Highlights

Financial Highlights

  • Revenue up 14% to £10,010,000 (2016 H1: £8,769,000) of which 48% was from recurring maintenance and support revenue (2016 H1: 47%)
  • Operating profit up 76% to £1,059,000 (2016 H1: £601,000)
  • Profit before tax up 81% to £1,007,000 (2016 H1: £557,000)
  • EBITDA up 66% to £1,598,000, (2016 H1: £963,000)
  • Expensed product development of £1,054,000 (2016 H1: £1,258,000) with a further £494,000 capitalised of new software programmes (2016 H1: £175,000)
  • Basic earnings per share up 83% to 1.1p (2016 H1: 0.6p)
  • Increased interim dividend of 0.20p proposed, (2016 H1: 0.15p)

At constant exchange rates

  • Revenue of £9,504,000, up 8% (2016 H1: £8,769,000)
  • 65% rise in operating profit to £990,000 (2016 H1: £601,000)
  • 68% rise in profit before tax to £938,000 (2016 H1: £557,000)

Operational Highlights

  • Introduced Powerproject® Software as a Service (SaaS) in the UK
  • Introduced Staircon® into the Canadian and Australian markets
  • Continued progress with cross-selling Powerproject® to new and existing customers in Sweden
  • Development of the Icon®VR surveying service with its first client adoption in August 2017
  • Elecosoft’s total product portfolio showcased at Europe’s largest construction exhibition, BAU Munich in Germany in January 2017
  • Increased investment in the period in both existing and new software products, including new SaaS web applications.
  • New Board appointments included Anders Karlsson, Executive Director; Kevin Craig, Non-Executive Director; and Serena Lang as Non-Executive Deputy Chairman

Outlook

    Executive Chairman, John Ketteley said: “Elecosoft delivered a positive performance in the first six months of 2017, with growth in all our geographic regions. We also decided to unify all our software brands under the Elecosoft® brand worldwide. This is a momentous and positive step for all involved in the Elecosoft group and I am confident that it is a decision that will benefit all our customers, employees and shareholders as we move forward. We have also made an excellent start to the second half of the year.”

Download the 2017 Interim Report

The Elecosoft Interim accounts for the period ended 30 June 2017 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.

Download the 2017 Interim Scrip Dividend Scheme and Cash Alternative Documentation