AIM-listed secure payments firm Eckoh (LON:ECK) saw its share price rise by 9.40% to 64p (as of 15:05 BST) as revenues for the year ended 31st March improved by 16%. Pre-tax profits for the period were up by 171% and management said that they were well placed to endure the COVID pandemic due to a high level of recurring revenues and a record order book.
CEO Nik Philpot commented: “Eckoh had an excellent performance in the year, with double digit revenue and profit growth as well as record order levels for a second year running. Both UK and US Operations delivered growth and we remain market leader in the US for Secure Payments with revenue growing substantially to over $8m.
“Eckoh’s product portfolio can help organisations to respond positively to the challenging times ahead, so we can assist both new and existing clients to fulfil their fast-evolving requirements. Furthermore, the strength of Eckoh’s performance, business model, market position and high recurring revenues, combined with our robust balance sheet and liquidity, means we are well placed to manage the impact of COVID-19, and we look forward to further progress in the year ahead“.