Secure payment specialist Eckoh PLC (AIM:ECK, OTC:EKTPF) said its operating profit for the year just gone will be 5% ahead of market consensus as it added that it expects to see ‘material growth’ in 2023.
The update was provided in a trading statement ahead of the release of prelims for the 12 months ended March 31, which will show the top line grew in line with forecasts.
Eckoh said the performance reflected ‘strong progress’ in its US secure payments operation, and a ‘resilient’ performance in the UK. US annual recurring revenues were 60% higher than last year.
The group exited the year with a better than expected £2.8mln in the bank. While this represented a sharp decrease in its cash balance from £11.7mln a year earlier, Eckoh pointed out that its December acquisition of Syntec was part-funded from its own reserves.