Search Share Prices
Eckoh profits driven by 'pleasing' US momentum
Secure payments provider Eckoh saw profits leap ahead in its last year trading year as a result of "pleasing" momentum at its US contact centre business.
US sales jumped 32% in US dollar terms; however, the pound's recent return to form cut sales growth to 16%.
Eckoh reported a 179% rise in US secure payments revenues to $6.7m and revealed an "encouraging pipeline for 2018" with $9.73 of unrecognised payments ready to go.
Back in the UK, Eckoh's root and branch overhaul of its sales activity, which saw it set its sights on larger accounts, led to 3% rise in group sales for the year ended 31 March to £30m.
As a whole, pre-tax profits improved 61% year-on-year to £2.4m and net cash soared from £200,000 to £3.6m.
Eckoh posted a final the dividend of 0.55p, an 18% increase and a diluted earnings per share 84% ahead of the previous year at 1.03p.
Nik Philpot, Eckoh's chief executive, said, "Our momentum in US Payments is particularly pleasing, where we are the market leader in contact centre security."
"In US Payments, given the size of the market opportunity, the quality of our patented products and the limited competition, we expect to see strong US growth over the coming years," added Philpot.
As of 1000 BST, Eckoh shares had lost 6.75% to 39.40p.