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IN BROEF: Eckoh expects to meet full year profit expectations

1st Nov 2023 10:57

Eckoh PLC - Abingdon, England-based supplier of technology and services to the education sector - Says trading for the six months to September 30 is in line with expectations. Expects to report revenue for the half year of around GBP18.8 million, down by 4.1% from GBP19.6 million. Recurring revenue has grown to 83% from 79% in the corresponding period a year ago. Expects adjusted operating profit of around GBP4.1 million, up 17% fromGBP3.5 million a year prior. Adds newly contracted business and renewals at a record high of GBP24.6 million, up 40% from GBP17.6 million a year ago. Says this was driven by "strong multi-year renewals and successful cross-selling and up-selling" of its new products. Looking ahead, it says it is "very encouraged" by "record level" of business in the half year, and is confident that total contract value growth will continue into the second half. It is confident it will meet its full year profit expectations for the year ending March 31.

Current stock price: 40.68 pence, down 4.3%

12-month change: down 3.1%

By Sabrina Penty, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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