Listed below are details of progress and our plan for 2016 against our strategic objectives.

2016 Update
Product Releases

• Asta Powerproject BIM and Bidcon BIM releases that integrates a common 3D viewing technology platform.
• Asta Powerproject® version 14 released, continuing to evolve Elecosoft’s flagship product with customer input.
• Bidcon 2016/2017.1 released with good customer response.
• Bidcon Climate module release in Sweden.
• IconSystem adopted by McCarthy & Stone, the leading UK retirement house builder.
• New product releases for Staircon®, Framing and Statcon®.
• New easyBo augmented reality app released for the European flooring market in Germany.

Advancement
• For the third consecutive year, Elecosoft won Best Project Management/Planning Software award and was runner-up with Bidcon® in Estimating & Valuation software category at the UK Construction Computing Awards.
• Introduced online selling of Asta Powerproject® in the UK.
• Increased investment levels in research and development to meet industry needs.

2016 Update 

Territories

• Rebranding of Swedish operation leading to increased portfolio sales.
• Gained blue-chip retail clients through the acquisition of Icon.
• Hosted two US user conferences where the presenters included our leading US customers and sales partners.
• Won a significant order from one of the top 100 US construction contracting firms.

Cross-selling

• Increased sales through web marketing techniques.
• Added a new portfolio reseller ‘Epoch’ in New Zealand and Australia.
• Invested in offering more products through the reseller channel, (Staircon® reseller channel in Canada and Statcon® international sales initiated).
• Continued the success with portfolio sales primarily in Sweden.

Strengthen Market Position

• Continued to grow international reseller network, acquiring new partners in US, Australia, New Zealand, India, Spain and South America.
• Improved the portfolio-led marketing.
• Acquisition of Icon that is an opportunity to expand the SaaS offering.

2016 Update 

Financial Stability

• Successful completion of capital reduction.
• Significantly reduced level of bank borrowings.
• Completed disposal of non-core architectural consultancy business in Sweden.
• Delivered strong free cash flow.
• Maintained tight control on overhead expenditure.

Strengthening the Team

• Strengthened the management team with new Board appointments.
• New scrum development team established to focus on a new product set.

Continued Investment

• Established a new development team in Sweden that is focused on international delivery

Systems and Procedures

• Achieved ISO 9001 accreditation in the UK operation.
• Continued to simplify the Elecosoft product message to emphasise a single Company.