Elecosoft shares soar on upbeat profits, revenue forecast

Shares in the AIM-listed construction software specialist Elecosoft were up more than 10% on Tuesday after the company said full year revenues and pre-tax profits would be “significantly higher” than a year earlier.

In a statement, the company said both figures would be in line with market expectations.

A strong conversion of operating profits into cash in the year enabled Elecosoft to eliminate borrrowings by last June 2017 and also improve its net cash position by the end of the year.

The company said trading was driven by new direct customers combined with high renewal rates.'