25 May 2012

Conditions sour for Eleco

27/01/2009 Robert Tyerman

Building systems and software specialist Eleco warns interim results will reflect deteriorating trading conditions and order delays.

The Hertfordshire-based company, which lifted pre-tax profits 40 per cent to £8.2 million in the year to last June on turnover up 37 per cent to £85 million, says all its businesses, particularly the UK operations, have experienced ‘worsening trading conditions’ in the second quarter of its financial year. AIM-quoted Eleco says its UK building systems side suffered from delays in confirming orders and site starts, with pre-cast concrete clients finding it particularly hard to finalise funding and supply chain arrangements.

A ‘sharp deterioration in the availability of credit’ exacerbated problems in the second quarter, says executive chairman John Kettely. However, Eleco argues its financial position is strong, with £600,000 in the bank and £14.5 million term and revolving credit facilities, and points to a ‘sustained level of enquiries received and new project opportunities’.

Eleco shares have fallen from 112p last year to 35.5p now. This values the company at £21.3 million.

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Sector: Construction & Materials

Companies: Eleco

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