Final Results
Eleco PLC
30 October 2006
For release 7.00am 30 October 2006
ELECO PLC (ELCO.L)
The Building Systems and Construction Software Group
UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2006
Enquiries to:
John Ketteley, Executive Chairman Tel: 01920 443 830
Eleco plc john.ketteley@eleco.com
David Dannhauser, Finance Director Tel: 01920 443 830
Eleco plc david.dannhauser@eleco.com
http://www.elecoplc.com
Tarquin Edwards Tel: 07879 458 364
Adventis Financial PR Tel: 020 7034 4758
CONTINUED STRONG PERFORMANCE
Highlights
• Turnover from continuing operations up 15 per cent. to £55.2m (2005:
£48.0m)
• Operating profit from continuing operations up 65 per cent. at £4.1m
(2005: £2.7m)
• Profit on ordinary activities before tax was £4,379,000 (2005:
£2,325,000), an increase of 88 per cent.
• Group profit for the year after tax increased to £3.3m (2005: £2.1m) up
58 per cent.
• Operating cash flow was again strong and net funds in hand increased to
£4.7m (2005: £0.2m)
• Earnings per share up 57 per cent. to 6.7p (2005: 4.3).
• Proposed full year dividends up 50 per cent. to 2.1p per share (2005:
1.4p).
• Good start to the current year and Q1 performance ahead of previous
period in 2005
John Ketteley, Executive Chairman of Eleco plc, commented:
'Last year I said that, having regard to Eleco's strong financial position, good
cash generation and the benefit to be gained from our continuing investment in
new products and software, I had every confidence in the future of the Eleco
Group.'
'This year Eleco is in a stronger financial position. Its cash generation has
remained strong and we have continued to invest. We have a dedicated management
team backed by an experienced workforce and we have again made a good start to
the year. Our performance for the first quarter is ahead of the same period last
year'.
'I therefore continue to have every confidence in the future of Eleco'.
Notes to Editors:
Eleco is a building systems, software development and design group. Originally
founded as the 'Engineering and Lighting Equipment Co. Limited', the Company
listed on the London Stock Exchange ('LSE') in 1939 and subsequently was renamed
Eleco Holdings plc.
In 1999, the Group was renamed Eleco plc and in March 2006, it moved from the
full list of the LSE to AIM.
• The Company manufactures precast concrete products, secret fix metal
roofing and cladding products and timber frame and flooring solutions.
• The Company is a full system suppliers to the fabricated timber roof
truss industries in the UK and Republic of Ireland, Germany and
South Africa
• The Company develops integrated software solutions for the construction
industry based on AutoCAD(R) and other software platforms.
The growth in the number of Eleco's businesses over recent years has led to a
significant proliferation of individual brands and logos across the Group. The
company has sought to address this issue and a rebranding is currently taking
place, being mindful at the same time of the need to retain the strength of
Eleco's product brands in their respective market places.
Eleco's businesses will accordingly be organised into four divisions, of which
three are engaged in the provision of Building Systems and the fourth in
Construction Software..
Building Systems:
Eleco Precast will comprise Bell & Webster Concrete, which manufactures precast
FastBuild rooms for hotels and student accommodation, retaining walls, stadia
terracing and ground beams.
Eleco Timber Engineering Systems will comprise Eleco Bauprodukte in Germany;
International Truss Systems in South Africa; and Gang-Nail Systems, which
operates in the United Kingdom. These businesses are engaged in the provision of
complete timber engineering systems, design and engineering software, connector
plates, manufacturing equipment, system support and training.
Engineered Building Products will consist of SpeedDeck Building Systems, Prompt
Profiles, and Downer Cladding which manufacture metal roofing, cladding and
fixing systems; and Eleco Building Components which manufactures ElecoFrame(R)
and Ecojoist(R) used in the ElecoFrame product, ElecoFloor(R) acoustic flooring
and decorative panelling.
Construction Software
Construction Software will consist of Eleco Software in the United Kingdom;
Eleco Software Esign in Germany; and Eleco Software in Sweden which comprises
Consultec System, Consultec Byggprogram and Consultec Arkitekter & Konstuktorer.
These businesses are involved the development and distribution of design and
engineering software; estimating and contract management software; 3D
visualisation software; and visual data compression software as well as
architectural and consultancy services.
It is anticipated that the re-branding program, including the launch of a new
group website, will be completed by the end of 2006.
