- Revenue £8.8m, up 10% (2015 restated: £7.9m) of which 47% was from recurring maintenance and support revenue (2015: 46%)
- Operating profit before former directors termination payments up 25% to £710,000 (2015 restated: £568,000)
- Profit before tax up 14% to £557,000 (2015 restated: £490,000)
- EBITDA up 9% to £963,000 (2015 restated: £881,000)
- Cash generated in operations up 20% to £1,439,000 (2015: £1,201,000)
- Improved financial position; net cash at 30 June 2016 of £302,000; Net borrowings at 31 December 2015 £803,000; and Net borrowings at 30 June 2015; £1,533,000
- Earnings per share – basic and diluted 0.6p (2015 restated: 0.6p)
Board declares an interim dividend of 0.15p per ordinary share covered four times by unaudited earnings of 0.6p (2015: nil)
At constant exchange rates
- Revenue £8.4m, up £0.4m, 6% (2015: £7.9m)
- Operating profit £561,000 (2015: £557,000)
- Profit before tax £517,000, up 6% (2015: £490,000)
- Swedish operations rebranded to Elecosoft.
- Inaugural Elecosoft user conference in the US.
- The performance in license sales accompanied by an increase in training and consultancy revenue across the group albeit at lower profit margins than license sales.
- We were pleased to welcome the State of Pennsylvania department of transport to present earlier this month at our second US software user conference, the merit of using Asta Powerproject® to manage its state road building programme.
- Asta Powerproject® is currently being used on the new football stadium for Tottenham Hotspur in north London, the BBC Television Centre and the redevelopment of Chelsea Barracks as well as on other major construction projects.
- Received a significant order for Asta Powerproject® from a Top 100 US main construction contractor.
- Our Swedish colleagues achieved the first sale in the UK of their leading Bidcon estimating software.
- Received orders for Interiormarket system from the largest home improvement retailer in Germany, the leading carpet/tile manufacturer in the US and the largest laminate flooring manufacturer in China and the world.
- The new augmented reality mobile application was approved by Apple and is now available in the iTunes store.
- Bidcon environmental module was released in Sweden following close collaboration with Tyréns, Sweden’s largest
construction and environmental consultancy.
- Significant improvement in the group’s finances has enabled it to accelerate, where necessary, our software development activity.
- Despite the uncertainties caused by the UK Referendum in June, the second half of the year has started well. However we will continue to monitor markets for any untoward developments which could impact the progress of our businesses, while striving to provide innovative market leading software solutions, high quality maintenance and dedicated training to both our new and existing customers.
Download the 2016 interim report
The Elecosoft Interim accounts for the period ended 30 June 2016 are now available to download.
Shareholders can elect to receive hard copy shareholder documents at any time by informing Capita Asset Services at The Registry, 34 Beckenham, Kent BR3 4TU.