
payments 109 11
4. Employee information
The average number of employees during the period, including
Directors, in continuing operations was made up as follows:
2016 2015
number number
Sales &
marketing 54 57
Client services 56 52
Software development 46 41
Management and
administration 34 28
190 178
---------------------- ------- -------
Staff costs during the period, including Directors, in
continuing operations amounted to:
2016 2015
GBP'000 GBP'000
Wages and
salaries 8,194 6,814
Social security 1,680 1,419
Pension
costs 566 485
Share-based payments 13 20
10,453 8,739
Less: Development
staff costs capitalised (625) (665)
-----------------------------
9,828 8,074
-------------------------- -------- --------
Pension costs relate to contributions to defined contribution
pension schemes. Development staff costs are charged to projects
and capitalised if those projects meet the criteria for
capitalisation. The details of the criteria for capitalisation is
set out in the Significant Accounting Policies under section I.
The remuneration of the Directors, who are the key management
personnel of the Group, is set out below:
2016 2015
GBP'000 GBP'000
Short-term employee
benefits 576 643
Post-employment
benefits 23 22
Termination
benefits 100 11
Share based payments 13 20
Executive
Directors 712 696
Fees - non-executive
Directors 82 90
------------------------ --------
794 786
---------------------- -------- --------
The emoluments of the highest paid Director were GBP280,000
(2015: GBP361,000). Employers NIC payments in respect of the
Directors' remuneration was GBP85,000 (2015: GBP95,000)
The remuneration of the non-executive Directors is determined by
the Board. The non-executive Directors do not have service
contracts but are appointed for an initial term of three years,
which may thereafter be renewed from year to year. They do not
participate in any of the Groups' share based incentive or pension
schemes.
5. Net finance income/(cost)
Finance income and costs from continuing operations is set out
below:
2016 2015
GBP'000 GBP'000
Finance income:
Bank and other interest
receivable 3 1
Finance costs:
Bank overdraft
and loan interest (84) (107)
Finance leases and hire purchase
contracts (9) (14)
Total net
finance cost (90) (120)
------------------------------------ -------- --------
6. Taxation
(a) Tax on profit on ordinary activities
The tax charge in the income statement from continuing
operations is as follows:
2016 2015
GBP'000 GBP'000
Current
tax:
UK corporation tax
on profits of the
year 34 2
34 2
Foreign
tax 145 121
Total current
tax 179 123
----------------------------- -------- --------
Deferred
tax:
Origination and reversal
of temporary differences 87 74
Tax adjustments in respect
of previous years (5) 7
Total deferred
tax 82 81
----------------------------- -------- --------
Tax charge in the
income statement 261 204
------------------------------- -------- --------
Income tax for the UK has been calculated at the standard rate
of UK corporation tax of 20.0% effective from 1 April 2015 (2015:
20.25%) on the estimated assessable profit for the period. Taxation
for foreign companies is calculated at the rates prevailing in the
relevant jurisdictions.
(b) Reconciliation of continuing operations tax charge
The tax assessed on continuing operations accounting profit
before income tax for the year is the same as the standard rate of
UK corporation tax of 20.0% for the period under review. The
reconciliation is explained below:
2016 2015
GBP'000 GBP'000
Profit on continuing
operations before tax 1,504 1,006
----------------------------------------- -------- --------
Tax calculated at the average
standard rate of UK corporation
tax of 20.0% (2015: 20.25%) applied
to profits before tax 301 204
Effects
of:
Expenses not deductible
for tax purposes 90 46
Research & development
tax relief (54) (94)
Group relief/losses
surrendered not paid - 4
Non taxable statutory
compensation - (15)
Deferred tax not
recognised (15) 39
Share option deduction - 4
Prior year adjustments (5) 7
Utilisation
of losses (80) (17)
Tax rate differences
in foreign jurisdictions 16 24
Other differences 8 2
Continuing operations tax
charge for the year 261 204
------------------------------------------ -------- --------
(c) Unrecognised tax losses
The Group has tax losses of GBP696,000 (2015: GBP762,000)
arising at one of its operations in Germany for which no deferred
tax
asset has been recognised and tax losses of GBP1,764,000 (2015:
GBP1,874,000) arising in the UK. Potential deferred tax asset not
recognised in respect of losses in UK subsidiaries is GBP347,000
(2015: GBP390,000). No deferred tax is recognised on the unremitted
earnings of overseas subsidiaries.