Chairman's Statement
I am pleased to present my statement for the year ended 30 June 2006, including
the review of our business activities and the outlook for the current year.
Performance summary for the year
Group turnover for the year was £55,197,000 (2005: £48,018,000), an increase of
15.0 per cent. Group operating profit was 51.4 per cent. higher at £4,059,000
(2005: £2,680,000). Group operating profit is after goodwill amortisation costs
for the year of £744,000 (2005: £339,000).
Profit on ordinary activities before tax, after net interest payable of £156,000
(2005: £231,000), was £4,379,000 (2005: £2,325,000), an increase of 88.3 per
cent.
Group profit for the year after tax was £3,293,000 (2005: £2,083,000) equivalent
to 6.7p per share (2005: 4.3p per share), an increase of 57.1 per cent. The
reduced tax charge again reflects the benefit of utilising brought forward
losses for which no deferred tax asset was previously recognised.
Operating cash flow was again strong and net funds in hand at 30 June 2006
increased to £4,682,000 compared with total net funds in hand at 30 June 2005 of
£176,000.
We continue to invest significantly in new products and enhanced software
development and the above results were achieved after incurring £1,281,000 of
research and development expenditure (2005: £1,254,000).
The Company's performance in the year under review as measured by the above key
performance indicators is again most encouraging.
Dividends
The Board proposes an increased final dividend of 1.50p per share (2005:1.00p
per share), which subject to approval by shareholders, will be paid on 8
December, 2006 to shareholders on the Register on 17 November, 2006.
This, together with the interim dividend of 0.60p already paid, would result in
total dividends for the year end 30 June 2006 of 2.10p per share (2005: 1.40p
per share), an increase of 50.0 per cent.
Review of Business Activities
ELECO BUILDING SYSTEMS
Turnover of the Building Systems operations increased by 14.7 per cent. to
£48,544,000 (2005: £42,333,000). The operating profit increased by 42.3 per
cent. to £5,361,000 (2005: £3,768,000).
The Building Systems operations are principally concerned with the design and
supply of engineered building components, manufactured offsite in precast
concrete, metal and timber in the UK. It is also involved in the provision of
timber engineering systems in the UK, Germany and South Africa, through the
supply of design and CADCAM software, related support services and components
used in the product manufacturing process.
Eleco Precast
Bell & Webster Concrete experienced a strong resurgence in profits owing to
continuing strong demand for its FastBuild Rooms for hotels and student
accommodation projects. Including the supply of nearly 1,300 rooms for student
accommodation at the University of East London, and Brunel University, it
increased its sales of these products, which accounted for more than 80 per
cent. of its turnover. Demand for its terracing, retaining wall and ground beam
products also remained firm.
The business has strengthened its management team during the year and is
actively developing new products to add to its range.
Eleco Engineered Building Products
The roofing and cladding businesses, comprising SpeedDeck Building Systems,
Prompt Profiles and Downer Cladding Systems, again produced a creditable
performance by increasing profits over the previous year in a difficult market
environment.
Eleco Timber Frame increased the market penetration of its patented ElecoFrame
(R) system, despite the business being subject to disruption owing to its
relocation into alternative factory premises during the year. Stramit Industries
benefited from increased sales of ElecoFloor(R), its patented acoustic flooring
product, partly as a consequence of demand generated by increased sales of
ElecoFrame.
ElecoFrame was one of four products short-listed for the Offsite Product of the
Year award at Interbuild 2006 in Birmingham earlier this year and ElecoFloor was
named Product of the Year at The Building Show 2006 in Dublin. Given the intense
competition for these industry awards, the technical design teams directly
involved in the development of these products are to be congratulated on their
outstanding achievement.
From the end of the financial year, Eleco Timber Frame and Stramit Industries
were combined to trade as Eleco Building Components.
Eleco Timber Engineering Systems
Eleco Timber Engineering Systems consists of Gang-Nail Systems in the UK, Eleco
Bauprodukte in Germany and International Truss Systems in South Africa.
Gang-Nail Systems produced higher profits despite the impact of higher steel
prices and the restrictions on steel availability owing to intense demand. In
the UK, we are merging our specialist timber engineering software and
consultancy activity, which principally supports the timber frame industry, and
Gang-Nail Systems. The combination will enable us to provide an improved,
co-ordinated and comprehensive service to the full range of our timber
engineering systems customers.
