Eckoh PLC (LON:ECK) has confirmed that trading for its latest financial year has been in line with market expectations with “robust” operating profits despite the challenges of the Coronavirus (COVID-19) pandemic.
In a trading update for the year ended March 31, the payment products and customer contact solutions provider reported that operating profit in the period had “slightly exceeded” last year’s figure of £4.7mln, which it said reflected particularly strong growth in its US secure payments business, as well as a “resilient” performance in the UK despite trading conditions being impacted by lockdown measures.
READ: Eckoh encouraged by bounce-back in its US Secure Payments business
Eckoh also reported orders for the year of £30.7mln, which although lower than the record £35.9mln total for the previous year was considered “an excellent outcome given the continued disruption and uncertainty in market conditions”.
Looking ahead, the company said it expects revenues and profits for its current year to be comparable to the previous year, with “material year-on-year revenue and profit growth” in 2023 assuming a return to normal trading activity in the UK and ongoing momentum in the US secure payments business as well as cloud adoption and the firm’s strengthened partner offering.
The group added that it has seen “strong cash generation” during the year and retains a robust balance sheet with total cash of £12.7mln at the end of the period.