Elecosoft expects 'significantly higher' full-year results

Elecosoft said it looked set to trade "comfortably in line with market expectations" after renewal rates remained high following the successful implementation of its strategy of securing new direct customers.

The AIM-listed firm told investors the acquisitions of ShireSystems and ActiveOnline, both acquired in the second half of 2018, had made contributions to revenues and profits, while the remainder of the group had also "performed well" and continued to record revenue growth.

Chairman John Ketteley said: "2018 has been another significant year for Elecosoft with the acquisition of both ShireSystems and ActiveOnline, which complement our existing growing businesses."

"These two acquisitions each represent significant milestones for Elecosoft as a leading developer of co-ordinated BIM led software systems for use in each stage of a building's life cycle and also as a developer of internet visualisation tools for the interior fit-out industry."

As of 0910 GMT, Elecosoft shares had shot up 11.51% to 77.50p.