The specialist construction software supplier has released its full June Interims in line with the July update, and we remain confident in FY22 forecasts and our 160p TP. As expected, while transitioning to SaaS, there was little change in headline sales (flat at constant currency), but good growth in recurring revenue as Eleco shifts from large perpetual licences to more secure SaaS subscriptions. On the back of that, recurring revenue grew +9% yoy to over 60% of the total, with UK and Swedish ....
