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ECK Eckoh Plc

40.00
0.00 (0.00%)
12 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Eckoh Plc LSE:ECK London Ordinary Share GB0033359141 ORD 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 40.00 39.00 41.00 40.50 40.00 40.00 1,481,040 12:38:19
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Communications Services, Nec 38.82M 4.64M 0.0160 25.00 116.18M

Eckoh PLC Half-year Report (0532U)

21/11/2023 7:00am

UK Regulatory


Eckoh (LSE:ECK)
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TIDMECK

RNS Number : 0532U

Eckoh PLC

21 November 2023

21 November 2023

Eckoh plc

("Eckoh", the "Group", or the "Company")

Unaudited interim results for the six months ended 30 September 2023

   -       Cloud transition driving higher margins and quality of earnings 
   -       North America pipeline at record levels and North America ARR up 22% 
   -       Record level of contracted business with positive traction across our new solution set 

Eckoh plc (AIM: ECK) the global provider of Customer Engagement Data Security Solutions, is pleased to announce unaudited results for the six months to 30 September 2023.

 
 Period ended 30 September 
  GBPm (unless otherwise stated)          H1 FY24   H1 FY23   Change 
--------------------------------------- 
 Revenue                                   18.8      19.6      -4% 
                                         --------  --------  ------- 
 Gross profit                              15.5      15.5       - 
                                         --------  --------  ------- 
 Group ARR(1)                              30.6      28.6      +7% 
                                         --------  --------  ------- 
 North America Data Security Solutions 
  ARR(1) ($m)                              16.8      13.8      +22% 
                                         --------  --------  ------- 
 Adjusted EBITDA(3)                         4.9       5.0      -3% 
                                         --------  --------  ------- 
 Adjusted operating profit(4)               4.0       4.2      -4% 
                                         --------  --------  ------- 
 Adjusted profit before taxation(4)         4.1       4.2      -1% 
                                         --------  --------  ------- 
 Profit before taxation                     1.5       2.9      -47% 
                                         --------  --------  ------- 
 Basic earnings per share                  0.43      0.77      -44% 
                                         --------  --------  ------- 
 Adjusted diluted earnings (pence 
  per share)(5)                            1.01      1.03      -2% 
                                         --------  --------  ------- 
 Net cash                                   7.3       4.4      +2.9 
                                         --------  --------  ------- 
 Total contracted business(6)              24.6      17.6      +40% 
                                         --------  --------  ------- 
 

Strategic highlights

   --      Record levels of contracted business with a high proportion of multi-year renewals 

-- Our successful drive to transition clients to cloud-based SaaS solutions is tempering short term revenue growth but delivering improvements in recurring revenue, operating margins and quality of earnings

-- New global commercial strategy progressing well, with focus on the large North America addressable market

   --      Positive reception from existing clients to our new and expanded Secure Engagement Suite 

-- Record North America pipeline includes several contracts where Eckoh is selected vendor, but longer than expected sales and contracting cycles are delaying completion and therefore revenue

-- Cost and efficiency benefits from the transition to a SaaS business model will deliver over GBP1m of savings in FY25

-- New updated PCI DSS v4.0 standard effective from April 2024 will increase complexity and cost of compliance for merchants, which is likely to drive higher levels of sales engagement for Eckoh's solutions

Financial highlights

-- Trading for the period in line with Board expectations, as announced in the Trading Update on 1 November 2023

   --       Group ARR(1) GBP30.6 million, up 7% year-on-year or 9% at constant currency 

-- North America performing strongly with Security Solutions ARR(1) up $3m or 22% to $16.8m (H1 FY23: $13.8m)

-- Record level of total contracted business(6) at GBP24.6m, up 40% (H1 FY23 GBP17.6m), driven by strong multi-year renewals and successful cross-selling and up-selling of new products

-- Group revenue GBP18.8m, (H1 FY23: GBP19.6m), reflecting the already announced loss of a large (non-security) UK client in FY23 and the on-going transition to cloud delivery which removes hardware fees and reduces set up costs

-- Recurring revenue(2) increased to 83% (H1 FY23: 79%), reflecting strong renewals and the continued shift to the cloud

   --       Gross profit margin 83% (H1 FY23: 79%), an increase of 330bp 

-- Adjusted operating profit(4) GBP4.0m (H1 FY23: GBP4.2m), includes a GBP0.1m FX versus a FX gain of GBP0.7m in H1 FY23

-- Adjusted operating profit margin flat at 21.4% (H1 FY23: 21.4%), masks an underlying improvement of 410bp (excluding FX loss in H1 FY24 21.8% and FX gain in H1 FY23: 17.7%)

-- Strong cash generation with net cash of GBP7.3m at period end, up GBP1.6m from GBP5.7m at year end (H1 2023: GBP4.4m)

   --       Eckoh's balance sheet remains robust, with no debt or drawdown on credit facilities 

Current trading and Outlook

-- The Board is encouraged by the record level of business contracted, the successful implementation of the new commercial strategy and the sales pipeline with large deals which are in a progressed position

-- Whilst longer than expected sales cycles have delayed revenue progression in the year to date, the Board is confident that the Company is on track to meet expectations for the full year (7)

-- Optimally positioned as market leader for an increased outsourcing trend driven by regulatory change (PCI DSS v4.0), increasing complexity and security challenges for businesses

-- It is expected that the strong positive trend of growth in contract value and ARR will continue in the second half and with the ongoing transition to cloud and SaaS, this underpins the expected growth in FY25

1. ARR is the annual recurring revenue of all contracts billing at the end of the period. Included within Group ARR is all revenue that is contractually committed and an element of UK revenue that has proven to be repeatable, but not contractually committed. H1 FY23 has been restated to include NA Coral revenue.

2. Recurring revenue is defined as on-going revenue, rather than revenue derived from the set-up and delivery of a new service or hardware.

3. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) is the profit before tax adjusted for depreciation of owned and leased assets, amortisation of intangible assets, expenses relating to share option schemes and exceptional costs.

4. Adjusted operating profit and adjusted profit before tax are adjusted for amortisation of acquired intangible assets, expenses relating to share option schemes and exceptional costs.

