REG - Eleco PLC - Directorate Change

ElecoAnnouncement

07/02/2022 07:00

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RNS Number : 8050A  Eleco PLC  07 February 2022

07 February 2022

Eleco Plc

("Eleco," "Group" or the "Company")

 

Directorate Change

 

The Board of Eleco Plc (AIM: ELCO), the AIM-listed construction software
specialist, announces that Robert Tearle is stepping down from the Board as a
Director of Eleco plc with immediate effect.

Robert Tearle will continue to work closely with Rose Clark, to hand over and
complete the annual report and accounts for the year ending 31 December
2021.  As announced on 25 January,  EBITDA for the year to 31 December 2021
is expected to be ahead of expectations at £7m, (2020: £6.7m) and the
financial position of the Group remains strong,  with net cash of £10m at
the year end.

Rose Clark, an existing member of the finance team, has been appointed as
Interim CFO. Rose will  assume additional responsibilities and assist with
the year end accounts whilst the Board seeks to recruit a permanent CFO.
Rose is an FCA and experienced CFO with a background in global SaaS tech
start-ups, professional services project businesses (infrastructure/buildings
sector design & engineering consultancy) and financial services.

The Board has complete confidence in Rose Clark and the finance team to
deliver the accounts on time and does not expect this to impact Eleco's end of
year timetables.

The Board expects to make a further announcement in due course, once the
recruitment process has been completed.

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

Enquiries:

 Eleco plc                                       +44 (0)20 7422 8000
 Serena Lang, Non-Executive Chairman
 Jonathan Hunter, Chief Executive Officer

 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, Netherlands and the US.

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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