Elecosoft (AIM: ELCO), the AIM-listed construction software and software visualisation specialist is pleased to announce that its results for the year ended 31 December 2018, excluding the acquisition expenses of Shire Systems Ltd and Active Online GmbH are expected to be significantly higher than for the year ended 31 December 2017 and comfortably in line with market expectations.
The acquisitions of ShireSystems and ActiveOnline, both acquired in the second half of 2018, have made contributions to revenues and profits in line with the Board’s expectations at the time of their acquisition. The remainder of the Group has performed well and continued to achieve year-on-year growth in revenues notwithstanding the macroeconomic uncertainties and also adverse exchange rate movements.
Elecosoft’s strong trading performance has been underpinned by its strategy of securing new direct customers, whilst supported by excellent customer training and support. The success of this service-centred approach was reflected in continued high renewal rates.
John Ketteley, Executive Chairman of the Company, commented:
“2018 has been another significant year for Elecosoft with the acquisition of both ShireSystems and ActiveOnline, which complement our existing growing businesses.
The acquisition of ShireSystems in July 2018 provided Elecosoft with an immediate foothold in the strategically important computerised maintenance management systems market. It also extends Elecosoft’s coverage of software solutions across the life cycle of property assets and facilities.
ActiveOnline based in Wesel, Germany, which was acquired in November 2018, will collaborate closely with ESIGN, Elecosoft’s international software visualisation business based in Hannover, Germany. These two companies have each created and maintain an extensive visualisation software offering. ESIGN specialises in the development of software for the visualisation of hard and flat surfaces, and ActiveOnline specialises in the development of software for the visualisation of curved surfaces, soft fabrics and coverings.
These two acquisitions each represent significant milestones for Elecosoft as a leading developer of co-ordinated BIM led software systems for use in each stage of a building’s life cycle and also as a developer of internet visualisation tools for the interior fit out industry.”