5. Adjusted earnings pence per share - calculated using an effective tax rate of 25% in both years.

6. Total contracted business includes new business from new clients and from existing clients as well as renewals with existing clients.

7. Consensus market expectations for the full year is revenue of GBP39m and Adjusted Operating Profit of GBP8.2m

Nik Philpot, Chief Executive Officer, said: "We have made excellent progress with our strategic goals in the first half of the year with continued improvement in the proportion of revenue coming from cloud, increased levels of cross-selling and upselling from our client base and higher operating margins.

Our cloud and SaaS transition journey, which is progressing well, will continue to increase revenue visibility, improve margin and quality of earnings, as well as giving clients easy access to our full Secure Engagement Suite of products. While the shift to cloud inevitably tempers revenue growth in the short-term, it brings longer-term benefits, which we can already see with recurring revenues up 360 basis points to 83% and underlying operating profit margin up 410 basis points to 21.8%. It has also been a driver behind the increase in ARR of 7% to GBP30.6m.

North America is our most significant target market, and with such large enterprises creating significant new opportunities that also brings longer sales cycles, which have been especially noticeable in this period. However, North American ARR is still up 22%, validating our strategic decision to have one global commercial team focused on this growth opportunity, and our pipeline is at a record level here with Eckoh selected as the preferred supplier on several deals that are expected to close in H2.

As market leader, we are well placed to benefit from increased outsourcing in the contact centre environment as complying with data regulation is becoming ever more costly and challenging to achieve, especially with a hybrid workforce. As consumers demand greater choice across digital payment channels and artificial intelligence enters contact centres, Eckoh's solutions will continue to make personal data arising from customer engagement more secure. With compelling growth drivers, a robust strategy and a strong balance sheet, we are on track to deliver full year expectations(7) and our growing ARR and improved total contracted business provides further revenue visibility into FY25 and beyond."

For more information, please contact:

 
 Eckoh plc                                       Tel: 01442 458 300 
  Nik Philpot, Chief Executive Officer 
  Chrissie Herbert, Chief Financial Officer 
  www.eckoh.com 
 FTI Consulting LLP                              Tel: 020 3727 1017 
  Ed Bridges / Emma Hall/ Valerija Cymbal 
  / Emily Bowen 
  eckoh@fticonsulting.com 
 Singer Capital Markets (Nomad & Joint           Tel: 020 7496 3000 
  Broker) 
  Shaun Dobson / Tom Salvesen / Alex Bond 
  www.singercm.com 
 Investec Bank plc (Joint Broker)                Tel: 020 7597 5970 
  Patrick Robb / Nick Prowting / Shalin Bhamra 
  www.investec.com 
 

About Eckoh plc

As a global provider of Customer Engagement Data Security Solutions, Eckoh is all about making the world of data more secure.

Our vision is that everyone should be able to trust every brand and engage without risk to their personal information. We're on a mission to set the standard for secure interactions between consumers and the world's leading brands, and our innovative products build trust and deliver value though exceptional experiences.

We're trusted by many of the world's leading brands to help them manage the personal data from customer enquiries and transactions safely. Our solutions enable payment transactions to be performed securely and help protect sensitive personal data across any customer engagement channel and device the customer chooses.

Protected by multiple patents, our solutions remove sensitive personal and payment data from contact centres and IT environments, as the best way to secure data is not to collect it. This allows organisations to be not just compliant but secure, increase efficiency, lower operational costs, and provide an excellent customer experience. This is our specialism.

Our sol utions are delivered globally through multiple cloud platforms or can be deployed on the client's site. They offer merchants a simple and effective way to reduce the risk of fraud, secure sensitive data and become compliant with the Payment Card Industry Data Security Standards ("PCI DSS") and wider data security regulations. Eckoh has been a PCI DSS Level One Accredited Service Provider since 2010, and our extensive portfolio of typically large enterprise clients spans a broad range of vertical markets including government departments, telecoms providers, retailers, utility providers and financial services organisations.

For more information go to www.eckoh.com or email MediaResponseUK@eckoh.com .

Chief Executive Officer's statement

I'm pleased to report Eckoh performed in line with Board expectations in the period and is on track to deliver to market expectations for the full year.

We have made excellent progress with several of our key strategic objectives during the first half of the year:

-- Cloud-first - the share of ARR in the North American (NA) market coming from cloud deployments grew 30% year-on-year and now represents the majority of overall NA ARR

-- Expanding existing clients - the new commercial strategy is showing early encouraging signs with levels of cross selling and upselling to existing clients up 40% on the previous year to GBP4m

-- North America focus - the strategic decision to focus our commercial resources on the NA market is validated by a 22% growth in ARR to $16.8m and a record sales pipeline

-- Scalable growth - the cost and efficiency benefits from our ongoing move to cloud and SaaS solutions is driving improved adjusted operating profit margins with an underlying improvement of 410 basis points to 21.8%

Eckoh's mission is to set the standard for secure interactions between consumers and the world's leading brands. We make that happen through our innovative and patented suite of secure engagement products, which are used by some of the largest brands globally. Evolving regulatory change, notably the impending update to the PCI DSS, is increasing compliance complexity and creating new security challenges for businesses; Eckoh is optimally positioned to capitalise from an increased level of outsourcing from Enterprises with contact centre operations who are looking to permanently address this challenge.

At the end of the period Group Annualised Recurring Revenue (ARR) was GBP30.6 million, (H1 FY23: GBP28.6 million), with growth being driven by our increased focus on the North America territory, with North America Data Security Solutions ARR at $16.8 million, a 22% increase year-on-year from $13.8 million.

Revenue for the first half was GBP18.8 million (H1 FY23: GBP19.6 million), the decrease reflecting the loss of a large (non-security) UK client, which we disclosed in our FY23 final results, together with the on-going transition to cloud-based delivery of our solutions and the successful renewal of a number of large North American clients. These North America contracts were for solutions deployed on-premise, where the hardware revenue and implementation fees typically represent typically 25-35% of contract value and are, fully recognised at the point of the initial renewal. This transition to cloud-based solutions has the effect of tempering revenue growth in the short term but is increasing the quality and visibility of future earnings. Almost all new client contracts are now for cloud delivery and the element of non-recurring charges in this model drops to only 10-15%.

