Elecosoft PLC – ELCO – Trading Update

Elecosoft PLC – ELCO – Trading Update

The Board of Elecosoft announces that Unaudited Management Accounts of Elecosoft for the period ended 30 April 2020 showed that:

i.      Revenues decreased in the period by 3 per cent (2 per cent at constant currency) compared to the same period in 2019,

ii.     Recurring maintenance, support and subscription revenues for the period were 6 per cent higher than the previous year equivalent; and that,

iii.    Profit before Tax increased in the period by 25 per cent.

iv.    Elecosoft was also cash generative in the period and it had a net cash position of £3.1m at 30 April 2020 compared with its net cash position of £1.1m at 31 December 2019.

Executive Chairman, John Ketteley, commented:

“The thorough planning, initiative and rapid response of our employees in dealing with the Coronavirus disruption meant that within less than two weeks all our business units had begun home working and had switched to the online delivery of training, consultancy and support services to our customers. The initiatives taken by all my colleagues in every business unit of the Elecosoft Group made a vital contribution to our dealing successfully with the unprecedented disruption to our operations threatened by the Covid-19 outbreak and we thank them all.”

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