News blog
Eleco
- BY: Andrew Hore |
- POSTED: 11/10/2009 |
Difficult trading conditions pushed Eleco into loss in 2008-09.
Revenues fell 17% to £70.6m in the year to June 2009, with most of the decline coming in the second half. A profit of £8.22m in 2007-08 was turned into a loss of £1.43m. That loss was struck after an impairment charge of £1.27m. Net cash was £908,000 at the end of June 2009.
Software revenues were flat and nearly all of the reduction came in the building systems division. Software slipped back into loss but the building systems division made a small profit before impairment charges. The main reason was a sharp downturn in profits from the precast concrete business.
Customers have found it difficult to raise finance to complete orders. Costs have been cut and the full benefits will show through this year.
At 33.5p a share, Eleco is valued at £21.5m. The shares have fallen by more than one-third over the past year.
The final dividend has been cut from 2p to 0.4p a share. The total dividend for the year fell from 3p to 0.8p a share.
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