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Construction software company Eleco said it expected earnings and revenue to be ahead of exepctations, driven by double-digit sales growth from its core building lifecycle portfolio.
For the year to 31 December 2021, evenue for the period is expected to be £27.3m, an increase of 8% compared with the same period in 2020, and above market expectations.
Earnings before interest, taxes, depreciation, and amortisation, or EBITDA, was expected to be ahead of expectations at £7 milion, up from £6.7 million last year, while cash flow is expected to be in line with prior year at £5.5 million.
Market consensus for 2021 revenues was £26.9 million, EBITDA of £6.7 milion and free cash flow at £3.6 million.
'Eleco well positioned for 2022 and we believe that our strong growth in 2021 endorses our decision to focus the business on its core competencies while targeting growth in recurring revenue,' the company said.