29th Oct 2019 11:53
(Alliance News) - Eckoh PLC said Tuesday trading in the first half was "very strong" and came in in line with expectations.
"It has been a very strong first half to the year with excellent levels of contracted business and double-digit revenue growth in both the UK and US," the securer payment provider said.
In the six months ended September 30, Eckoh said its US business continues to "perform strongly", with total business contracted of USD14.4 million, 15% higher than the USD12.5 million generated in the first half of financial 2019.
"We continue to have excellent momentum in our US Secure Payments business, with ongoing success in the retail and healthcare sectors and we have recently won our first client in the gaming sector," Eckoh continued.
The company said its US pipeline for the second half is "encouraging".
Turning to the UK, Eckoh said its total business contracted in the first half was GBP7.9 million, a 8% increase year on year.
"In the period we had strong renewals in the UK with our existing clients and we continue to maximise client value through cross-selling. Our new UK business is increasingly coming from sales delivered through our recently launched Eckoh Experience Portal which enables organisations to purchase our Customer Engagement and Secure Payment solutions in a modular fashion," the company explained.
Due to a contract extension awarded in the first half, Eckoh expects annual results to be weighted towards the first six months but still expects revenue to grow in the second half.
The company said it ended the first half with a "robust" cash position of GBP10.9 million.
Eckoh will release interim results on November 19. Shares in Eckoh were 2.2% higher in London on Tuesday at 49.31 pence each.
By Paul McGowan; [email protected]
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