29/10/2005
Eleco, the building systems and software venture chaired by the inimitable John Ketteley, delivered a superlative set of results for the year to June. On sales ahead 7.3% to £48m, the group was able to boost pre-tax profits 144.3% to £2.28m as the operational gearing effect kicked-in. The group's building systems outfit put in a creditable performance in increasingly difficult construction market. Its pre-cast concrete arm (which delivers retaining walls, terracing, ground beams and even 'fast build' rooms for the hotel and student sector) made progress despite delays to a major contract. Trading in the roofing, cladding and panels areas was mixed, while Eleco Timber Frame, an operation only established at the beginning of the year to target the housing sector, moved into profit. Eleco's construction software arm made a loss of £1m from sales of £5.5m, although major contracts have since been signed which will positively impact its performance this year. If the profits improvement can be maintained and Ketteley can continue to exploit the growing trend among builders to make use of 'off-site' built products, Eleco's £17m market cap could begin to look good value in the months ahead. Buy.
| Market cap: | £17.92m |
| Share price: | 36.5p |
| AIM | £34.17m |
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| Other company articles: |
| 18/03/2008 |
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| 29/10/2005 |
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