Secure payments specialist Eckoh PLC (LON:ECK) maintained its full-year guidance after a confident start to its financial year – one in which operating profits grew 235%.
“Our strong first half, excellent revenue visibility and ongoing investment in our market-leading products, provides a robust platform for the full year outturn and reinforces our confidence in the positive long-term outlook for the group," said chief executive Nik Philpot.
The group enjoyed significant commercial traction in the US, where revenues doubled and it landed a deal with an unnamed Fortune 100 retailer.
For the group as a whole, turnover was ahead 37% at £18mln in the six months ended September 30, giving a three-fold lift to operating profit, which was £3.4mln.
Total business was up 15% to a record £19.4mln, while deferred income, a proxy measure for new business wins, also advanced.
The company ended September with net cash of almost £11mln.
CEO Philpot said the company will continue to focus its efforts on the States, where increased regulation and fines for “non-compliance” are creating the ideal conditions for the business.
“In the US we continue to benefit from our market leading position in secure payments, with revenues doubling, a record order book, and an increasing number of large enterprises successfully deployed,” he added.
“We expect attractive macro drivers to support future growth, as corporates face significant risks and costs if they do not comply with tougher regulations.”
The firm provides secure payments and customer contact technology, specialising in card-not-present transactions where goods or services are paid for over the phone.
It processes around £800mln in card payments every year for its customers.