The on-going shift of our new business and existing clients to the data security solutions that comprise our cloud-based Secure Engagement Suite continues to improve the strength of our business model, with improving recurring revenue margins in the North America Territory and on a Group basis an improving operating profit margin. Adjusted operating profit was GBP4.0 million, which includes an FX loss of GBP0.1m (H1 FY23: GBP4.2 million, included a FX gain of GBP0.7 million), with underlying operating profit margin of 21.8%, an underlying improvement of 410bp on last year when excluding the respective FX movements. As most new business is now expected to be deployed in the cloud on a SaaS basis (we expect 90% of new North America business to be cloud), these key performance indicators will continue to improve.

The split of ARR between on-premise and cloud delivery has for the first time seen cloud become the largest share at 52%, which is a threefold rise over 3 years (H1 FY21 17%). We would expect this cloud share to continue rising, but some of the largest North America clients continue to choose to have on premise solutions and it may take them several years to migrate, therefore we continue to support both deployment methods and will continue to do so for the foreseeable future.

At the start of the year, we implemented a new commercial strategy by unifying the UK and US commercial teams (sales, technical pre-sales, marketing, account management and client success), into a single global team focused predominantly on the largest market of North America. There are no US-based competitors for Eckoh's software solutions and by allocating more resource to the North American market, we have been able to identify and target potential new clients more effectively and set ourselves up to maximise the cross-selling and upselling opportunity within existing accounts by segmenting them into tiers of opportunity value. Whilst it is still only a short time since this commercial strategy was implemented, the early signs are encouraging. Total Contract Value (the combined value of both new contracts and renewals) was at an all-time high for a single period at GBP24.6m, a 40% increase on the previous year and the level of cross-selling and upselling in the period was GBP4m, also some 40% higher than the previous year. The strength of the order level is expected to continue in the second half, with the North America new business pipeline at a record level. Encouragingly, the number of opportunities that have been identified with existing clients since the start of the year is also at a level never seen before.

In the half, strong levels of both cross-sell and up-sell initiatives to existing clients has been executed through our new global commercial team but supported by our enhanced Secure Engagement Suite and the ongoing shift to cloud. Recent new product additions such as Secure Call Recording and our updated Secure Digital Payments platform have been extremely well received and we expect several clients to go live with these and other additional products from our Suite in the second half.

Our record pipeline of new business opportunities in the North American market validates the strategic decision to move to a single global commercial team that focuses on this market, where the scale of opportunity for Eckoh's solutions is most compelling. The Company is, like others, experiencing a lengthening of sales cycles with new clients, especially in the contracting phase, driven by increased levels of management oversight and more onerous budgetary approval processes. Consequently, the completion of contracts is taking longer, and has meant that several sizeable enterprise deals where Eckoh is the chosen supplier, which were expected to close in the period, will now shift to the second half.

Operational Review

North America (NA) Territory (47% of group revenues)

The North American territory continues to deliver growth and the Data Security Solutions ARR(1) at the end of the first half was $16.8 million, a year-on-year increase of 22% (H1 FY23 $13.8 million). This represents a CAGR of 44% over the past 2 years.

Revenue for the period was $11.2 million. At a total revenue level this is an increase year-on-year of 5% (H1 FY23: $10.6 million), however, recurring revenue has increased by 18% year-on-year and is now 82% of revenue (H1 FY23 73%). This increase is as expected and comes from new contracts being delivered through the cloud with a higher recurring revenue percentage than for an on-premise solution.

During the first half several clients with large enterprise deals have renewed their contracts for the first time. At the point of renewal, the hardware fees and implementation fees from the initial term of the contract are fully recognised. This combination of new cloud deals and large renewals in the first half has seen a 21% decline in this one-off revenue year-on-year.

Despite this shift in revenue the North America territory has continued to grow and increase its share of Group revenue and now accounts for a 47% share (H1 FY23: 44%). In FY24, we expect North American revenue will be of equal size to revenue from the UK and Ireland territory.

Total and New Contracted Business

-- The total contracted orders for the first half is $14.7 million (H1 FY23: $9.8 million), a 50% increase year-on-year

-- Data Security Solutions new contracted business of $4.1 million (H1 FY23: $7.1 million) with 56% of this coming from existing clients

Contract Renewals

-- Seven clients have renewed their contracts in the first half, these include Costco, Lowes, Conifer, TDS and Deluxe. These renewals underpin the future ARR. Five of the contracts were renewed for multi-year contracts, which provides far better opportunity for developing the client relationship and enabling cross-selling.

-- In the second half we have a further five sizeable renewals, one of which has already been completed successfully with the others due in our final quarter of the year. Of these five clients due for renewal, four of the clients are looking to migrate to the cloud and two are actively considering additional products as part of this transition

Coral

In the period, Coral had revenue of $1.1 million (H1 FY23: $1.0 million Coral & third-party Support). Coral is a browser-based agent desktop for contact centres, that aids the following:

-- to increase efficiency by bringing all the contact centre agent's communication tools onto a single screen;

-- to enable organisations, particularly those grown by acquisition, to standardise their contact centre facilities; and

   --      to be implemented in environments that operate on entirely different underlying technology 

Coral contracts are few but high in value when they occur, and they have a very long sales cycle (usually years) as the decision has long term implications for the client. This makes the timing of any new agreements both lumpy and hard to predict. There is a proof of concept planned with a large global financial services company, however, this is currently on hold.

UK & Ireland (UK & I) Territory, and Rest of World (ROW) Territory (53% of group revenues)

The UK & Ireland and Rest of World territories are reported on a combined basis due to the small proportion of ROW revenue at this stage. Over time and as the new global strategy drives more international mandates and activity arising from new markets, this share will be large enough to report separately.

ARR at the end of the period was GBP16.4 million (H1 FY23: GBP16.5 million), with growth hindered by the loss of a significant (non-security) client in the first half last year. During the first half of FY24 a non-security client entered administration, the full year impact will be GBP0.5 million.

