Hargreaves Lansdown

Eckoh's US secure payments unit outperforms prior year comparatives

Tue 30 March 2021 09:20 | A A A

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(Sharecast News) - Secure payments provider Eckoh said on Tuesday that it had won $11.6m worth of new contracts in the US so far in the current trading year.

Despite what the company called a "very challenging trading period" at the outset of the year, Eckoh stated it had now signed $9.3m of new contracts since the beginning of September, taking new contract value for its US secure payments unit so far this financial year to $11.6m - comfortably exceeding last year's total of $10.7m.

The AIM-listed group also highlighted that the number of individual contracts won in the year was also the highest since it had entered the US market.

Eckoh stated it had also seen "a significant positive swing" in the number of contracts won and delivered through its cloud platforms, a trend accelerated by the circumstances of the pandemic.

Chief executive Nik Philpot said: "The excellent performance of Eckoh's US secure payments business has been very satisfying, as it was one of the hardest hit in the first few months of the pandemic. Despite those challenges, with record numbers of contracts signed and new contract value beating last year's total, this clearly illustrates Eckoh's momentum in the attractive secure payments market.

It has also been great to see our commitment and investment into new sales channels paying dividends with significant sized deals coming through new partners, as well as our long-standing partnerships continuing to deliver high-quality contracts. We anticipate that the share of channel revenue will steadily increase over the coming years as the number of relationships we have grows and the penetration of those partners into their specialist areas builds."

As of 0915 GMT, Eckoh shares were up 9.92% at 70.90p.

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