Elecosoft's pre-tax to be 'significantly' ahead of expectations after record sales

20th Jan 2017 08:51

(ShareCast News) - Shares surged in Elecosoft after the construction software company said that it expects pre-tax profit to be "significantly" ahead of expectations after achieving record sales during 2016 and benefiting from movements in currency exchange rates.For the 2016 calendar year, the company anticipates that profit before tax will be "significantly" ahead of market expectations, before costs associated with the acquisition of Integrated Computing and Office Networking (ICON), which it bought in October for £2.4m.AIM listed Elecosoft achieved record sales during the year, principally due to sales of Asta Powerproject software applications and Bidcon estimating software together, as well as increases in in revenue from the training and consultancy business.The company also said that sales benefited in the latter half of the year due to the currency effect in the wake of the Brexit vote in June.Executive chairman John Ketteley, said that the company had a "strong" trading performance in 2016 and he is 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".Shares in Elecosoft were up 19.13% to 35.74p at 0930 GMT.