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Eleco profit rises 12% as cost cuts offset flat revenue growth
StockMarketWire.com
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Software provider Eleco reported a rise in annual profit as cost cuts offset flat revenue growth.
For the year ended 31 December 2020, pre-tax profit was up 12% to £3.9 million as revenues were flat at £25.2 million from £25.4 million last year.
The company said revenue was held by an immediate pandemic-led financial impact on training and services which ground to a halt when the countries in which it operated went into lockdown.
'Following our strategic review, which commenced in Q4 2020, Eleco now has a clear focus on securing a high-value customer base in additional markets outside of those we currently count as our core, both organically and through M&A,' the company said.
Looking ahead, the company said it had made a strong start to trading since the beginning of 2021.
At 8:09am: (LON:ELCO) Elecosoft PLC share price was 0p at 81.5p
Story provided by StockMarketWire.com
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