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19 Mar 2019 | 09:56

Elecosoft profits boosted by solid growth in UK and Germany markets

Elecosoft profits rose 8% as revenue grew by more than tenth supported by 'solid' growth in its UK and Germany markets.

For the year ended 31 December 2018, pre-tax profits rose 8% to £2.4m and revenue rose 11% to £22.2m.

The group delivered solid revenue growth of 23% in its core mature markets of the UK and Germany, which together comprised 53% of total revenue, the company said. But Scandinavia revenues were down by 6%, driven by unfavourable foreign currency impact between Sterling and Krona.

Despite the uncertainties engendered by Brexit, Elecosoft said it had performed well in the first two months of the current financial year, and anticipated releasing a number of new products in the next few months, including Version 15 of Powerproject and Site Progress Mobile. '2018 was a year of continuing growth and progress for Elecosoft, despite uncertainties attributable to the Brexit saga. However our management is conscious of the need in such conditions to apply sound financial policies, maintain a strong balance sheet and ensure that the fundamentals of our business remain in good shape,' said Executive Chairman, John Ketteley. 'Our co-ordinated software range has also enabled Elecosoft to initiate an increasingly successful strategy of cross selling in markets it serves. Brexit may well continue to effect markets in 2019.' 'However, given the strength of Elecosoft's finances, the international spread of its markets, and the creativity and quality of Elecosoft's market leading software portfolio, I look forward to the year ahead with confidence.'

At 9:56am: (LON:ELCO) Elecosoft PLC share price was -10p at 69p

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