14th May 2018 11:12
LONDON (Alliance News) - Payment products provider Eckoh PLC said on Monday that trading in its recently ended financial year was in line with market expectations in terms of revenue, margin and profit.
For the year to the end of March, the company reported good progress in the US, with the Secured Payments business building up its order book to USD9.3 million in new contract wins from USD8.3 million the year before. Along with several significant contract wins, the business also more than doubled its revenue.
In the UK, Eckoh said its restructured sales function has adapted well to the challenging market conditions, with renewed focus on larger and more strategic accounts. More contracts were won in the second half of the ended financial year than before, meaning that revenue from those contract will be identified in the current year.
"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 General Data Protection Regulation from May 25 to present further opportunities for Eckoh, as US organisations as well as those in the UK seek to comply with EU consumer data regulations," Eckoh said in a statement.
Eckoh will publish its full-year results on June 13.
Shares in Eckoh were up 2.1% at 42.60 pence on Monday.
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