Eleco Bauprodukte performed well during the year, maintaining its level of sales
and improving profitability despite market conditions remaining difficult.
International Truss Systems, having already established itself as a major
contributor to the Group's profits, delivered another outstanding performance.
ELECO CONSTRUCTION SOFTWARE
Turnover of our Construction Software operations increased by 17.0 per cent. to
£6,653,000 (2005: £5,685,000). While the headline operating loss was £1,302,000
(2005: £1,088,000), the operating loss before goodwill charges was somewhat
lower than the previous year at £590,000 (2005: £782,000) and included a first
year loss contribution from Esign of £185,000. Disappointingly, the improvement
in trading performance did not match progress made technically. Fully expensed
development expenditure on new and enhanced software products rose to £858,000
(2005: £835,000).
Eleco Software Sweden had another steady year during which some reorganising of
the sales operations in Sweden occurred and international sales channels for
some applications were established, the benefits from which should become
apparent in the current year. Eleco Software Germany produced a profit compared
with a loss in the previous year, benefiting from ending previous distributor
arrangements for Arcon(R) and establishing new sales channels in Germany and
France. The UK software operations made good progress in introducing the
StairCon application and further developed its Whole House Engineering
application, which will shortly be ready for launch.
We have made good progress at a technical level with a number of applications.
For example, our 3D visualisation and date compression technology has been used
extensively on the website of the prestigious Swedish Forest Industries
Federation; Esign has now established its Floor Studio software with 30 of the
leading producers of wood flooring in Germany; our latest 3D technology is being
used by a number of leading German companies, including Mercedes Benz; Consultec
successfully launched its PDA version of SiteCon just recently in Sweden; the
latest English professional version of Arcon will be launched this November; and
meanwhile ArCon Visual Architecture remains the leading selling product of its
type in the French retail market.
Although Eleco Construction Software has achieved a number of technical
successes and while its input and technical support is of undoubted value to the
Building Systems operations, we have not succeeded in translating adequately the
increased turnover and technical achievements of Eleco Construction Software
into a satisfactory financial performance. I am therefore making some
organisational changes within Eleco Construction Software with the objective of
achieving a more satisfactory financial outcome in the current year.
Employees
The excellent result in the year under review is due principally to the
outstanding effort, initiative and imagination of our employees across the Group
and I would like, on your behalf, to thank them for their tremendous
contribution to these results.
Outlook
Forecasts for the UK building sector do not indicate significant growth in
overall demand. However, the success of Eleco Building Systems in recent years
has been founded on identifying special requirements within the build process
and developing products which match the changing patterns of customer needs for
offsite manufactured systems and products. We will continue with our strategy of
targeting the products of the Building Systems operations to meet these
requirements.
The build process increasingly demands more advanced and functional software
applications and this also presents an opportunity for our Construction Software
operations to complement the products of our Building Systems operations.
Progress has been made by the Construction Software operations as evidenced by
the significant increase in their market penetration in the year under review,
although the technical excellence of their product range was not reflected in
their financial performance. A key task this year will therefore be to ensure as
far as possible that the Construction Software operations produce a more
appropriate financial return.
Last year I said that, having regard to Eleco's strong financial position, good
cash generation and the benefit to be gained from our continuing investment in
new products and software, I had every confidence in the future of the Eleco
Group. This year Eleco is in a stronger financial position. Its cash generation
has remained strong and we have continued to invest. We have a dedicated
management team backed by an experienced workforce and we have again made a good
start to the year. Our performance for the first quarter is ahead of the same
period last year.
I therefore continue to have every confidence in the future of Eleco.
