Eleco PLC AGM Statement and Trading Update (6820M)
May 25 2022 - 1:01AM
UK Regulatory
TIDMELCO
RNS Number : 6820M
Eleco PLC
25 May 2022
25 May 2022
Eleco Plc
("Eleco", "Group" or the "Company")
AGM Statement and Trading Update
At the Company's Annual General Meeting ("AGM") being held at
10:00am today, Serena Lang, Non-Executive Chairman of Eleco Plc
(AIM: ELCO), the AIM-listed construction software specialist, will
make the following statement:
"I am delighted with Eleco's progress in the first four months
of 2022 despite the challenging market conditions. Underlying
demand for Eleco's products remains strong as the construction
industry moves towards a more sustainable future, digitisation of
the built environment and improvements in productivity.
Unaudited Management Accounts for the four-month period ended 30
April 2022 show that:
-- Recurring revenue for the period increased by 8% to GBP5.4m
(2021: GBP5.0m) and is approximately 60% of total revenue.
-- Revenues in the period were GBP8.9m (2021: GBP9.3m) and GBP9.2m at constant currency.
-- Profitability remains in line with expectations.
-- Strongly cash generative during the period with a net cash
position of GBP11.3m (GBP10.0m on 31 December 2021).
As we implement the next stage of our strategy, we are focused
on continued and sustainable growth. We are actively seeking
acquisition opportunities that support our strategy and our
transition to SaaS, which we expect to be a key driver of future
value.
As previously stated, our total reported revenue growth will
temporarily soften during our transition to higher value and
predictable recurring revenue. We are operating in a very exciting
and attractive market and our software is key to meet the growing
demands of the built environment, which is under pressure to
deliver projects more efficiently and supporting the broader ESG
agenda.
The board remains confident in delivering results in line with
market expectations for the full year."
Enquiries:
Eleco plc +44 (0)20 7422 8000
Jonathan Hunter, Chief Executive
Officer
-----------------------
Rose Clark, Interim CFO
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finnCap Limited +44 (0)20 7220 0500
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Geoff Nash/Kate Bannatyne
(Corporate Finance)
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Richard Chambers/Charlotte
Sutcliffe (ECM)
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SEC Newgate UK +44 (0)20 3757 6882
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Elisabeth Cowell/Bob Huxford/ eleco@secnewgate.co.uk
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 and the Netherlands.
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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