Elecosoft anticipating bumper profit for 2016

Elecosoft posted a trading statement for the year to 31 December on Friday, claiming that based on unaudited management accounts, the board expects profit before tax will be significantly ahead of market expectations.

The AIM-traded company did add that was before costs associated with the acquisition of Integrated Computing and Office Networking were taken into account.

It said it achieved record sales in the year, due primarily to substantial growth in sales of its Asta Powerproject software applications and its Bidcon estimating software, together with corresponding increases in training and consultancy revenues.

Sales benefited in the latter half of 2016 from the currency effect resulting from the Brexit vote.

“Elecosoft produced a strong trading performance in 2016 and made the successful acquisition of ICON,” said executive chairman John Ketteley.

“We are confident that 2017 will be a year of further progress as Elecosoft begins to realise its potential as a specialist international provider of market leading software solutions and applications for construction, retail and related industries.”