John Ketteley
EXECUTIVE CHAIRMAN
30 October 2006
Eleco plc
-----------
Consolidated Profit and Loss Account (Unaudited)
For the year ended 30 June 2006
-------------------------------- ------ -------- -------- --------
Notes 2006 2006 2005
(Restated)
£'000 £'000 £'000
---- ------------------------------- ------ -------- -------- --------
Turnover
Continuing operations 55,015 47,836
Acquisitions 182 -
---- ------------------------------- ------ -------- -------- --------
Total Continuing
operations 55,197 47,836
Discontinued operations - 182
---- ------------------------------- ------ -------- -------- --------
Turnover 3 55,197 48,018
Operating profit
Continuing operations 4,632 2,735
Acquisitions (215)
Acquisitions - Goodwill impairment (358) (573) -
---- ------------------------------- ------ -------- -------- --------
Total Continuing
operations 3 4,059 2,735
Discontinued operations 3 - (55)
---- ------------------------------- ------ -------- -------- --------
Operating profit 4,059 2,680
---- ------------------------------- ------ -------- -------- --------
Loss on termination of discontinued
operations - (124)
Profit on sale of tangible assets 476 -
-------------------------------- ------ -------- -------- --------
Profit on ordinary activities before
interest 4,535 2,556
Net interest payable (114) (226)
Other finance charges (42) (5)
-------------------------------- ------ -------- -------- --------
Profit on ordinary activities before
taxation 4,379 2,325
Taxation (1,086) (242)
-------------------------------- ------ -------- -------- --------
Profit for the financial year 3,293 2,083
-------------------------------- ------ -------- -------- --------
Basic earnings per ordinary 10p
share 5 6.7p 4.3p
Diluted earnings per ordinary 10p
share 5 6.7p 4.3p
-------------------------------- ------ -------- -------- --------
Statement of Total Recognised Gains and Losses (Unaudited)
------------------------------------------------------------
for the year ended 30 June 2006
------------------------------------- ----- ---------- ---------
Notes 2006 2005
(Restated)
£'000 £'000
------------------------------------- ----- ---------- ---------
Profit for the financial year 3,293 2,083
Translation differences on foreign currency net
investments (125) (78)
Actuarial gain/(loss) on retirement benefit scheme 1,354 (3,335)
Associated deferred tax on retirement benefit
scheme (406) 1,000
------------------------------------- ----- ---------- ---------
Total recognised gains/(losses) for the period 4,116 (330)
---------
Prior year adjustment 7 (2,159)
------------------------------------- ----- ----------
Total gains and losses recognised since last annual
report 1,957
------------------------------------- ----- ----------
Reconciliation of Movement in Shareholders' Equity (Unaudited)
----------------------------------------------------------------
for the year ended 30 June 2006
------------------------------------ ------ ---------- ---------
Notes 2006 2005
(Restated)
£'000 £'000
------------------------------------ ------ ---------- ---------
Profit for the financial year 3,293 2,083
Other recognised profits/(losses) relating to the year 823 (2,413)
LTIP expense net of vesting credit (69) 203
Increase in own shares held by ESOT (52) -
Dividends 4 (786) (621)
Issue of ordinary shares 324 3
------------------------------------ ------ ---------- ---------
Increase/(decrease) in shareholders' equity 3,533 (745)
------------------------------------ ------ ---------- ---------
Opening shareholders' equity as previously reported 8,677 11,581
Prior year adjustments:
FRS 17 Pension deficit - (2,585)
FRS 21 Dividend - 426
------------------------------------ ---------- ---------
Opening shareholders' equity as restated 8,677 9,422
Increase/(decrease) in shareholders' equity 3,533 (745)
------------------------------------ ---------- ---------
Closing shareholders' equity 12,210 8,677
------------------------------------ ---------- ---------
Eleco plc
------------
Summarised Consolidated Balance Sheet (Unaudited)
---------------------------------------------------
at 30 June 2006
------------------------------------ ------ ---------- ---------
2006 2005
(Restated)
£'000 £'000
------------------------------------ ------ ---------- ---------
Fixed assets 13,935 14,697
------------------------------------ ------ ---------- ---------
Current assets
Stocks 2,821 2,166
Debtors 9,891 10,035
Cash at bank and in hand 6,852 2,707
------------------------------------ ------ ---------- ---------
19,564 14,908
Creditors: amounts falling due
within one year (16,394) (14,822)
------------------------------------ ------ ---------- ---------
Net current assets 3,170 86
------------------------------------ ------ ---------- ---------
Total assets less current
liabilities 17,105 14,783
------------------------------------ ------ ---------- ---------
Creditors: amounts falling due
after more than one year (954) (1,409)
Provisions for liabilities and
charges (400) (141)
------------------------------------ ------ ---------- ---------
Net assets excluding retirement
benefit liability 15,751 13,233
Retirement benefit liability (3,541) (4,556)
------------------------------------ ------ ---------- ---------
Net assets 12,210 8,677
------------------------------------ ------ ---------- ---------
Capital and reserves
