Portfolio

Eckoh revenues grow at home and abroad

By Iain Gilbert

Date: Tuesday 14 May 2019

Eckoh revenues grow at home and abroad

(Sharecast News) - Secure payments provider Eckoh told investors on Tuesday that it had traded in line with expectations throughout its last trading year, reporting revenue growth in both the UK and US divisions.
In the US, Eckoh's secure payments order book continued its strong momentum, with new contract value growing 47% to $13.7m, while the UK also had a solid year, with total contract value from new business and renewals more than doubling.

"Following a very strong first half to the year for new business wins, Eckoh delivered double-digit new business growth in both divisions in the second half," said Eckoh.

"This reflects new wins in the healthcare, insurance, telecoms and retail sectors, and includes contracts to be delivered both on-site and in the Cloud. Support and Coral have as expected both returned to growth in the second half."

Eckoh, which assured investors it had an "excellent sales pipeline", also saw strong cash generation during the period, with its balance sheet remaining "robust" with net cash of £8.3m.

As of 1020 BST, Eckoh shares had climbed 6.46% to 42.85p.

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