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Eckoh sees strong progress in new orders for the US and the UK

The switch to accounting standard IFRS 15 will affect the US operations the most. Revenue from new US contracts will be spread evenly over future periods, "underpinning the group's quality of earnings and increasing revenue visibility going forward"
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In the UK, a focus on larger strategic accounts is bearing fruit

After being overshadowed for a spell by the US operations, sales momentum for Eckoh PLC (LON:ECK) in the UK has returned.

The global provider of secure payment products and customer contact solutions said it traded in line with the market’s expectation in the six months to the end of September.

READ: Eckoh wins contract via Capita worth at least £1.4mln

The group said it continues to see excellent momentum in US Secure Payments while in the UK it has “seen excellent progress” in contract wins after a period of transition in the prior year.

“The renewed momentum in our restructured UK sales function and a focus on larger strategic accounts are bearing fruit, returning us to the expected levels of new business,” Eckoh said.

As in the US, the total value of new contracts won in the first half of the current fiscal year has exceeded the total won in the whole of fiscal 2018.

The group has, as expected, seen a stronger performance from key channel partners such as BT and Capita.

At the end of September Eckoh had net cash of £3.4mln, up from £1.7mln a year earlier.

In a separate announcement, Eckoh confirmed N+1 Singer as nominated adviser (nomad) and joint broker to the company and Canaccord Genuity as joint broker to the company.

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