Eleco reports "positive momentum" as revenue increases 20% in half

(Alliance News) - Eleco PLC on Thursday announced strong growth in revenue in the last six ...

Alliance News 25 July, 2024 | 1:22PM
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(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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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Eleco PLC 131.50 GBX 1.15 -

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