Eckoh on track after strong first half

Eckoh said it was on track to meet expectations for the second half after its US business drove strong performance in the first six months of the year.

Gross profit, the company’s preferred measure, rose 25% to £11m in the six months to the end of September as revenue increased 10% to £14.8m.

The company, which sells secure payment products to business customers, swung to a £1.5m pre-tax profit from a loss of £200,000 a year earlier.

Revenue in the US rose 28% to $7m (£5.3m) while revenue fell 1% to £9.4m in the UK. Eckoh said it was targeting the US for growth.

Eckoh sells products that help businesses take payments securely to reduce the risk of fraud and preserve sensitive data as well. It also offers “contact solutions” that improve companies’ dealings with their customers.

Nik Philpot, Eckoh’s chief executive, said: "The clear progress we have made in the US in a short period of time, combined with the size of the opportunity in that market, continues to support our belief that it will surpass the UK.

“As we enter the second half, taking into account the contracts we have already won so far this year, and the strong near-term sales pipeline, we are anticipating a second half in line with current expectations."