19th Nov 2019 11:36
(Alliance News) - Secure payment technology firm Eckoh PLC on Tuesday affirmed its full-year expectations after swinging to a first half profit, helped by double-digit first-half revenue growth.
In the six months to September 30, revenue rose by 37% year-on-year to USD18.0 million from USD13.1 million.
Eckoh posted pretax profit of USD2.6 million, improved from a USD197,000 loss last year.
Chief Executive Nick Philpot said: "The first half of Eckoh's 2020 financial year has been extremely positive, with strong growth in revenue and profit in the UK and US."
Eckoh said its first-half performance was helped by strong trading from Coral, a browser-based communications tool.
Coral achieved revenue of USD3.0 million, up sharply year-on-year from USD600,000.
In July, Eckoh said it secured a three-year deal worth USD4 million to supply Coral to an unnamed US Fortune 100 telecom firm.
Eckoh said: "Trading in the first half of the year has been exceptionally strong, leading to a confident outlook for the full year, with the board's expectations for the full year unchanged despite the softer backdrop in the UK."
Shares in the company were 2.1% higher at 49.50 pence each in London on Tuesday morning.
By Eric Cunha; [email protected]
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