12th Sep 2018 11:53
LONDON (Alliance News) - Elecosoft PLC on Wednesday lifted its interim dividend by 40% after posting a slight increase in first half profit.
The construction software developer also said that Finance Director Simon Morgan resigned to pursue other opportunities. Interim Deputy Finance Director Benjamin Moralee has been appointed a successor to Morgan with immediate effect.
The stock was trading 6.2% lower on Wednesday at 79.76 pence per share.
The company's pretax profit rose to GBP1.2 million in the six months to the end of June from GBP1.0 million reported for the same period a year earlier. Revenue climbed to GBP10.6 million from GBP10.0 million.
Elecosoft upped its dividend to 0.28p per share from 0.20p paid the year prior.
Software development expenditure in the period was broadly flat at GBP1.4 million and the company said it remains committed to the continued enhancement of its construction software portfolio.
Elecosoft said it continued to invest in research & development in the first half of 2018 to expand its software-as-a-service offerings, with the beta-release of its new software-as-a-service site management tool Memmo and its new project collaboration solution in the UK.
Back in July, the company bought computerised maintenance management software provider Shire Systems Ltd for GBP6.3 million in cash, to strengthen its construction software portfolio.
"Elecosoft has performed well in the first half of 2018," said Executive Chairman John Ketteley. "In light of the company's first half performance, we look forward to the remainder of 2018 with confidence."
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