Elecosoft revenues and profits rise in first quarter

9th May 2019 09:16

(Sharecast News) - Software and services provider Elecosoft told investors on Thursday that 2019 had "started well", with both revenues and profits ahead year-on-year.Revenues increased by 20% in the three months ended 31 March, or 22% at constant currency, while pre-tax profit for the quarter came in higher than it had a year earlier and in line with market expectations.The AIM-listed company also revealed that it was cash generative in the quarter, helping it cut net debt 57% to £900,000, as of 31 December 2018.Executive chairman John Ketteley said: "Elecosoft continues to perform well reflecting both the international spread and strength of our core construction and visualisation software businesses."We have been encouraged by the trading performance of our recent acquisitions in the UK and Germany and the opportunities for realising synergies which we anticipated when acquiring these businesses."At 0915 BST, Elecosoft shares were up 7.1% to 86.20p.