The business continues to transition to a Data Security Solutions only proposition, with 91% of revenue now coming from clients who take these solutions as part of their overall proposition. We continue to see churn levels in this base of clients to be extremely low.

Total revenue for the period was GBP9.9 million, a decrease of 10% (H1 FY23: GBP10.9 million), recurring revenue remains high at 83% (H1 FY23:84%). The UK & I territory's revenue in the period has been impacted by the loss of the two non-security clients and the growth going forward is expected to be modest, with the global commercial team's focus on the more lucrative and larger North America market. We will, however, continue to look to grow and expand in our existing client base and compete for the largest new enterprise contracts in the region.

Gross profit in the period was GBP8.4 million, (H1 FY23: GBP8.9 million) and gross margin was 85%, an increase of 4%, with Security Solutions driving a higher margin.

New contracted business

-- Total contracted business was GBP12.8 million up 32% compared to GBP9.7 million in the prior year, largely due to high conversion of renewals and timing of large renewals

   --      New contracted business was GBP2.4 million (H1 FY23: GBP2.5 million) 

Contract renewals

-- Total contracted business was driven by the four largest renewals in H1 FY24 worth a combined GBP6.9 million all containing Data Security Solutions and all multi-year. These were Capita O2, Tenpin, Premier Inn and Vanquis (through Maintel)

Growth Drivers - new PCI DSS standard

One of the key drivers for the adoption of our solutions is the Payment Card Industry Data Security Standard ('PCI DSS'), which all merchants need to comply with to help protect their customer's data, to avoid higher payment processing charges and to reduce the risk of substantial fines. Eckoh has maintained continual PCI DSS compliance at level 1, the highest level, since 2010.

The Standard has evolved over time to try and address the ever-increasing threat of fraud and hacking and the most meaningful change to the standard since 2016 comes into force from April 2024, when v4.0 becomes applicable. From this date any organisation who is audited for compliance with the Standard will be expected to comply with the new regulations that were first published in March 2022.

There are 60 new requirements that have been added, and 71 that have been changed in v4.0 and the implications for merchants who are currently compliant is that these changes are numerous and complex and will drive up compliance costs and increase the resources required to complete 'business as usual' processes. It is also probable that a percentage of companies will fail their audits due to the scale and challenge of the changes. With PCI DSS still being the regulatory standard that drives most sales conversations for Eckoh, it is anticipated that the challenges (and increased risk) associated with implementing v4.0 by merchants will lead to an increase in sales opportunities for Eckoh's solutions.

Secure Engagement Suite

Since acquiring Syntec two years ago we have consolidated our products into a suite that is delivered through a common cloud platform (our Secure Voice Cloud), that is based on a new, more powerful and proprietary Secure Voice Appliance.

Eckoh's Secure Engagement Suite comprises several complementary data security products that can be delivered to a client either individually or as a solution set. Over time it is expected that more new clients will take multiple products as part of their initial contract and that existing clients will add further products because of our cross-selling initiatives. This is already beginning to bear fruit in the results we have seen in the period and the pipeline that is building.

It is our intention and strategy to continue to grow our Secure Engagement Suite over time, and at the beginning of the financial year, we launched our new Secure Call Recording product. In contrast with aging contact centre technology that only enables calls to be recorded for compliance and quality purposes, our new product automatically secures sensitive customer data and incorporates the ability to transcribe calls into text at a highly accurate level, unlocking the business intelligence and insight that these conversations contain. The reception to the product has been excellent and we already have clients deployed and live, with an increasing number expected to take the service over time as their existing call recording contracts come up for renewal, or they move to the cloud.

Shortly after period end, we launched a significant update to our Secure Digital Payments product, offering enhanced digital payment choice and convenience within contact centres. Via the updated product, customers now have the freedom to combine their preferred contact channel with their favourite payment method: Apple Pay over WhatsApp, Pay by Bank via live chat, pay-later apps over the phone, or a wide variety of other combinations. In particular, the Secure Digital Payments product will enable contact centres to better serve customer needs, extend their services to social media and third-party channels, increase payment volumes and speed, provide greater choice with pay-now or pay-later options and provide stronger authenticated security through methods such as fingerprint or facial recognition.

The Real-time Transcription and AI product which was originally scheduled for the end of this financial year has been split into two separate phases. The first phase (which we still expect to be delivered in that time frame) will see the release of the insight tool which will allow our client real-time visibility of their agent activity across their contact centre facilities and agent's home locations. Monitoring performance of a hybrid agent workforce is challenging, and security concerns are heightened, so this tool, which can be used in combination with the Voice Security, Secure Call Recording or the Real-time Transcription & AI products will be a valuable addition to our clients' ability to drive both service quality and security. Phase two, which we expect to launch in the first half of FY25, will deliver real-time transcription and sentiment analysis to enable managers or supervisors to view active conversations between agents and customers to aid or assess performance. The AI engine will be able to guide the agent to the next best action, based on its knowledge of previous historic outcomes, enabling less experienced agents to perform at a higher standard increasing both customer and agent satisfaction.

Outlook and financial position

The Board is very encouraged by the continued cloud transition, the record level of business contracted in the first half and the successful implementation of our new commercial strategy. Whilst the shift to cloud and longer than expected sales cycles marginally impacted top line growth, Eckoh enters the second half with a strong sales pipeline which includes some large deals which are in a progressed position. This gives us the confidence that the strong positive trend of growth in total contract value will continue in the second half and the Board is confident that the Company is on track to meet market expectations for the full year and the growth expectations for FY25.

Financial Review

Overall the Group continues to progress with its cloud-based SaaS transition and the progress made, particularly in the North America Territory, can be seen in the improvements in annualised recurring revenue, recurring revenue % and for the Group in the Operating profit margin.

Revenue for the period was GBP18.8 million (H1 FY23: GBP19.6 million), a decrease year-on-year of 4% or at constant exchange rates a 3% decrease year-on-year. Group recurring revenue was GBP15.5 million level year-on-year, with recurring revenue 83% an increase year-on-year of 360 basis points, the increase being driven by the North America territory.