Called up share capital 5,033 4,911
Share premium account 6,224 6,022
Merger reserve 367 367
Other reserve (102) (50)
Profit and loss account 688 (2,573)
------------------------------------ ------ ---------- ---------
Shareholders' Equity 12,210 8,677
------------------------------------ ------ ---------- ---------
Eleco plc
------------
Consolidated Cash Flow Statement (Unaudited)
----------------------------------------------
for the year ended 30 June 2006
------------------------------------ ------ --------- ---------
Notes 2006 2005
(Restated)
£'000 £'000
------------------------------------ ------ --------- ---------
Net cash inflow from continuing operations 8 7,975 3,999
Net cash inflow from discontinued operations 8 - 56
------------------------------------ ------ --------- ---------
Net cash inflow from operating activities 8 7,975 4,055
------------------------------------ ------ --------- ---------
Returns on investment and servicing of finance
Net interest paid (119) (237)
------------------------------------ ------ --------- ---------
Net cash outflow from returns on investment and
servicing of finance (119) (237)
------------------------------------ ------ --------- ---------
Net cash outflow from taxation (494) (532)
------------------------------------ ------ --------- ---------
Capital expenditure and financial investment
Purchase of fixed assets (1,384) (1,269)
Disposal of tangible fixed assets 930 100
Purchase of investments (29) (217)
------------------------------------ ------ --------- ---------
Net cash outflow from capital
expenditure and financial
investment (483) (1,386)
------------------------------------ ------ --------- ---------
Acquisitions and disposals
Purchase of subsidiary undertakings (1,151) (333)
Cash acquired with subsidiary undertakings 33 163
------------------------------------ ------ --------- ---------
Net cash outflow from acquisitions
and disposals (1,118) (170)
------------------------------------ ------ --------- ---------
Equity dividends paid (786) (621)
------------------------------------ ------ --------- ---------
Net cash inflow before financing 4,975 1,109
------------------------------------ ------ --------- ---------
Financing
New bank loans 650 150
Repayment of principal under finance leases (321) (293)
Repayment of bank loans (885) (746)
Issue of ordinary shares 31 3
Own shares purchased by Employee Share (52) -
--- Ownership Trust
----------------------------------- ------ --------- ---------
Net cash outflow from
financing (577) (886)
------------------------------------ ------ --------- ---------
Increase in cash in the year 9 4,398 223
------------------------------------ ------ --------- ---------
Eleco plc
------------
Notes
-------
1. The financial information in this announcement, which is unaudited, does not constitute statutory accounts within
the meaning of section 240 of the Companies Act 1985. Statutory accounts of the Company, on which the Auditors will
report, will be delivered to the Registrar of Companies and posted to shareholders on 7 November 2006. The
comparative figures for the year to 30 June 2005 have been taken from, but do not constitute, the Company's
statutory financial statements for that financial year. Those financial statements have been reported on by the
Auditors and delivered to the Registrar of Companies. The Report of the Auditors was unqualified and did not
contain a statement under s237(2) or (3) of the Companies Act 1985.
2. The information herein has been prepared on the basis of the accounting policies adopted for the year ended 30 June
2005, as set out in the Company's Annual Report and Accounts as modified by the adoption of new Financial Reporting
Standards as detailed in note 7 below.
3. Turnover and Segmental analysis
Group turnover and profits were attributable as follows:
Turnover Operating profit/(loss)
2006 2006 2006 2005 2006 2006 2006 2006 2005
Prior to goodwill Goodwill
charges
Continuing Acquisition (Restated) Continuing Acquisition (Restated)
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
----------- ------- ------- ------ ------- ------- ------- ------- ------ ------
Continuing
operations
Building 48,544 - 48,544 42,333 5,393 - (32) 5,361 3,768
systems
Construction 6,471 182 6,653 5,503 (405) (185) (712) (1,302) (1,033)
software
----------- ------- ------- ------ ------- ------- ------- ------- ------ ------
Total 55,015 182 55,197 47,836 4,988 (185) (744) 4,059 2,735
continuing
operations
----------- ------- ------- ------ ------- ------- ------- ------- ------ ------
Discontinued operations
Construction - 182 - (55)
software
----------- ------- ------- ------ ------- ------- ------- ------- ------ ------
Total
discontinued - 182 - (55)
----------- ------- ------- ------ ------- ------- ------- ------- ------ ------
Exceptional 476 (124)
profit/
(loss)
Net interest (156) (231)
----------- ------- ------- ------ ------- ------- ------- ------- ------ ------
Profit 4,379 2,325
before
taxation
----------- ------- ------- ------ ------- ------- ------- ------- ------ ------
4. A dividend of £298,824 (0.6p per share) was declared at the interim stage.
A final dividend representing 1.50p per share is being proposed and, if
approved at the Annual General Meeting, will be payable on 8 December 2006
to shareholders on the Register on 17 November 2006.
