Elecosoft says 2016 profits are significantly ahead of expectations

Post Brexit referendum currency moves and sales for lead software products drove Electosoft to a record 2016.

money, financial results
"Elecosoft produced a strong trading performance in 2016," said CEO John Ketteley.

Elecosoft Plc (LON:ELCO) has told investors that profits for 2016 will be significantly ahead of market expectations .

The group, which supplies software to architects and engineering firms, said substantial growth in the take up of its Asta Powerproject and Bidcon software had driven it to achieve record sales for the twelve months ended December 31 2016.

It added that its sales figures were also boosted in the second half as a result of the currency changes following the Brexit vote. Training and consultancy revenues also rose in the year, the company added.

"Elecosoft produced a strong trading performance in 2016 and made the successful acquisition of ICON,” said John Ketteley, Elecosoft executive chairman.

“We are confident that 2017 will be a year of further progress as Elecosoft begins to realise its potential as a specialist international provider of market leading software solutions and applications for construction, retail and related industries.”

Elecosoft noted that its guidance for 2016 profits doesn’t include costs associated with its acquisition of Integrated Computing and Office Networking Limited (ICON).

The AIM quoted group announced the £2.4mln acquisition of ICON in October, the deal is supported by a £1.8mln loan.

Quick facts: Elecosoft

Price: 78 GBX

Market: AIM
Market Cap: £64.15 m

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