Shares in AIM-listed payment products firm Eckoh (LON:ECK) declined by 6.77% to 62p (as of 16:10 GMT) as revenues for the six months ended 30th September tumbled 13%. Profits after tax were flat and management said that they expect that this will also be the case for the full year.
CEO Nik Philpot commented: “In this challenging trading period Eckoh delivered a robust performance, in line with our expectations, generating comparable levels of profit to last year, which reflects the resilience of our business. I would like to thank everyone at Eckoh for this performance. All of our team have adapted extremely well to the challenges presented by COVID-19, they’ve been committed and highly effective, despite the difficult conditions of recent months.
“Our high levels of recurring revenue, a solid order book, enterprise clients, a strong balance sheet, and prudent cost control have enabled us to manage the impact of the pandemic effectively. With a strong sales pipeline, we look to the future with confidence“.