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Eleco plc, a building lifecycle software company, delivered an FY24 performance ahead of market expectations in terms of revenue, profitability and cash. Turnover for the twelve months ended 31st December increased by 17% yoy at constant currency to £32.8m with the associated EBITDA rising by 24% yoy to £7.2m. Cash, post acquisition activity, was up by £3.1m to £14.0m and the company remains debt free.
Eleco’s top line improvement was assisted by the purchase of Romania-HQ’d software developer Vertical Digital at the start of Q224. The company also clocked up record recurring revenue growth in FY24 with ARR by increasing 18% yoy to £26.6m.
Despite the present geopolitical and macroeconomic situation, Eleco is confident that it remains on a strong growth trajectory. The post FY end purchase of Irish SaaS Computerised Maintenance and Management Software specialist PMI Software Ltd (PEMAC) will certainly help to sustain the company’s forward momentum and investors appear to share Eleco’s optimism on the outlook. At the time of writing Eleco’s share price was up by 11.6% on last night’s close to leave the company worth almost two fifths more than it was twelve months ago.
Posted by: Duncan Aitchison at 09:43
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