Eleco 1H Performed in Line With Views; Continues to Suffer From Pandemic Impact

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By Ian Walker

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Eleco PLC said Wednesday that it performed in line with management’s expectations during the first half of the year, but continued to suffer from an inability to market at trade fairs due to the coronavirus pandemic.

The specialist software provider said that revenue for the half year ended June 30 was 13.4 million pounds ($16.1 million) compared with GBP13.8 million for the comparable period, or GBP13.8 million at constant currency.

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Recurring revenue for the period rose to GBP8.2 million, from GBP7.5 million.

Eleco said that profits for the period remain in line with expectations and that it is confident in meeting market expectations for the year.

The company hasn’t provided any actual numbers. However, adjusted earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics that strips out exceptional and other one-off items–for the year is forecast to be GBP5.6 million, taken from FactSet and based on two analysts’ forecasts. This compares with GBP7.3 million for 2021.

“There are increasing inflationary pressures on salaries across the group, which have been addressed through a set of initiatives aimed at retaining existing colleagues and attracting new talent,” Chief Executive Jonathan Hunter said.

Shares at 0808 GMT were down 1.0 pence, or 1.4%, at 69.0 pence.

Write to Ian Walker at [email protected]

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Credit: www.marketwatch.com /

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