According to Eleco, the total revenue for this period is projected to reach approximately £13.5 million ($17.4 million), compared to £13.4 million in the first half of 2022. This growth can be attributed to the successful transition to Software-as-a-Service (SaaS), as well as the impact of discontinuing its Memmo and Sitecon products and a third-party resold product in Sweden. Additionally, the absence of revenue from the German ARCON business, which was sold off in February, also contributed to the difference in revenue.
Furthermore, Eleco reported an 18% increase in annualized recurring revenue, reaching £19.7 million. The total recurring revenues for the company rose to £9.7 million from £8.2 million.
Jonathan Hunter, Chief Executive of Eleco, stated, “Eleco continues to make progress in its SaaS strategic journey by focusing on enhancing organic recurring revenues and pursuing inorganic growth opportunities. Our efforts are aimed at benefiting both our customers and shareholders.”
At 10:05 a.m. GMT, Eleco’s shares were up by a penny, representing a 1.3% increase, trading at 77.50 pence.
