Eckoh PLC Trading Update (8756N)

TIDMECK

RNS Number : 8756N

Eckoh PLC

14 May 2018

14 May 2018

Eckoh plc

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

Trading Update

Eckoh, the global provider of secure payment products and customer contact solutions, today issues a trading update for the year ended 31 March 2018.

The Board of the Company confirms that trading for the year ended 31 March 2018 was in line with market expectations, with growth in revenues, margin and profit.

The Company continues to make good progress in the US, with strong momentum in the Secure Payments business. The US Secure Payments order book continued to build, with new contract wins totalling $9.3m in the 12-month period (2017: $8.3m). US Secure Payments revenues more than doubled during the period. As previously announced, during the year we won a four-year contract to provide our Secure Payments solution (CallGuard) to a US Fortune 250 retailer and secured a partnership with a US global payments solutions company.

In the UK, in more challenging market conditions, we have started to see the benefits of our restructured UK sales function and renewed focus on larger, more strategic accounts. As previously announced, the Company has secured several sizeable contract wins across the payments, insurance, healthcare and mobile telecoms sectors since half year results in November 2017. As a result, we have won significantly more contracts in the UK in the second half of the financial year than in the first, revenues from which will start to feed in to this current year.

Eckoh's balance sheet remains robust with net cash of GBP3.6m at the period end (2017: GBP0.2m).

The Group has a strong pipeline and is seeing an increasing number of larger-scale opportunities at the enterprise level. We expect the introduction of European GDPR from 25 May 2018 to present further opportunities for Eckoh, as US organisations as well as those in the UK seek to comply with EU consumer data regulations.

The Group will report its audited results for the year ended 31 March 2018 on Wednesday 13 June 2018.

For further information please contact:

 
 Eckoh plc 
 Nik Philpot, Chief Executive Officer            Tel: [phone] 
                                                            300 
 Chrissie Herbert, Chief Financial Officer 
 www.eckoh.com 
 
 FTI Consulting LLP                          Tel: [phone] 
 Ed Bridges / Jamie Ricketts / Emma Hall 
  / Darius Alexander 
 [e-mail] 
 
 N+1 Singer (Nomad & Joint Broker) 
 Shaun Dobson, Lauren Kettle                 Tel: [phone] 
 www.n1singer.com 
 
 Berenberg (Joint Broker) 
 Ben Wright, Chris Bowman, Mark Whitmore     Tel: [phone] 
 www.berenberg.de/en 
 

About Eckoh plc

Eckoh (AIM: ECK) is a global provider of secure payment products and customer contact solutions, supporting an international client base from its offices in the UK and US.

Our secure payments products, which include the patented CallGuard, can be hosted in the Cloud or deployed on the client's site and remove sensitive personal and payment data from contact centres and IT environments. The products 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, processing over $1bn in card payments annually.

Eckoh's customer contact solutions enable enquiries and transactions to be performed on whatever device the customer chooses, allowing organisations to increase efficiency, lower operational costs and provide a true Omni-channel experience. We also assist organisations in transforming the way that they engage with their customers by providing support and transition services as they implement our innovative customer contact solutions.

Our large portfolio of clients come from a broad range of vertical markets and includes government departments, telecoms providers, retailers, utility providers and financial services organisations. More information at www.eckoh.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 14, 2018 02:00 ET (06:00 GMT)