Elecosoft meeting expectations as profits build

Construction software firm Elecosoft on Thursday reported that the company saw a substantial increase in profit before tax in a first half of the year that was in line with expectations.

Compared to the same period last year, unaudited profit before tax and exceptional acquisition related costs jumped 45%, which demonstrates the strength of Elecosoft’s core business according to a statement from the company.

John Ketteley, executive chairman of Elecosoft, said: "The first half of 2018 has seen Elecosoft continue strongly its positive forward momentum, delivering solid revenue growth, significant profit growth, and strong cash generation."

The AIM-traded company also reported that its unaudited revenue for the period increased by 5%, or 7% at constant rates of exchange, while its cash position increased from £1m at the beginning of the year to £2.6m at 30 June.

As well as addressing company trading, Ketteley provided further comment on Elecosoft’s £6.3m acquisition of Shire Systems in July.

"Shire Systems is a leading UK developer of software for managing and maintaining building and related plant and equipment and represents a significant extension of Elecosoft's specialist international construction software portfolio into the post-construction phase of a building's management," said Ketteley.

Elecosoft’s shares were up 0.11% at 80.09p at 0954 BST.