5. The calculation of basic earnings per share is based on the profit
attributable to equity shareholders of £3,293,000 (2005: £2,083,000) and on
48,961,869 ordinary shares (2005: 48,680,560), being the weighted average
number of ordinary shares in issue during the year.
The calculation of diluted earnings per share is based on the profit
attributable to equity shareholders of £3,293,000 (2005: £2,083,000) and on
48,961,869 ordinary shares (2005: 48,700,519), being the weighted average
diluted number of ordinary shares in issue during the year.
6. On 10 October 2005, the Group acquired the balancing 95% issued share
capital of Esign Software GmbH, not already owned, for a nominal cash
consideration. £33,000 cash was acquired. Goodwill on acquisition of
£400,000 has been capitalised and included within fixed assets.
7. The Company has adopted the following accounting standards in the year. The
comparative figures as at 30 June 2005 have been restated.
FRS 17 Retirement benefits - requires changes to the accounting treatment
of defined benefit arrangements. The Company now includes the fair value of
the assets and liabilities of these arrangements in the balance sheet.
Current and past service costs together with financial returns are included
in the profit and loss account. Actuarial gains and losses are recognised
in the statement of total recognised gains and losses.
In the financial statements for the year ended 30 June 2006, the impact on
the net assets on adoption of FRS 17 as at 1 July 2004 has been shown as a
prior year adjustment. Shareholders' equity has been reduced by £2,585,000
as at 1 July 2004 and by £4,893,000 as at 30 June 2005.
FRS 21 Events after the balance sheet date - includes the requirement that
dividends be recognised when declared, not when proposed.
In the financial statements for the year ended 30 June 2006, the impact on
the net assets on adoption of FRS 21 as at 1 July 2004 has been shown as a
prior year adjustment. Shareholders' equity has been increased by £426,000
as at 1 July 2004 and by £487,000 as at 30 June 2005.
2006 2005
(Restated)
Pence Pence
--------------------------------------- --------- --------
Final dividend (previous year) 1.00 0.875
Interim dividend (current year) 0.60 0.40
--------------------------------------- --------- --------
1.60 1.275
--------------------------------------- --------- --------
8. Reconciliation of operating profit/(loss) to net cash flow from
operating activities
Continuing Discontinued
2006 2005 2006 2005
(Restated) (Restated)
£'000 £'000 £'000 £'000
------------------------- -- --------- --------- --------- --------
Operating profit/(loss) 4,059 2,735 - (55)
Termination costs and losses - - - (124)
Depreciation charge 1,373 1,334 - 13
Amortisation of intangible assets 894 545 - -
LTIP expense 224 203 - -
Profit on sale of tangible assets (17) (5) - 3
Changes in intra-group indebtedness - (114) - 114
Working capital decrease/(increase) 1,442 (699) - 105
------------------------- -- --------- --------- --------- --------
Net cash inflow from operating
activities 7,975 3,999 - 56
------------------------- -- --------- --------- --------- --------
9. Reconciliation of net cash flow to movement
in net funds
2006 2005
£'000 £'000
--------------------------------- -------- --------- --------
Increase in cash in the year 4,398 223
Cash flow from movements in debt and 556 889
lease financing
--------------------------------- -------- --------- --------
Increase in net funds resulting from cash 4,954 1,112
flows
Other non-cash items:
New finance leases (414) (555)
Effects of changes in foreign exchange
rates (34) (71)
--------------------------------- -------- --------- --------
Increase in net funds in the year 4,506 486
Opening net funds/(debt) 176 (310)
--------------------------------- -------- --------- --------
Closing net funds 4,682 176
--------------------------------- -------- --------- --------
10. The Annual General Meeting of Eleco plc will be held at The London Capital
Club, 15 Abchurch Lane, London EC4N 7BB at 12:00 noon on 29 November 2006.
11. Copies of the Report and Accounts will be sent to shareholders on 7
November 2006 and will be available free of charge from the Secretary at
the Company's registered office, Eleco House, 15 Gentleman's Field,
Westmill Road, Ware, Hertfordshire, United Kingdom, SG12 0EF.
This information is provided by RNS
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