7. Dividends
Dividends of GBP111,000 (2015: GBPnil) were paid during the year
as follows:
2016 2015 2016 2015
Ordinary per per
shares share share GBP'000 GBP'000
--------------------------- ------- ------- -------- --------
Declared and paid during
the year
Interim -
current year 0.15 - 111 -
Final - previous
year - - - -
0.15 - 111 -
-------------------------- ------- ------- -------- --------
The directors have recommended a final dividend of 0.25p per
ordinary share for 2016 (2015: 0.0p) resulting in a total dividend
for the year of 0.40p per ordinary share (2015: 0.0p) If the 2016
final dividend is approved at the Annual General Meeting the
dividend will be paid on 24 May 2017 to shareholders on the
register at the close of business on 7 April 2017 (ex-div date 6
April 2017) In accordance with IFRS, the dividend is not provided
for as a liability in the accounts until it becomes a legal
liability of the Company and therefore will be recorded in the
interim and annual accounts for 2017.
8. Basic and diluted earnings per share
The calculation of the basic and diluted earnings per ordinary
share from continuing operations is based on the data below:
2016 2015
------------------------------- ------------- -------------
Continuing operations GBP1,243,000 GBP802,000
Discontinued operations - GBP360,000
------------------------------- ------------- -------------
Total profit after taxation GBP1,243,000 GBP1,162,000
------------------------------- ------------- -------------
Basic weighted average number
of shares 74,433,243 73,970,534
Dilutive effect of share
options 1,029,000 882,000
Diluted weighted average
number of shares 75,462,243 74,852,534
------------------------------- ------------- -------------
Basic earnings per ordinary share is calculated from continuing
operations profit after tax attributable to ordinary equity
shareholders of the Company and the weighted average number of
shares in issue for the reporting period.
Basic earnings per share 2016 2015
Continuing operations 1.7 p 1.1 p
Discontinued operations - p 0.5 p
-------------------------- ----- -----
Total operations 1.7 p 1.6 p
-------------------------- ----- -----
Dilutive earnings per ordinary share is calculated by adjusting
the weighted average number of shares in issue for the reporting
period to include the assumed conversion of the dilutive share
options outstanding at 31 December 2016.
Diluted earnings per share 2016 2015
Continuing operations 1.6 p 1.1 p
Discontinued operations - p 0.5 p
---------------------------- ----- -----
Total operations 1.6 p 1.6 p
---------------------------- ----- -----
Shares held by the Employee Share Ownership Trust are excluded
from the weighted average number of shares in the period.
Notes
1. The financial information in this announcement, which is
audited, does not constitute statutory accounts within the meaning
of section 435 of the Companies Act 2006. Statutory accounts of the
Company, on which the Auditors will report, will be delivered to
the Registrar of Companies. The comparative figures for the 12
months to 31 December 2015 have been taken from, but do not
constitute, the Company's statutory financial statements for that
financial year.
2. The Group's activities, together with the factors likely to
affect its future development, performance and position are set out
in the Operating Review and Financial Review.
3. The Groups' clients include many top contractors in the
building and construction sector in the UK, Sweden, Germany,
Benelux and the United States with no significant client
concentration. The software products and services provided by the
Group are reasonably embedded in their client's core operations and
48% (2015: 48%) of the Groups' revenue is from recurring revenue
contracts.
These maintenance contracts are renewed throughout the year
although there is a slightly greater weighting in the fourth
quarter. For these reasons, the Group has good visibility on any
potential deterioration in its trading outlook and potential risk
to the business. Not-withstanding the Group has net current
liabilities of GBP2,743,000 at 31 December 2016 (2015:
GBP3,081,000) these amounts are after deferred income of
GBP4,401,000 (2015: GBP3,708,000) relating to annual maintenance
contracts which are non-refundable. Historically, there is a low
level of maintenance cancellations each year and the Board closely
monitors clients that are potentially at risk of cancellation as
well as the pipeline of new business.
The Group has both cash and undrawn credit facilities available
to support its business operations and therefore the Board believes
that the Group is well-positioned to manage the business risks.
Revenue, operating profit and cash flow budgets have been prepared
at business unit level. After making appropriate enquiries, the
Directors have a reasonable expectation that the Group has adequate
resources to continue in operation for the foreseeable future.
Accordingly, the Group continues to adopt the going concern basis
in preparing its consolidated financial statements
4. The information herein has been prepared on the basis of the
accounting policies adopted for the year ended 31 December 2016,
set out in the Company's Annual Report and Accounts and as
previously disclosed in the Company's Annual Report and Accounts
for the year ended 31 December 2015.
5. The Annual General Meeting of Elecosoft plc will be held
Brewers' Hall, Aldermanbury Square, London EC2V 7HR on 4th May 2017
at 12 noon.
6. The Annual Report and Accounts for the year ended 31 December
2016 will be sent to shareholders by 10 April 2017 and will be
available to view on the Company's website, www.elecosoft.com, from
that date.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR OKODPPBKKANB
(END) Dow Jones Newswires
March 27, 2017 02:01 ET (06:01 GMT)
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