Eleco PLC Trading Update (8325G)
29 July 2021 - 4:00PM
UK Regulatory
TIDMELCO
RNS Number : 8325G
Eleco PLC
29 July 2021
Eleco plc
( " Eleco", the " Company" or the " Group " )
Trading Update
The Board of Eleco plc (AIM: ELCO), the AIM-listed construction
software specialist, is pleased to provide a trading update for the
six months ended 30 June 2021 (the "Period"), based on unaudited
management accounts for the period.
Unaudited revenue for the Period is expected to be not less than
GBP13.7 million and has shown significant organic growth of 13%
against the same period in 2020 and of 9% against the same period
for 2019. This increase has been driven by the renewed focus and
energy behind the business strategy. In addition, recurring revenue
for the period is expected to be approximately GBP7.4 million,
representing c. 8% growth against the same period last year and 12%
in comparison to the same period for 2019.
The Board expects profit before tax for the Period to be not
less than GBP2.2 million, an increase of approximately 17% compared
with profit before tax for the same period last year and a 33%
increase in comparison to the same period for 2019. Adjusted profit
before tax* for the Period is expected to be not less than GBP2.6
million, an increase of approximately 22% compared with adjusted
profit before tax for the same period last year and a 39% increase
in comparison to the same period for 2019.
The Company also experienced strong cash conversion in the
Period, enabling Eleco to significantly improve its net cash
position from GBP6.1 million as at 31 December 2020 to
approximately GBP8.5 million as at 30 June 2021 and the Company
will continue to generate positive cash flow in the second half of
the year.
The Board remains confident in meeting market expectations for
the year and expect to release its interim results in late
September.
(* Adjusted profit measures exclude acquisition and corporate
finance related expenses and amortisation of acquired intangible
assets.)
Serena Lang, Executive Chairman of the Company, commented:
"I am pleased to report that Eleco performed extremely well in
the first half of 2021, with strong organic revenue, profit and
cash flow growth, while also transforming the business to meet its
future needs. This strong performance ideally positions us to
accelerate the execution of our strategy to increase subscription
income, which is focused on driving long-term organic revenue
growth and enhancing the value we provide to our customers. Eleco
will continue to generate positive cash flow in the second half of
the year and is on track to deliver in line with market
expectations."
Enquiries:
Eleco plc +44 (0)20 7422 8000
Serena Lang, Executive Chairman
Jonathan Hunter, Chief Executive Officer
Robert Tearle, Chief Financial Officer
finnCap Limited, NOMAD and broker +44 (0)20 7220 0500
Geoff Nash/ Kate Bannatyne (Nomad)
Richard Chambers, Charlotte Sutcliffe (ECM)
SEC Newgate UK +44 (0)20 3757 6880 eleco@secnewgate.co.uk
Elisabeth Cowell/ Bob Huxford/ Isabelle Smurfit
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 USA.
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 .
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END
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