Adjusted operating profit was GBP4.0 million, which includes a foreign currency loss in the period of GBP0.1m, this is compared to an adjusted operating profit last year of GBP4.2 million, which includes a FX gain of GBP0.7 million. The operating profit margin for the period was 21.4%, level with the same period last year, but an underlying improvement of 410 basis points excluding the year-on-year net FX movement of GBP0.8 million. In the period there is an exceptional cost of GBP0.9 million for legal fees and restructuring costs.

Group ARR was GBP30.6 million, an increase of 7% on prior year or at constant exchange rates an improvement of 9% (H1 FY23 GBP28.6 million).

Total contracted business for the period at the Group level was GBP24.6 million, (H1 FY23: GBP17.6 million), a year-on-year increase of 40% or an increase of 41% at constant exchange rates. New contracted business was GBP5.7 million (H1 FY23: GBP8.2 million).

Basic earnings per share for the period was 0.43 pence per share (H1 FY23: 0.77 pence per share). Adjusted earnings per share for the period was 1.01 pence per share (H1 FY23 1.03 pence per share).

Territory performance - NA, UK&I, & ROW

North America revenue represented 47% (H1 FY23: 44%) of total group revenues and revenues increased in the period by 3% to GBP8.9 million (H1 FY23: GBP8.7 million), revenues in local currency increased by 5% to $11.2 million (H1 FY23: $10.6 million). Recurring revenue increased by 18% in the period to 82% of revenue (H1 FY23: 73%). UK&I and ROW represented 53% of total group revenues at GBP9.9 million, a decrease year-on-year of 10% and recurring revenue of 83%.

Further explanations of movements in revenue between the North America, UK & Ireland and ROW territories have been addressed in the Operational Review above.

Gross profit

The Group's gross profit was GBP15.5 million level year-on-year, with gross profit margin increasing by 330 basis points to 83% (H1 FY23: 79%). The UK & Ireland and ROW gross profit margin increased to 85% year-on-year (H1 FY23: 81%). In the North America territory, the margin in the period increased to 80% (H1 FY23: 77%). This increase in margin as previously indicated is as a result of the continued deployment of the new Customer Engagement Data Security Solutions in the cloud environment together with the successful renewals of the earlier contracted on-premise solution deployments, where the lower margin hardware component becomes fully recognised at the point of renewal.

In the UK & Ireland and ROW territories, as the service is hosted on an Eckoh platform, there is typically no hardware provided to clients and the gross profit margin is expected to remain at approx. 84 - 85%. In the North America territory, we would expect the gross profit margin to continue to marginally increase from 80% to approximately 81% - 82% over the next two years. This is driven by the continued growth of the Security Solutions being deployed as cloud solutions coupled with a small number of clients with on-premise solutions who are due to renew their contracts without additional significant hardware.

Administrative expenses

Total administrative expenses for the period were GBP14.0 million (H1 FY23: GBP12.6 million). Adjusted administrative expenses for the period were GBP11.5 million, an increase year-on-year of 4% (H1 FY23: GBP11.3 million). Exceptional costs in the period were GBP0.9 million (H1 FY23 GBPnil million). Included in administrative expenses is a trading FX loss of GBP0.1 million (H1 FY23: GBP0.7 million gain).

Profitability Measures

Adjusted Operating profit(4) for the period was GBP4.0 million (H1 FY23: GBP4.2 million). Included in the first half profit for the current period was a FX loss of GBP0.1 million (H1 FY23: GBP0.7 million). Adjusted EBITDA(3) for the period was GBP4.9 million (H1 FY23: GBP5.0 million).

 
                                     Six months                        Year 
                                          ended      Six months       ended 
                                        30 Sept           ended    31 March 
                                           2023    30 Sept 2022        2023 
                                        GBP'000         GBP'000     GBP'000 
----------------------------------  -----------  --------------  ---------- 
 Profit from operating activities         1,455           2,958       5,020 
 Amortisation of acquired 
  intangible assets                       1,237           1,237       2,473 
 Expenses relating to share 
  option schemes                            412             (6)          40 
 Exceptional legal costs, 
  settlement agreements and 
  restructuring costs                       916               -         203 
 Adjusted operating profit(4)             4,020           4,189       7,736 
                                    -----------  --------------  ---------- 
 Amortisation of intangible 
  assets                                    220             195         398 
 Depreciation of owned assets               316             354         643 
 Depreciation of leased assets              326             289         617 
----------------------------------  -----------  --------------  ---------- 
 Adjusted EBITDA(3)                       4,882           5,027       9,394 
----------------------------------  -----------  --------------  ---------- 
 

Adjusted profit before tax was GBP4.1 million (H1 FY23: GBP4.2m) and is after including in the adjusted operating profit, the net interest income of GBP93k in the current period and the net interest charge of GBP18k in H1 FY23 adjusted operating profit.

Finance charges

For the financial period ended 30 September 2023, the net interest income was GBP93k (H1 FY23: GBP18k charge). The interest income is made up of bank interest receivable of GBP111k (H1 FY23: GBP11k), offset by interest on leased assets of GBP18k (H1 FY23: GBP29k).

Taxation

For the financial period ended 30 September 2023, there was a tax charge of GBP0.3 million (H1 FY23: GBP0.7 million), an effective tax rate of 18% (H1 FY23: 23%).

Earnings per share

Basic earnings per share was 0.43 pence per share (H1 FY23: 0.77 pence per share). Diluted earnings per share was 0.42 pence per share (H1 FY23: 0.74 pence per share). Adjusted diluted earnings per share was 1.01 pence per share (H1 FY23: 1.03 pence per share (restated to use a tax rate of 25%)).

Client contracts

Client contracts are typically multi-year in length and have a high proportion of fixed recurring revenues from the software licences for our products. There are a smaller and declining number of UK contracts that are underpinned by transactional minimum commitments. In the NA territory we now have a greater proportion of contracts being delivered through the cloud, so the initial set up fees and hardware costs associated with larger customer premise deployments have reduced. This has led to total revenue growth being lower than recurring revenue growth. Recurring revenue as a percentage of regional revenue in the NA territory has increased from 52% in FY21 to 82% in the first half and gross profit margin has increased in the same period from 71% to 80%. This trend is also driving the improved Operating profit margin we are seeing at a Group level. This has resulted in a reduction in contract liabilities held on the Group's balance sheet and a net cash outflow for working capital, this is expected to normalise in the current year and onwards into FY25.

