Elecosoft shares rally on performance update

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Elecosoft shares rally on performance update
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AIM-listed construction software specialist Elecosoft (LON:ELCO) has said that results for the year ended 31st December were significantly ahead of the prior year and in line with market expectations. The acquisitions made during the second half of the year have made contributions to revenues and profits as forecast at the time they were bought.

Executive chairman John Ketteley commented: “2018 has been another significant year for Elecosoft with the acquisition of both ShireSystems and ActiveOnline, which complement our existing growing businesses.

The acquisition of ShireSystems in July 2018 provided Elecosoft with an immediate foothold in the strategically important computerised maintenance management systems market. It also extends Elecosoft’s coverage of software solutions across the life cycle of property assets and facilities.

ActiveOnline based in Wesel, Germany, which was acquired in November 2018, will collaborate closely with ESIGN, Elecosoft’s international software visualisation business based in Hannover, Germany. These two companies have each created and maintain an extensive visualisation software offering. ESIGN specialises in the development of software for the visualisation of hard and flat surfaces, and ActiveOnline specialises in the development of software for the visualisation of curved surfaces, soft fabrics and coverings.

These two acquisitions each represent significant milestones for Elecosoft as a leading developer of co-ordinated BIM led software systems for use in each stage of a building’s life cycle and also as a developer of internet visualisation tools for the interior fit out industry“.

The price of Elecosoft shares rose by 15.08% to 79.98p (as of 14:30 GMT).

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