Full year results 2022
News & Insights
15 Jun 2022
News & Insights
15 Jun 2022
Group and US ARR growing strongly; transformational Syntec acquisition progressing well; expectation of material growth in FY23
Eckoh plc (AIM: ECK), the global provider of Customer Engagement Security Solutions, is pleased to announce results for the twelve months to 31 March 2022.
|£m unless otherwise stated||FY22||FY21||Change|
|US Secure Payments ARR ($m) 1||11.9||6.5||+82%|
|Total ARR 1||25.2||17.0||+48%|
|Adjusted EBITDA 2||6.8||6.4||+7%|
|Adjusted operating profit 3||5.2||4.7||+10%|
|Profit before taxation||2.3||3.5||(34%)|
|Adjusted earnings pence per share||1.57||1.49||+5%|
|Adjusted diluted earnings pence per share||1.34||1.45||(*%)|
Current trading and Outlook
Nik Philpot, Chief Executive Officer, said:
"Eckoh has made significant progress in the last 12 months. We have shown the resilience of our business model, with growth in revenue and operating profit and improved quality of earnings with the completed exit from our Support activity. Our momentum is underpinned by fast-growing recurring revenues, with an excellent performance in our US business and a return to growth in the UK.
We successfully completed the transformational acquisition of Syntec, which enhanced our position as the largest provider in our industry. The integration is progressing well and our unified product suite will extend our market-leading position in Customer Engagement Security Solutions. Our new multi-platform, cloud delivery has created differentiation within our industry by offering greater customer choice, enabling us to deliver our services efficiently and at scale, and address significantly larger and global mandates.
We have started the year strongly, and looking ahead the Board expects FY23 revenue and profits to be significantly higher than FY22, reflecting our ongoing organic growth, continued momentum in the US market, a sustained recovery in UK trading, and the integration of Syntec. In addition, we expect our progress to be supported by long-term structural growth drivers and increasing cloud adoption, coupled with the benefits of new products and operational gearing."
ARR is the annual recurring revenue of all contracts billing at the end of the period. Included within Group ARR is all revenue that is contractually committed and an element of UK revenue that has proven to be repeatable, but not contractually committed.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) are the profit before tax adjusted for depreciation of owned and leased assets, amortisation of intangible assets, expenses relating to share option schemes, restructuring costs and transactional costs.
Adjusted operating profit is the profit before tax adjusted for amortisation of acquired intangible assets, expenses relating to share option schemes, restructuring and transactional costs