Contract liabilities and contract assets

Contract liabilities and contract assets relating to IFRS 15 Revenue from Contracts with Customers continue to decrease, principally as new contracted business in North America has been predominantly for cloud-based solutions. Where clients contract for their services to be provided in the cloud or on our internal cloud platforms, the level of hardware is significantly reduced and implementation fees are typically lower. This reduces the level of upfront cash received but drives a greater level of revenue visibility and earnings quality. Total contract liabilities were GBP8.4 million (H1 FY23: GBP11.9 million) included in this balance are GBP5.1 million of IFRS 15 contract liabilities relating to the Secure Payments product, hosted platform product or Syntec's CardEasy Secure Payments product, a decrease of GBP1.8 million from March 2023. Contract assets as at 30 September 2023 were GBP1.7 million compared to GBP2.4 million at March 2023 (H1 FY23: GBP3.3 million).

Cashflow and liquidity

Net cash at 30 September 2023 was GBP7.3 million, an increase of GBP1.6 million from the year end at 31 March 2023 and an increase of GBP2.9 million to the previous year. The GBP1.6 million cash inflow from 31 March 2023 includes a net cash outflow for trade debtors, trade creditors, inventory and tax of GBP1.6 million (H1 FY23: cash outflow GBP1.9 million), in principle due to the unwinding of deferred revenue on the large enterprise on-premise solutions.

Consolidated statement of comprehensive income

for the six months ended 30 September 2023

 
                                                  Six months   Six months 
                                                    ended 30     ended 30   Year ended 
                                                   September    September     31 March 
                                                        2023         2022         2023 
                                                     GBP'000      GBP'000      GBP'000 
 
 Continuing operations 
 Revenue                                              18,772       19,590       38,821 
 Cost of sales                                       (3,268)      (4,059)      (7,578) 
-----------------------------------------------  -----------  -----------  ----------- 
 Gross profit                                         15,504       15,531       31,243 
 Administrative expenses                            (14,049)     (12,573)     (26,223) 
-----------------------------------------------  -----------  -----------  ----------- 
 Operating profit                                      1,455        2,958        5,020 
-----------------------------------------------  -----------  -----------  ----------- 
 Adjusted operating profit                             4,019        4,189        7,736 
 Amortisation of acquired intangible 
  assets                                             (1,237)      (1,237)      (2,473) 
 Expenses relating to share option 
  schemes                                              (411)            6         (40) 
 Exceptional costs - legal fees and 
  restructuring costs                                  (916)            -        (203) 
-----------------------------------------------  -----------  -----------  ----------- 
 Profit from operating activities                      1,455        2,958        5,020 
-----------------------------------------------  -----------  -----------  ----------- 
 Finance charges                                        (18)         (29)         (53) 
 Finance income                                          111           11           53 
-----------------------------------------------  -----------  -----------  ----------- 
 Profit before taxation                                1,548        2,940        5,020 
 Taxation                                              (274)        (682)        (383) 
                                                 ----------- 
 Profit for the period                                 1,274        2,258        4,637 
===============================================  ===========  ===========  =========== 
 
 Other comprehensive income/(expense) 
----------------------------------------------   -----------  -----------  ----------- 
 Items that will be reclassified subsequently 
  to profit or loss: 
 Foreign currency translation differences 
  - foreign operations                                    83         (32)          (389) 
-----------------------------------------------  -----------  -----------  ------------- 
 Other comprehensive (expense)/ income 
  for the period, net of income tax                       83         (32)        (389) 
-----------------------------------------------  -----------  -----------  ----------- 
 Total comprehensive income for the 
  period attributable to the equity 
  holders of the Company                               1,357        2,226        4,248 
===============================================  ===========  ===========  =========== 
 
 
 
 Profit per share expressed in pence 
----------------------------------------------   -----------  -----------  ----------- 
 Basic earnings per 0.25p share                         0.43         0.77         1.58 
 Diluted earnings per 0.25p share                       0.42         0.74         1.55 
-----------------------------------------------  -----------  -----------  ----------- 
 

Consolidated statement of financial position

as at 30 September 2023

 
                                   30 September   30 September   31 March 
                                           2023           2022       2023 
                                        GBP'000        GBP'000    GBP'000 
-------------------------------   -------------  -------------  --------- 
 Assets 
 Non-current assets 
 Intangible assets                       36,497         38,860     37,500 
 Property, plant and equipment            3,945          4,433      4,181 
 Right -of-use leased assets                668          1,282        995 
 Deferred tax asset                         156          1,535        129 
--------------------------------  -------------  -------------  --------- 
                                         41,266         46,110     42,805 
 -------------------------------  -------------  -------------  --------- 
 
 Current assets 
 Inventories                                223            295        254 
 Trade and other receivables             10,238         13,556     11,778 
 Cash and cash equivalents                7,278          4,358      5,740 
--------------------------------  -------------  -------------  --------- 
                                         17,739         18,209     17,772 
 -------------------------------  -------------  -------------  --------- 
 Total assets                            59,005         64,319     60,577 
--------------------------------  -------------  -------------  --------- 
 
 Liabilities 
 Current liabilities 
 Trade and other payables              (13,294)       (18,036)   (16,190) 
 Lease liabilities                        (482)          (609)      (482) 
--------------------------------  -------------  -------------  --------- 
                                       (13,776)       (18,645)   (16,672) 
 -------------------------------  -------------  -------------  --------- 
 
 Non-current liabilities 
 Lease liabilities                        (231)          (740)      (569) 
 Deferred tax liabilities               (1,535)        (3,014)    (1,528) 
--------------------------------  -------------  -------------  --------- 
                                        (1,766)        (3,754)    (2,097) 
 -------------------------------  -------------  -------------  --------- 
 
