25th Jul 2024 14:22
(Alliance News) - Eleco PLC on Thursday announced strong growth in revenue in the last six months, with "positive momentum" in its trading performance.
Eleco is a London-based software provider focused on the construction and built environment sectors.
Eleco said recent in the six months that ended June 30 was GBP16.3 million, up 20% from GBP13.5 million a year before. In constant currency terms, the increase was 21%, it said, while the organic growth rate was 12%.
Annual recurring revenue was GBP25.8 million on June 30, up 31% from GBP19.7 million a year before.
The firm said it ended the half with GBP12.0 million cash, up from GBP9.4 million a year ago.
Chief Executive Officer Jonathon Hunter commented: "Eleco is well positioned in an attractive market that is increasingly utilising technology to meet the demands of the built environment".
Eleco shares were up 12% to 131.50 in London on Thursday afternoon.
By Lydia Doye, Alliance News reporter
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