REG - Eleco PLC - AGM Statement and Trading Update

ElecoAnnouncement

25/05/2022 07:00

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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 £5.4m (2021:
£5.0m) and is approximately 60% of total revenue.

·      Revenues in the period were £8.9m (2021: £9.3m) and £9.2m at
constant currency.

·      Profitability remains in line with expectations.

·      Strongly cash generative during the period with a net cash
position of £11.3m (£10.0m 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

 finnCap Limited                                 +44 (0)20 7220 0500
 Geoff Nash/Kate Bannatyne (Corporate Finance)
 Richard Chambers/Charlotte Sutcliffe (ECM)

 SEC Newgate UK                                  +44 (0)20 3757 6882
 Elisabeth Cowell/Bob Huxford/ Isabelle Smurfit  eleco@secnewgate.co.uk (mailto:eleco@secnewgate.co.uk)

 

 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 (http://www.elecosoft.com/)
.

 

 

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