 Net assets                              43,463         41,920     41,808 
--------------------------------  -------------  -------------  --------- 
 
 Shareholders' equity 
 Called up share capital                    732            732        732 
 Share premium account                   22,180         22,180     22,180 
 Capital redemption reserve                 198            198        198 
 Merger reserve                           2,697          2,697      2,697 
 Currency reserve                           815          1,089        732 
 Retained earnings                       16,841         15,024     15,269 
--------------------------------  -------------  -------------  --------- 
 Total equity                            43,463         41,920     41,808 
--------------------------------  -------------  -------------  --------- 
 

Consolidated interim statement of changes in equity

as at 30 September 2023

 
                               Called                  Capital 
                             up share      Share    redemption     Merger   Currency    Retained   Total Shareholders' 
                              capital    premium       reserve    reserve    reserve    earnings                equity 
                              GBP'000    GBP'000       GBP'000    GBP'000    GBP'000     GBP'000               GBP'000 
 
 Balance at 1 April 
  2023                            732     22,180           198      2,697        732      15,269                41,808 
 Total comprehensive 
  income for the period 
 Profit for the period              -          -             -          -          -       1,274                 1,274 
 Other comprehensive 
  expense for the period            -          -             -          -         83           -                    83 
-------------------------  ----------  ---------  ------------  ---------  ---------  ----------  -------------------- 
 Contributions by and 
  distributions to owners           -          -             -          -         83       1,274                 1,357 
 Shares transacted 
 through 
 Employee Benefit Trust             -          -             -          -          -           -                     - 
 Shares issued under 
  the share option scheme           -          -             -          -          -           -                     - 
 Shares purchased for 
  share ownership plan              -          -             -          -          -       (104)                 (104) 
 Share based payment 
  charge                            -          -             -          -          -         402                   402 
 Transactions with 
  owners recorded 
  directly 
  in equity                         -          -             -          -          -         298                   298 
-------------------------  ----------  ---------  ------------  ---------  ---------  ----------  -------------------- 
 Balance as at 30 
  September 
  2023                            732     22,180           198      2,697        815      16,841                43,463 
-------------------------  ----------  ---------  ------------  ---------  ---------  ----------  -------------------- 
 
 
                               Called                  Capital 
                             up share      Share    redemption     Merger   Currency    Retained   Total Shareholders' 
                              capital    premium       reserve    reserve    reserve    earnings                equity 
                              GBP'000    GBP'000       GBP'000    GBP'000    GBP'000     GBP'000               GBP'000 
-------------------------  ----------  ---------  ------------  ---------  ---------  ----------  -------------------- 
 Balance at 1 April 
  2022                            732     22,180           198      2,697      1,121      12,815                39,743 
-------------------------  ----------  ---------  ------------  ---------  ---------  ----------  -------------------- 
 Total comprehensive 
  income for the period 
 Profit for the period              -          -             -          -          -       2,258                 2,258 
 Other comprehensive 
  expense for the period            -          -             -          -       (32)           -                  (32) 
-------------------------  ----------  ---------  ------------  ---------  ---------  ----------  -------------------- 
 Contributions by and 
  distributions to owners           -          -             -          -       (32)       2,258                 2,226 
 Shares transacted 
 through 
 Employee Benefit Trust             -          -             -          -          -           -                     - 
 Shares issued under 
 the share option schemes           -          -             -          -          -           -                     - 
 Shares purchased for 
  share ownership plan              -          -             -          -          -        (72)                  (72) 
 Share based payment 
  charge                            -          -             -          -          -          23                    23 
-------------------------  ----------  ---------  ------------  ---------  ---------  ----------  -------------------- 
 Transactions with 
  owners recorded 
  directly 
  in equity                         -          -             -          -          -        (49)                  (49) 
-------------------------  ----------  ---------  ------------  ---------  ---------  ----------  -------------------- 
 Balance at 30 September 
  2022                            732     22,180           198      2,697      1,089      15,024                41,920 
-------------------------  ----------  ---------  ------------  ---------  ---------  ----------  -------------------- 
 

Consolidated statement of cash flows

for the six months ended 30 September 2023

 
                                             Six months      Six months 
                                                  ended           ended   Year ended 
                                           30 September    30 September     31 March 
                                                   2023            2022         2023 
                                                GBP'000         GBP'000      GBP'000 
---------------------------------------  --------------  --------------  ----------- 
 Profit after taxation                            1,274           2,258        4,637 
 Interest income                                  (111)            (11)         (53) 
 Interest payable                                    18              29           53 
 Taxation                                           274             682          383 
 Depreciation of property, plant 
  and equipment                                     316             354          643 
 Depreciation of leased assets                      326             289          617 
 Amortisation of intangible assets                1,457           1,432        2,871 
 Share based payments                               412              26           40 
 Exchange differences                                67           (719)        (516) 
---------------------------------------  --------------  --------------  ----------- 
 Operating profit before changes 
  in working capital and provisions               4,033           4,340        8,675 
---------------------------------------  --------------  --------------  ----------- 
 Decrease/ (Increase) in inventories                 31            (27)           14 
 Decrease/ (Increase) in trade and 
  other receivables                               1,540         (1,273)          505 
 Decrease in trade and other payables           (2,908)           (252)      (2,238) 
---------------------------------------  --------------  --------------  ----------- 
 Net cash generated from operating 
  activities                                      2,696           2,788        6,956 
---------------------------------------  --------------  --------------  ----------- 
 Taxation paid                                    (292)           (335)        (178) 
 Interest paid on lease liability                  (18)            (29)         (53) 
---------------------------------------  --------------  --------------  ----------- 
 Net cash from continuing operating 
  activities                                      2,386           2,424        6,725 
---------------------------------------  --------------  --------------  ----------- 
 
 Cash flows from investing activities 
 Purchase of property, plant and 
  equipment                                        (76)           (501)        (613) 
 Purchase of intangible fixed assets              (408)           (164)        (570) 
 Interest received                                  111              11           53 
 Net cash utilised in continuing 
  investing activities                            (373)           (654)      (1,130) 
---------------------------------------  --------------  --------------  ----------- 
 
