1st May 2014 13:10
LONDON (Alliance News) - Eckoh PLC Thursday said it will report a "substantial" increase in adjusted profit in line with market expectations for the full year, after a strong period of progression with double-digit growth in both revenue and margin.
Adjusted profit excludes amortisation of acquired intangible assets, acquisition costs and expenses relating to share based payments.
Eckoh, which provides multi-channel customer service and secure, said it has performed well in the year to March 31, leading to double-digit organic growth during the period, supplemented by the GBP5.2 million acquisition of payment solutions business Veritape Ltd in June 2013.
The company will publish its full-year results on June 10.
AIM-listed Eckoh said it has won a number of new contracts in the travel, logistics, telecommunications and retail sectors, the majority of which are clients within the FTSE 100 and FTSE 250.
"These new contracts will start generating revenue in the coming year supporting growth expectations and this significant momentum has enabled Eckoh to maintain an excellent sales pipeline," the firm.
Eckoh said this growth is underpinned by continued traction within its established product portfolio and more recently with additional sales growth from Veritape.
Outside the UK the firm said it hopes to take advantage of the slowly developing secure payment solutions market in the US.
Financially, it said it has a strong balance sheet with cash of GBP7.3 million at the period-end, down slightly from GBP8.5 million recorded a year earlier.
The stock was trading at 39.22 pence Thursday afternoon, up 1.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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