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Eleco PLC on Wednesday reported a decline in interim revenue, as the London-based construction software developer said that sales continue to be hit by the Covid-19 pandemic.
Revenue in the six months to June 30 fell by 2.9% to £13.4 million from £13.8 million the year before. Meanwhile, at June 30 the company reported a net cash position of £11.3 million, up 13% from £10.0 million at the end of December.
Eleco explained that its UK and Swedish markets experienced growth in new and existing customer subscription revenue, whilst it maintained strong renewal rates on its maintenance contracts.
Recurring revenue in the period accounted for around 61% of total revenue, increasing by 9% year-on-year to £8.2 million from £7.5 million.
However, Chief Executive Officer Jonathan Hunter said: ‘In the period, the pandemic continued to impact our ability to market at trade fairs and we saw reduced demand for services and sales of new licences across the portfolio in Germany.’
Looking ahead, Eleco expects to trade in line with market expectations for the full year.
Shares in Eleco were down 2.7% to 68.11 pence each in London on Wednesday around midday.
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