Business
Trading Statement
Trading Statement.
About this update from Eleco Plc
[{"type":"text","content":"\n \nRNS Number : 5942C Elecosoft PLC 23 January 2018 \n \n\n23 January 2018\n \nElecosoft plc\n(\"Elecosoft\", the \"Company\")\n \nTrading Update\n \nElecosoft plc (AIM: ELCO), the AIM-listed construction software specialist, is pleased to announce that Revenue and Profit before Tax trading for the year ended 31 December 2017 are both expected to be significantly higher compared with Revenue and Profit before Tax for the year ended 31 December 2016 and in line with market expectations.\n \nElecosoft's strong conversion of operating profits into cash in the year enabled the Group to eliminate its net borrowing position at 30 June 2017 and to also improve its net cash position further as at 31 December 2017.\n \nElecosoft's strong trading performance in 2017 was driven by the success of its sales strategy of securing new direct customers, backed up by providing strong customer training and support reflected in continued high renewal rates, and continued growth in our software reseller programme. The 2017 trading performance also benefited from the successful integration of the ICON business, which had been acquired in October 2016; and favourable exchange rate movements relative to sterling in our core trading currencies. Our decision to unify all our software products brands under the Elecosoft® brand during the year was also well received by the market.\n \nJohn Ketteley, Executive Chairman said: \"2017 was a year in which Elecosoft employees again maintained Elecosoft's growth momentum. They did so by delivering significant profit growth and cash generation; by unifying the Elecosoft Brand in all our markets; and by developing a number of significant, award winning technical innovations for the benefit of our customers. We thank all Elecosoft employees for their efforts and look forward with confidence as they and all our colleagues and partners worldwide look forward to working together again in the year ahead.'' \n \n\n\n\n\nFor further information please contact:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nElecosoft plc\nJHB Ketteley, Executive Chairman\nJonathan Hunter, Chief Operating Officer\n\n\nwww.elecosoft.com\nTel: 0207 422 0044\n\n\n\n\n\n\n\n\n\n\n\n\nfinnCap Ltd\n\n\n\n\n\n\n\nAdrian Hargrave / Kate Bannatyne (Corporate Finance)\nCamille Gochez (Corporate Broking)\n\n\nTel: 0207 ...