Business
Preliminary Results
Preliminary Results.
About this update from Eleco Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7242T\n Eleco PLC\n 29 March 2021\n \n \n \n \n 29 March 2021\n \n \n Eleco plc\n \n \n (\"Eleco\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Audited Results for the Year Ended 31 December 2020\n \n \n Directorate Change\n \n \n \n \n \n \n \n \n \n \n \n The Board of Eleco plc (AIM: ELCO) is pleased to announce its results for the year ended 31 December 2020.\n \n \n \n \n \n Financial Highlights\n \n \n \n \n \n ·\n Revenues are in line with last year at £25.2m (2019: £25.4m) \n \n \n · \n Recurring revenues increased to 56% (2019: 53%) (includes maintenance, support, subscription and SaaS revenue) \n \n \n ·\n Reported operating profit up 9% to £4.2m (2019: £3.8m)\n \n \n ·\n Profit before tax up 12% to £3.9m (2019: £3.5m)\n \n \n ·\n Reported basic earnings per share up 18% to 3.9p (2019: 3.3p)\n \n \n ·\n Adjusted operating profit* up 12% to £5.1m (2019: £4.5m) \n \n \n ·\n Adjusted basic earnings per share* up 17% to 4.8p (2019: 4.1p) \n \n \n ·\n Free cash flow** up 36% to £5.5m (2019: £4.1m)\n \n \n ·\n Net cash £6.2m, with £10.7m cash at year end (2019: £1.1m net cash)\n \n \n ·\n Final recommended dividend of 0.40p\n \n \n \n \n \n (* Adjusted profit measures exclude acquisition related expenses, amortisation of acquired intangible assets and former Director payments.)\n \n \n (* Non-GAAP measures, see note 8.)\n \n \n (** Free cash flow represents cash generated in operations less purchase of intangible assets and property, plant and equipment, net of finance costs and tax plus any proceeds from disposals of property, plant and equipment.)\n \n \n \n \n \n Operational Highlights\n \n \n ·\n Continued to expand our customer base and maintained high customer retention levels.\n \n \n ·\n Transitioned the global workforce to home working in the face of Covid-19 restrictions. Continued our daily business and customer support and training without any disruption to customers. \n \n \n · \n Released our ShireSystem Wallboard leading performance indicator module which visually shares relevant, actionable data with a number of stakeholders. \n \n \n ·\n Continued to invest in the development of Memmo, our SaaS site management software which received a positive response with both new and existing customers in our Swedish markets.\...