Trading Statement

RNS Number : 9066K

Eleco PLC

30 June 2014

 

For Immediate Release

30 June 2014

ELECO plc

("ELECO" or "the Company")

Trading Statement

For The Half Year To 30 June 2014

The Board of ELECO is encouraged by the Group's progress in the first half of 2014. Trading of ELECO's continuing operations in the UK in the period benefited from the upturn in the UK economy, offset to some extent by a more subdued performance in the period from ELECO's continuing operations in Germany and Sweden, reflecting the less buoyant economies in those markets. Overall, however, the trading of our continuing operations was in line with the Board's expectations and turnover and operating profit of our continuing operations are expected to be ahead of that for the equivalent period last year.

ELECO's continuing operations now consist solely of businesses engaged in the development and supply of project management, estimation and visualisation software applications serving construction industries principally in the UK, Sweden and Germany, but also in other international markets.

The Board of ELECO notes that since 1 January 2014, subsidiary companies of ELECO, which hitherto had been statutory employers of the ELECO Retirement and Benefits Scheme have been placed either into administration or into liquidation. These companies are no longer under control of ELECO and the Board has been advised that the results and balance sheets of these companies should no longer be included in the consolidated results of the ELECO group. The pension scheme liability amounting to £6.2m of the ELECO Retirement and Benefits Scheme, net of the associated deferred tax, will therefore be de-recognised  from the consolidated balance sheet of the ELECO Group as at 30 June 2014.

- ENDS -

For further information please contact:
ELECO plc	http://www.ELECO.com
John Ketteley, Executive Chairman	Tel: [phone]
Peckwater PR
Tarquin Edwards	Tel: [phone]
Cenkos Securities plc
Nicholas Wells / Callum Davidson	Tel: [phone]

 

END

 

 

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