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.