viewEckoh PLC

Eckoh saw UK contract wins pick-up in second half

In the UK, Eckoh has secured several sizeable contract wins across the payments, insurance, healthcare and mobile telecoms sectors since November 2017

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During the year Eckoh secured a partnership with a US global payments solutions company

Eckoh PLC (LON:ECK), secure payment products and customer contact solutions provider, saw growth in revenues, margin and profit in the financial year just ended.

In a trading statement covering the year to the end of March, the company said trading had been in line with market expectations.

READ: Eckoh lands contract with US Fortune 250 retailer

The company’s expansion into the US continues to proceed apace, with strong momentum in the Secure Payments business, where revenues more than doubled.

The US Secure Payments order book continued to build, with new contract wins totalling US$9.3mln in the year, up from US$$8.3mln.

In the UK, in more challenging market conditions, Eckoh said it has started to see the benefits of its restructured UK sales function and a renewed focus on larger, more strategic accounts. Encouragingly, the company won significantly more contracts in the UK in the second half of the financial year than in the first, revenues from which will start to feed into this current year.

The group ended the financial year with net cash of £3.6mln, up from £200,000 a year earlier.

“The group has a strong pipeline and is seeing an increasing number of larger-scale opportunities at the enterprise level. We expect the introduction of European GDPR [general data protection regulations] from 25 May 2018 to present further opportunities for Eckoh, as US organisations, as well as those in the UK, seek to comply with EU consumer data regulations,” the company concluded.

Quick facts: Eckoh PLC

Price: 56 GBX

Market: AIM
Market Cap: £142.17 m

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