Elecosoft boosted by profit update

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Elecosoft boosted by profit update

AIM-listed Elecosoft (LON:ELCO) saw its share price rise by 5.88% to 81p (as of 14:10 BST) after reporting profits before tax increased by 25% during the four months ended 30th April. Revenues for the period were down by 3%, but recurring and subscription revenues were up by 6%. Operations also generated positive cash flow over the period.

Executive Chairman John Ketter commented: “The thorough planning, initiative and rapid response of our employees in dealing with the Coronavirus disruption meant that within less than two weeks all our business units had beg u n home working and had switched to the online delivery of training, consultancy and support services to our customers. T he initiatives taken by all my colleagues in every business unit of the Elecosoft Group made a vital contribution to our dealing successfully with the unprecedented disruption to our operations threatened by the Covid-19 outbreak and we thank them all“.

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