Eleco’s FY23 trading update highlights record recurring revenue growth of +22% to £20.7m, strong profitability that leads us to expect FY23E adjusted EBITDA +3% ahead of our previous forecast, and a confident outlook that leads us to reiterate our FY24-26E EBITDA and EFCF. Across the group, excellent execution of the SaaS transition has driven recurring revenue to 74% of group revenue from 64% in FY22, and ARR is +24% yoy to £22.6m (£19.7m at H1), including c£2m of ARR from the successful acquis ....
23 Jan 2024
Eleco - FY23E EBITDA +3% ahead, FY24-26E EBITDA & EFCF reiterated
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Eleco - FY23E EBITDA +3% ahead, FY24-26E EBITDA & EFCF reiterated
Eleco Plc (ELCO:LON) | 97.0 0 0.0% | Mkt Cap: 80.7m
- Published:
23 Jan 2024 -
Author:
Michael Hill -
Pages:
6
Eleco’s FY23 trading update highlights record recurring revenue growth of +22% to £20.7m, strong profitability that leads us to expect FY23E adjusted EBITDA +3% ahead of our previous forecast, and a confident outlook that leads us to reiterate our FY24-26E EBITDA and EFCF. Across the group, excellent execution of the SaaS transition has driven recurring revenue to 74% of group revenue from 64% in FY22, and ARR is +24% yoy to £22.6m (£19.7m at H1), including c£2m of ARR from the successful acquis ....