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Interim results for the six months ended 30 September 2019
Tuesday, 19 November 2019

Unaudited interim results for the six months ended 30 September 2019

Interim results 2019 900

Eckoh plc (AIM: ECK), the global provider of secure payment products and customer contact solutions, is pleased to announce unaudited results for the six months to 30 September 2019. 

                                                                          H1 FY20 1            H1 FY19                    Change            
Revenue 18.0 13.1 37%
Gross profit 14.2 11.0 29%
Adjusted EBITDA 2 4.2 1.6 161%
Adjusted Operating Profit 3 3.4 1.0 235%
Profit / (loss) before taxation 2.6 (0.2) n.m.
Diluted earnings pence per share 0.78p (0.07p) n.m.
Net cash 10.9 3.4 +7.5
Total business contracted 4 19.4 16.8 15%
New business contracted 5 11.8 14.2 (17%)

Financial highlights

  • Strong first half; full year expectations unchanged
  • Double digit revenue growth in both the UK and US, with revenues up 37% (33% at constant exchange rates6)
    o UK up 11%: driven by new business deployed and clients’ transactional volume
    o US up 104%: growth in all channels, Secure Payments, Support and Coral; includes $2.1m revenue for Coral licenses as part of $3.8m contract win announced in July 2019
  • Recurring revenue 7 up 12% to £12.8m (H1 FY19 £11.4m), representing 79% of total revenues excluding the Coral contract (H1 FY19: 87%)
  • Adjusted EBITDA increased strongly by 161% to £4.2m (H1 FY19 £1.6m)
  • Deferred revenue 8 grew to £15.2m (H1 FY19: £12.7m), reflecting business wins and impact of IFRS 15
  • Record total business contracted, up 15% to £19.4m, with growth in both the UK and US.

Strategic highlights

  • US Secure Payments growth driven by large deployments, increased regulation and fines for non-compliance
    o Revenue doubled
    o Order book up 24% to $26.9m (H1 FY19: $21.7m)
  • Innovation supporting new business wins
    o Extending Contact Centre security into the Cloud – largest Cloud deal won to date
    o Digital transformation opportunities via the Eckoh Experience Portal driving UK pipeline
    o First major contract for ChatGuard in the US (post period end)
  • Significant US Secure Payment contract wins since period end including a Fortune 100 retailer.

Nik Philpot, Chief Executive Officer, said: “The first half of Eckoh’s 2020 financial year has been extremely positive, with strong growth in revenue and profit in the UK and US. Our total contracted business performance was our highest ever, which is pleasing given the same period a year ago included our largest US contract to date at $7.4 million. This performance underlines the strong momentum within the business.

In the US we continue to benefit from our market leading position in Secure Payments, with revenues doubling, a record order book, and an increasing number of large enterprises successfully deployed. We expect attractive macro drivers to support future growth, as corporates face significant risks and costs if they do not comply with tougher regulations.

Our strong first half, excellent revenue visibility and ongoing investment in our market-leading products, provides a robust platform for the full year outturn and reinforces our confidence in the positive long-term outlook for the Group.”

1.H1 2020 results have been prepared under IFRS 16: Leases. Prior period comparatives have not been restated.H1 2020 results have been prepared under IFRS 16: Leases. Prior period comparatives have not been restated.

2. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) is the profit before tax adjusted for depreciation, amortisation, finance income, financeexpense, legal fees and settlement costs and expenses relating to share option schemes.

3. Adjusted operating profit is the profit before tax adjusted for finance income, finance expense, legal fees and settlement costs and expenses relating to share option schemes.

4. Total business contracted includes new business from new clients, new business from existing clients as well as renewals with existing clients

5. New business contracted excluding renewals with existing customers.

6. Constant currency (using last year exchange rates).

7. Recurring revenue is defined as on-going revenue on a transactional basis, rather than revenue derived from the set-up and delivery of a new service or hardware.

8. Deferred revenue is defined in IFRS 15: Revenue from Contracts with Customers as contract liabilities.




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