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Eckoh rises as it reports "another record year"

The secure payments specialist reported 10% growth in its order book to £35.9mln for the year ended March 31

Eckoh PLC - Eckoh reports "another record year" as orders rise

Eckoh PLC (LON:ECK) has reported “another record year” for its business with double-digit revenue growth across the group.

In an update for the year ended March 31, 2020, the secure payments specialist said trading for the period had been “in line with market expectations” with revenue growth across both its UK and US businesses. The group also reported record order levels for the year with 10% growth to £35.9mln.

WATCH: Eckoh PLC 'well placed to emerge unscathed from crisis'

In the US, Eckoh said it had continued to benefit from its position as “the preferred supplier for large enterprises to secure payment data in their contact centre operations”, adding that its sale pipeline remained “extremely strong” despite the coronavirus outbreak delaying the conclusion of some “significant deals” beyond March 31.

The company also said its UK business had seen significantly higher order levels in the second half of the year as a number of larger contracts renewed earlier than scheduled.

Looking ahead, Eckoh withdrew its guidance for the year due to the disruption caused by the coronavirus pandemic, although it said it remained “confident” for its future prospects and that it had maintained its service levels.

“Eckoh's business model and market position means we are well placed to manage the impact of [coronavirus] on our clients' businesses, with high levels of recurring revenue…a record order book, blue-chip enterprise clients and a strong balance sheet”, the firm said in the statement.

The shares were up 1% at 48.5p in early trading on Thursday.

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Quick facts: Eckoh PLC

Price: 67.5 GBX

Market: AIM
Market Cap: £171.31 m

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