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Full Year Results - for year ended 31 March 2018
Wednesday, 13 June 2018

Results in line with expectations, with continued growth and strong US payments momentum

Eckoh plc Trading Figures On Tablet Screen

Eckoh plc (AIM: ECK), the global provider of secure payment products and customer contact solutions, is pleased to announce its final results for the year to 31 March 2018.

£m unless otherwise stated FY18 FY17 Change
Revenue 30.0 29.1 3%
Recurring Revenue % [1] 76% 76% -
US revenue mix % 37% 33% +400 bps
Gross profit 22.9 20.3 13%
Adjusted EBITDA [2] 6.5 5.8 13%
Adjusted operating profit [3] 5.3 4.3 22%
Adjusted operating profit margin 17.7% 14.8% 290 bps
Profit before taxation 2.4 1.6 61%
Diluted Earnings per share 1.03p 0.56p 84%
Proposed Full Year Dividend per share 0.55p 0.48p 15%
Net Cash 3.6 0.2 n.m.

Strategic highlights:
• Full year results in line with market expectations
• Growth in revenues, margin and profit
• US revenues up 16%, or 32% at organic local currency, representing 37% of Group revenues
• Excellent progress in US Secure Payments with revenues up 179% to $6.7m (FY17: $2.4m)
  o 12 payment contracts won worth $9.3m (FY17: nine contracts worth $8.3m)
  o Unrecognised payments revenue of $9.7m (FY17 $6.5m); encouraging pipeline for 2018
  o Two new 20-year patents awarded, underpinning all US payments revenue
• Year of transition in the UK
  o Restructured UK sales function and focus on larger strategic accounts bearing fruit
  o More than twice the number of contracts won in H2 compared to H1
  o Strong order book offering renewed momentum

Financial highlights:
• Revenues up 3% to £30.0m, or 7.6% at organic constant currency4
• Gross profit increased 13% to £22.9m (FY17: £20.3m)
• Adjusted operating profit3 up to £5.3m (FY17: £4.3m)
• Profit before taxation £2.4m (FY: £1.6m)
• Balance sheet significantly strengthened with net cash of £3.6m (FY17 £0.2m)
• Increased proposed final dividend of 0.55p per share (FY17: 0.48p)

Current Trading:
• Two three-year UK contracts worth a combined £1.3m won in the insurance sector since period end
• Four-year US payment contract win worth $1.1m with large healthcare company since period end
• Significant increase in interest in Omni-channel offering and Chatbot technology

Nik Philpot, Chief Executive Officer, said: "Eckoh is at the forefront of contact centre security and innovative customer engagement – two highly complementary propositions that drive long-term benefit for our customers. This is reflected in our performance, with growth in revenues, profit and margin. Our momentum in US Payments is particularly pleasing, where we are the market leader in contact centre security.

"In US Payments, given the size of the market opportunity, the quality of our patented products and the limited competition, we expect to see strong US growth over the coming years. After a year of transition, the UK operation has made good progress and is expected to return to growth this year. With the Group continuing to scale recurring revenues, and with our strong pipeline the Board remains confident in Eckoh's long-term prospects and continued growth in the year ahead."

Download  RNS as PDF

Download  Accounts PDF

Download the  Presentation for Eckoh's Results Mar2018

For more information contact: This email address is being protected from spambots. You need JavaScript enabled to view it.

About the Author

Chrissie Herbert

Chrissie Herbert

Chief Financial Officer Chrissie joined the company in May 2017 from PayPoint plc, the FTSE 250 retail technology and multi-channel payment solutions business. Her career has brought significant industry insights and experience from one of the leading global secure payments companies. In addition, having qualified as a Chartered Accountant at KPMG, Chrissie has considerable executive experience at a number of high growth, consumer facing businesses including Collect+, a fast-growing joint venture between PayPoint plc and Yodel and Travelodge Hotels Ltd.
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