The Board of Elecosoft announces a trading update for the six months ended 30 June 2019, based on unaudited management accounts for the period.
Unaudited revenue for the period increased by 20 per cent compared with revenue for the same period last year. At constant rates of exchange, unaudited revenue would have increased by 22 per cent. Trading margins for the period were consistent with the prior year and preliminary results for the half year based on unaudited management accounts indicate that the outlook for the full year remains in line with market expectations.
Elecosoft continued to generate positive cashflow in the period and reduced its net debt from £2.1m at 31 December 2018 to £0.6m at 30 June 2019. The Company expects to announce its interim results in late September and will confirm a date in due course.
John Ketteley, Executive Chairman of Elecosoft said:
“Elecosoft continued to perform well in the first half of 2019; and will continue to concentrate on increasing sales, on improving further our significant recurring income, and on generating positive cash flow in the second half.”