27th Apr 2015 07:29
LONDON (Alliance News) - Eckoh PLC Monday said that its outlook "remains very positive", as it said it grew in line with market expectations in the financial year to the end of March.
Eckoh provides secure payment and customer service products and technology. It said that its operating profit, excluding amortisation, acquisitions costs, share based payments and exceptional administrative costs rose more than 50% during the year.
This growth was driven by a strong performance in the UK where it secured 20 new contracts, and it made progress with sales of its secure payment product in the US.
The company is speeding up its investment plans in the US, increasing its headcount to six employees.
According to forecasts provided by Morningstar, N+1 Singer expects Eckoh to post a pretax profit of GBP3.0 million for the just-ended year, which Edison expects it to post a pretax profit of GBP3.4 million.
"We are very pleased to be able to announce another year of strong growth in the UK that has been achieved whilst investing and successfully establishing our presence in the US. This strong momentum has continued into the new financial year and we remain confident of our prospects of further significant growth in the years ahead," said Chief Executive Officer Nick Philpot in a statement.
Eckoh plans to announce its full year results in the week beginning June 15.
Shares in Eckoh are trading up 2.7% at 38.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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