Full-year losses fall at Eleco

19th Sep 2011 10:53

Eleco, the firm which makes software and systems for the construction sector, made a pre-tax loss of £1.2m in the 12 months to the end of June, better than the £3.8m loss the year before.However, turnover fell 10% from £53m to £47.9m, as a lower level of student accommodation and hotel contract affected sales in the Precast Concrete activities. The firm racked up debts of £8.6m, up from £1.9m from 2010, primarily due to the financing of losses at the timber frame operations and precast concrete custodial activities.Eleco does say however that "Significant progress (has been) made with our strategy of closing or disposing of loss making Building Systems and precast concrete operations."No dividend will be paid until the group has returned to profit.Shares fell 7.4% in early trading.BS