viewEckoh PLC

Eckoh shares higher as pipeline grows


Eckoh (LON:ECK) shares edged higher as it posted another set of strong final results and said its business pipeline continues to expand.

The period saw the secure payments specialist, whose offerings include speech recognition technology, gain five multi-year contracts with large blue chip firms and the combined total of all new contracts was worth a minimum of £17mln.

It also comes hot off the heels of news yesterday, that it had secured a five year multi-million dollar tie-up with a US communications firm, underlining its acceleration of growth in the US.

For the year to end March, revenue was up 28% to £14mln compared to £11mln in 2013, while gross profit added 23% to £10.2mln (2013: £1.5mln).

The company is recommending a 25% increase in full year dividend to 0.3125 pence per share (2013: 0.25p a share).

Chief executive Nik Philpot told investors: "Our business pipeline continues to expand and the opportunities that now exist from our established channel partner network are significant. The launch of our US subsidiary is another important milestone for the group as we look to capitalise on our strong presence in the secure payment market in the UK."

He added: "We have started the new financial year well and expect to replicate the strong performance from previous years.  Our ongoing investment in both people and products will enable the group to continue to capitalise on a number of significant market opportunities."

Separately today, the group said it had been granted a patent for the transaction security method for its CallGuard product, which makes calls compliant with the latest industry standards.

Eckoh shares gained 1.94% to stand at 45.875p.

Quick facts: Eckoh PLC

Price: 67.5 GBX

Market: AIM
Market Cap: £171.31 m

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