Eckoh PLC (AIM:ECK, OTC:EKTPF) chief executive Nick Philpot said its future looks bright and sees a return to stronger growth next year and beyond, amidst “clear signs that our UK business is now very much in recovery”.
Philpot, in Eckoh’s half-year results, also highlighted an exciting opportunity for expansion in its US Secure Payments business which is becoming “a truly global proposition”.
"The last 18 months have highlighted the resilience of our business and we have used this period as an opportunity to make structural and strategic changes to our operations that will give us an even stronger platform for future, profitable growth,” Philpot said.
"We have successfully concluded the planned exit from our third-party Support activity, meaningfully reduced direct costs by further optimising our operations, and continued to progress in enhancing our Secure Payments offering and extending the reach of our SaaS Cloud proposition."
The financial results were described as in line with board expectations.
Results for Eckoh’s continuing business saw revenue up 3% at £14.4mln, including £10.5mln of revenue which marked a 7% improvement. Adjusted operating profit rose by 18% to £2.5mln.
IFRS results, which include the exited support business unit, saw a 6% decline in year-on-year revenue and gross profit was down 8%.
Profit after tax amounted to £1.9mln and the company ended the six month period with £12.7mln of net cash.