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 |
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| Jonathan Hunter, Chief Executive Officer | |
| Rose Clark, Interim CFO | |
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| finnCap Limited | +44 (0)20 7220 0500 |
| Geoff Nash/Kate Bannatyne (Corporate Finance) | |
| Richard Chambers/Charlotte Sutcliffe (ECM) | |
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| SEC Newgate UK | +44 (0)20 3757 6882 |
| Elisabeth Cowell/Bob Huxford/ Isabelle Smurfit |
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.
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