Eckoh US and UK revenues grow in first half
Secure payments products company Eckoh said on Tuesday that first-half trading had been "very strong", with double-digit revenue growth in the UK and US.
In an update for the six months to the end of September, the company said trading had been in line with expectations.
The US division continued to perform "strongly", it said, with total business contracted up 15% on the year to $14.4m. Eckoh said this was an "impressive" result given that the prior half-year comparator included its largest ever contract valued at $7.4m.
"We continue to have excellent momentum in our US secure payments business, with ongoing success in the retail and healthcare sectors and we have recently won our first client in the gaming sector," the company said.
"The pipeline for the second half of the year is encouraging, reflecting the long-term structural drivers for our secure payments products: tightening regulation, and the growing risk of data breaches and fraud within challenging parts of our clients' businesses."
Total business contracted in the UK was up 8% on the year to £7.9m as Eckoh saw "strong" renewals with existing clients. The group said its new UK business is increasingly coming from sales delivered through its recently-launched Eckoh Experience Portal, which enables organisations to purchase its customer engagement and secure payment solutions in a modular fashion.
Eckoh had net cash of £10.9m at 30 September versus £3.4m at the same time last year.
At 0935 GMT, the shares were up 3.6% at 50p.