Building and software products supplier Eleco has reduced its loss as it makes further progress on focusing on its software operations.
Revenues fell from £53m to £47.9m in the year to June 2011, while the loss declined from £3.8m to £1.2m. The loss was in the precast concrete business. The building products division returned to profit and software more than doubled its operating profit to £1.59m. The purchase of cost estimation software supplier Lubekonsult AB helped to enhance the growth.
In May, Eleco closed its precast concrete factory and the timber frame business in Liverpool has been sold but no price has been put on the disposal.
The company’s pension deficit has been reduced by £1.9m to £7.9m. Net debt was £8.6m at the end of June 2011. Since then Eleco has bought Swedish architectural and design practice Nilson & Sahlin Arkitekter AB for an undisclosed figure. This could help to boost the architectural software operations.
At 11p a share, down 2.5p, Eleco is valued at £6.67m.
The year end is changing to December.
Download the September 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2011_24.pdf
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds