Eleco: British software giant sees revenue soar as businesses look for AI solutions
Software company Eleco has seen its revenue continue to soar as a growing number of businesses turn to tech to help improve efficiency.
The listed company, which is headquartered in London and has offices across the UK and Europe, saw its revenue hit £16.2m in the six months ending June 30, 2024, up from £13.4m in the first half of 2023.
As a result the firm’s pre-tax profit increased to £1.6m for the six months, compared to £1.2m in the same period last year.
During the six months Eleco, which creates CAD, AI and virtual reality software for the construction and design industries, also acquired the Romanian company Vertical Digital, which it said had bolstered its ability to meet its growing staffing demands.
‘A more resilient business’ – Eleco boss
Jonathan Hunter, CEO of Eleco, said: “I am proud to report strong momentum in Eleco’s trading performance for the first six months of the 2024 financial year, moving significantly ahead of the first six months of 2023.
“The impetus on organic growth has made Eleco a more resilient business with greater revenue visibility and is expected to help the group reach new heights as positive momentum develops.
“The built environment market is buoyant and continues to present a significant opportunity for Eleco, due to the increasing adoption of technology to solve the challenges faced by construction and property management companies.
“As Eleco expands its presence in its core geographical markets, it continues to strengthen its reputation as a trusted provider of best-of-breed solutions.
“The excellent result in the first half of 2024 is due principally to the outstanding effort, initiative and creativity of our employees across the group and I would like to thank them for their tremendous contribution.
“Our loyal customer base, customer centric culture and ongoing investment in people and technology underpin our drive for growth and we are confident that Eleco will maintain momentum and continue to take advantage of emerging industry opportunities.”
The update follows a successful full year performance in 2023, which saw Eleco outstrip its forecast earnings per share by 19 per cent.