 Cash flows from financing activities 
 Dividends paid                                       -               -      (1,959) 
 Principal elements of lease payments             (338)           (188)        (564) 
 Shares purchased for share ownership 
  plan                                            (103)            (72)        (120) 
 Net cash utilised in continuing 
  investing activities                            (441)           (260)      (2,643) 
 Increase in cash and cash equivalents            1,572           1,510        2,952 
 Cash and cash equivalents at the 
  start of the period                             5,740           2,840        2,840 
 Effect of exchange rate fluctuations 
  on cash held                                     (34)               8         (52) 
---------------------------------------  --------------  --------------  ----------- 
 Cash and cash equivalents at the 
  end of the period                               7,278           4,358        5,740 
---------------------------------------  --------------  --------------  ----------- 
 

Notes to the condensed consolidated interim financial statements

For the six months ended 30 September 2023

GENERAL INFORMATION

Eckoh plc is a public Company limited by shares and is incorporated in the United Kingdom and registered in England under the Companies Act 2006 (Company Registration number 03435822). The address of the Company's registered office is Telford House, Corner Hall, Hemel Hempstead, HP3 9NH.

Eckoh plc is a global provider of Customer Engagement Data Security Solutions.

These condensed consolidated interim financial statements for the six months ended 30 September 2023 comprise the Company and its subsidiaries (together the "Group").

   1.    Basis of preparation 

These condensed consolidated interim financial statements for the six months ended 30 September 2023 have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK. This report does not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 March 2023, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework" and applicable law).

The unaudited condensed consolidated interim financial information for the period ended 30 September 2023 does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The comparative figures for the year ended 31 March 2023 are extracted from the statutory financial statements which have been filed with the Registrar of Companies, on which the auditor gave an unqualified report, which made no statement under section 498(2) or (3) respectively of the Companies Act 2006 and did not draw attention to any matters of emphasis.

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 March 2023.

In reporting financial information, the Group presents alternative performance measures ("APMs"). The Directors consider that disclosing alternative performance measures enhances Shareholders' ability to evaluate and analyse the underlying financial performance of the Group. They have identified adjusted operating profit and adjusted EBITDA as measures that enable the assessment of the performance of the Group and assists in financial, operational and commercial decision-making. In adjusting for these measures, the Directors have sought to eliminate those items of income and expenditure that do not specifically relate to the underlying operational performance of the Group in a specific year.

These condensed consolidated interim financial statements were approved by the Board of Directors on 20 November 2023.

The accounting policies adopted in these interim financial statements are consistent with those of the previous financial year and the corresponding interims period.

Going concern

The Directors have, at the time of approving the condensed consolidated interim financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

New standards and interpretations not yet adopted

Amended standards and interpretations not yet effective are not expected to have a significant impact on the Group's consolidated financial statements.

   2.    Dividends 

The proposed dividend of GBP2.2m for the year ended 31 March 2023 of 0.74p per share was paid on 20 October 2023.

   3.    Earnings per share 

The basic and diluted earnings per share are calculated on the following profit and number of shares. Earnings for the calculation of earnings per share is the net profit attributable to equity holders of the parent.

 
                                                Six months      Six months        Year 
                                                     ended           ended       ended 
                                              30 September    30 September    31 March 
                                                      2023            2022        2023 
                                                   GBP'000         GBP'000     GBP'000 
------------------------------------------  --------------  --------------  ---------- 
 Earnings for the purposes of basic 
  and diluted earnings per share                     1,274           2,258       4,637 
------------------------------------------  --------------  --------------  ---------- 
 Earnings for the purposes of adjusted 
  basic and diluted earnings per share(1)            3,084           3,128       5,802 
------------------------------------------  --------------  --------------  ---------- 
 
   1.        Calculated using tax rate of 25% in all years 

Reconciliation of earnings for the purposes of adjusted basic and diluted earnings per share

 
                                              H1 FY24   H1 FY23      FY23 
                                              GBP'000   GBP'000   GBP'000 
-------------------------------------------  --------  --------  -------- 
 Earnings for the purposes of basic and 
  diluted earnings per share                    1,274     2,258     4,637 
 Taxation                                         274       682       383 
 Amortisation of acquired intangible 
  assets                                        1,237     1,237     2,473 
 Expenses relating to share option schemes        412       (6)        40 
 Exceptional legal and restructuring 
  costs                                           916         -       203 
-------------------------------------------  --------  --------  -------- 
 Adjusted profit before tax                     4,112     4,171     7,736 
 Tax charge based on standard corporation 
  tax rate of 25% (2023: 25%)                 (1,028)   (1,043)   (1,934) 
-------------------------------------------  --------  --------  -------- 
 Earnings for the purposes of adjusted 
  basic and diluted earnings per share          3,084     3,128     5,802 
-------------------------------------------  --------  --------  -------- 
 
 
                                              Six months      Six months        Year 
                                                   ended           ended       ended 
                                            30 September    30 September    31 March 
                                                    2023            2022        2023 
 Denominator                                        '000            '000        '000 
----------------------------------------  --------------  --------------  ---------- 
 Weighted average number of shares in 
  issue in the period                            292,909         292,893     292,893 
 Shares held by employee ownership plan          (2,608)         (2,062)     (2,338) 
----------------------------------------  --------------  --------------  ---------- 
 Number of shares used in calculating 
  basic earnings per share                       290,302         290,831     290,555 
 Dilutive effect of share options                 13,819          12,428       9,210 
 Number of shares used in calculating 
  diluted earnings per share                     304,121         303,259     299,765 
                                                                          ---------- 
 
 
                                        H1 FY23   H1 FY22    FY23 
 Profit per share                         pence     Pence   Pence 
 Basic earnings per 0.25p share            0.43      0.77    1.58 
 Diluted earnings per 0.25p share          0.42      0.74    1.55 
 Adjusted earnings per 0.25p share         1.05      1.07    1.98 
 Adjusted diluted earnings per 0.25p 
  share                                    1.01      1.03    1.94 
 
   4.    Subsequent events to 30 September 2023 

As at the date of these statements there were no such events to report.

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