Published on: January 23, 2018

Full year trading in line

Elecosoft has released a trading update for its financial year to the end of December 2017. Revenue and PBT are expected to be ‘significantly higher’ than 2016 and in line with market expectations. We make no changes to our estimates ahead of the final results which are scheduled for March. This suggests that Elecosoft built on a robust set of H1 numbers and maintained momentum during the second half of the year. As at the half year mark, the Group noted the positive influence of exchange rate movements. Management comments that the unified branding was well received by the market during the year. In addition, the focus of the sales strategy on acquiring new direct customers has underpinned the strong trading performance during 2017. Training and support for customers has continued to produce new customer wins and high retentions. ICON has been a useful contributor. In all, the announcement suggests that Elecosoft has continued to benefit during the second half of 2017 from the clear progress which drove a strong performance in H1. The Group remains well-positioned in an attractive market.