US business up 15 per cent for Eckoh Plc
Hertfordshire-based Eckoh Plc, a global provider of secure payment products and customer contact solutions, has issued a bullish trading update for its operations both sides of the Atlantic for the six months to September 30.
Trading was in line with expectations after what it called “a very strong first half with excellent levels of contracted business and double-digit revenue growth in both the UK and US.”
Eckoh CEO Nik Philpot said the US operation contracted $14.4 million of business – up from $12.5m and an increase of 15 per cent year-on-year. This was an impressive result given that the prior half year comparator included Eckoh’s largest ever contract valued at $7.4m.
In the UK, total business contracted was £7.9m, an increase of eight per cent year-on-year. Eckoh had strong renewals in the UK with existing clients and continues to maximise client value through cross-selling.
Its new UK business is increasingly coming from sales delivered through the recently launched Eckoh Experience Portal (EXP) which enables organisations to purchase the company’s customer engagement and secure payment solutions in a modular fashion.
As announced in July, the company secured a contract extension with a Fortune 100 telecoms company for its agent desktop tool Coral. The contract is worth a minimum of $3.8m and of this $2.1m will be recognised in this six-month period.
So while the company expects revenue growth to continue in the second half, the first half is expected to have a greater weighting this financial year.
The group’s financial position remains robust with net cash of £10.9m – up from £3.4m last time.