18th Apr 2016 08:11
LONDON (Alliance News) - Elecosoft PLC on Monday said Chief Executive Officer Nick Caw has left the company to "pursue new interests" as it reported a rise in pretax profit for 2015.
The construction software company appointed Jason Ruddle, currently managing director of Elecosoft UK, as chief operating officer, but didn't say how its CEO will be replaced. However, Elecosoft has an executive chairman in John Ketteley.
Elecosoft reported a pretax profit of GBP1.0 million, up from GBP686,000 in 2014, on revenue of GBP15.3 million, up slightly from GBP15.2 million. Revenue growth was hit by the strength of sterling against the Swedish krona and the euro; at constant currency revenue would have been up 9% to GBP16.6 million.
During the second half of 2015, the company sold its Swedish architectural consultancy operations for SEK11.1 million. It said that, following the sale, it can now concentrate on the development of its specialist construction software interests.
Elecosoft said it has decided not to pay a dividend for 2015, but will continue to monitor the possibility of resuming its dividend.
For 2016, Elecosoft said that the year has stared encouragingly, and it expects to deliver significant profit growth in line with market expectations.
Shares in Elecosoft were trading flat at 25.25 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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