Eleco makes strong start to year throughout Q1

Software group Eleco said on Friday that it had made a "strong start" to the year, building on its "resilient performance" in 2020.

Eleco said first-quarter revenues were up 9% year-on-year at £7.0m, with recurring revenues also rising 9% in the period to £3.7m.

Pre-tax profits surged 21% in what the AIM-listed group referred to as a "strongly cash generative" period, with Eleco holding a net cash position of £7.9m on 31 March - up from £6.2m on 31 December.

Chairman Serena Lang said: "I am pleased to report that Eleco has experienced a strong start to trading in the first quarter which puts the company well on track to deliver in line with market expectations for the year as a whole.

"The market opportunity for Eleco is compelling and our new, focussed growth strategy will allow us to better capitalise on the significant opportunities available to the group."

As of 0925 BST, Eleco shares were up 5.90% at 122.84p.