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Latest acquisitions cap off solid year for software group Elecosoft

Published: 11:54 25 Jan 2019 GMT

construction site
Elecosoft makes various project management, estimation and Building Information Modelling (BIM) software

Construction software specialist Elecosoft PLC (LON:ELCO) expects its 2018 results to be “significantly higher” than last year.

The AIM company, which makes various project management, estimation and Building Information Modelling (BIM) software, added that its results would also be “comfortably in line” with market forecasts.

Another significant year for company

The news sent Elecosoft shares up by 12% to 77.9p.

In the second half of last year, the £65mln firm made two acquisitions: ShireSystems and ActiveOnline, both of which are settling in well.

As for the rest of the business, Elecosoft said its “strong trading performance” had been underpinned by its strategy of securing new direct customers and high renewal rates.

“2018 has been another significant year for Elecosoft with the acquisition of both ShireSystems and ActiveOnline, which complement our existing growing businesses,” said chief executive John Ketteley.

“These two acquisitions each represent significant milestones for Elecosoft as a leading developer of co-ordinated BIM led software systems for use in each stage of a building's life cycle and also as a developer of internet visualisation tools for the interior fit out industry.”

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