Elecosoft PLC Trading Statement (5942C)
23 January 2018 - 6:00PM
UK Regulatory
TIDMELCO
RNS Number : 5942C
Elecosoft PLC
23 January 2018
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(R) 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 www.elecosoft.com
JHB Ketteley, Executive Chairman Tel: 0207 422 0044
Jonathan Hunter, Chief Operating Officer
finnCap Ltd
Adrian Hargrave / Kate Bannatyne (Corporate Tel: 0207 220 0500
Finance)
Camille Gochez (Corporate Broking)
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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