7th Aug 2019 12:03
(Alliance News) - Elecosoft PLC on Wednesday maintained its outlook for 2019 as it performed "well" in the first half.
The construction software company said revenue for the six months to the end of June increased by 20% compared with revenue for the same period last year. At constant currency rates, revenue rose by 22%.
Trading margins in the first half of 2019 were consistent with the prior year, Elecosoft noted, and the outlook for 2019 remains in line with market expectations.
Elecosoft said it continued to generate positive cash flow in the period and reduced its net debt to GBP600,000 as at June 30 from GBP2.1 million as at the end of 2018.
"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," said Executive Chair John Ketteley.
The company expects to announce interim results in late September and will confirm a date in due course.
Elecosoft shares were trading 3.2% lower on Wednesday midday in London at 75.00 pence each.
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