Elecosoft revenues hold up in first half
By Iain Gilbert
Date: Tuesday 14 Jul 2020
(Sharecast News) - Software developer Elecosoft said on Tuesday that unaudited revenues for the six months ended 30 June "held up well".
Elecosoft said its first-half sales were down just 4% year-on-year and pre-tax profits actually increased 23%. Adjusted pre-tax profits were up 14%.
The AIM-listed group also recorded strong cash flow in the period ended 30 June, which enabled it to improve the company's overall net cash position from £1.1m at 31 December to £4.4m.
Chairman John Ketteley said: "Elecosoft continued to perform well in the first half of 2020; and we will concentrate on increasing sales, improving our recurring income, and generating positive cash flow in the second half."
As of 1345 BST, Elecosoft shares were up 2.04% at 79.08p.
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