REG - Eleco PLC - Directorate Change

ElecoAnnouncement

05/05/2023 14:15

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RNS Number : 6256Y  Eleco PLC  05 May 2023

Eleco Plc

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

 

Directorate Change

 

 

The Board of Eleco plc today announces that it has reluctantly accepted the
resignation of its Chair, Serena Lang.

 

After more than eight years on the board, Serena has decided to step down at
the end of the forthcoming AGM.

 

During Serena's tenure, she led a strategic review which resulted in the
transformation of the business into a customer centric, building lifecycle
focused business with a new culture.  Eleco was recently awarded the status
"A Great Place to Work".  Additionally, Serena led the Board in the decision
to move the company's products to a SaaS model, better serving its customer
base and creating long term value for its Shareholders.

 

Serena's decision to step down to pursue new opportunities reflects the
positive results that the Company's executive team is making in delivering
this strategy, as demonstrated by Eleco's full year results for the year ended
31 December 2022.

 

 

Commenting, Serena Lang said:

 

"I am coming up to  my 9(th) year on the Board of Eleco, and the company is
in the best shape it has ever been in.

 

"Last year, I undertook a Cambridge University course on Sustainability in the
Built Environment, and I committed to set up a Collaboration Platform for
Directors of companies across the Built Environment to tackle sustainability
issues.  With time being of the essence and Eleco now having a strong aligned
leadership team, a clear strategy that is already delivering and a great
Board, it is the right time to step down and focus on setting up this platform
whilst exploring options for a new Chair role."

 

 

Mark Castle, who is currently Non-Executive Director on the Board, will be
appointed as Interim Non-Executive Chairman and the Board will be appointing
an Executive Search company to assist with the process of selecting a
permanent successor. An announcement will be made in due course.

 

Mark Castle, who will take over as interim Chairman, said:

 

"It will be a sad day for all of us when Serena steps down from the board.
She has been a fantastic contributor to Eleco's progress and development over
the last eight years and an amazing mentor to the Executive Team. The Company
has benefitted from her focus, energy and a defined strategy to deliver
long-term, sustainable and international growth. As announced in our recent
results, this is bearing fruit, with Annualised Recurring Revenue increasing
by 14% and profit measures ahead of market expectations. Looking forward to
FY23 as a whole, we expect to see an increase in total revenues. We have a
strong platform for growth and are well placed for the future."

 

 

 

 

 

Enquiries:

 Eleco plc                                                    +44 (0)20 7422 8000

 Jonathan Hunter, Chief Executive Officer
 Neil Pritchard, Chief Financial Officer

 finnCap Limited                                              +44 (0)20 7220 0500
 Geoff Nash/Emily Watts/ Seamus Fricker (Corporate Finance)
 Charlotte Sutcliffe / Harriet Ward (Equity Capital Markets)

 SEC Newgate UK                                               +44 (0)20 3757 6882
 Elisabeth Cowell/Bob Huxford/ Matthew Elliott                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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