Secure payments group Eckoh (ECK) delivered a solid set of numbers for the year to March 2019. Revenues rose 5 per cent to £28.7m, helped by a return to growth in the UK after a restructuring of the region’s sales function.
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True, adjusted cash profits dived 16 per cent to £4.3m, but this stemmed from a planned increase in headcount and investment in sales, marketing and IT. Owing to new accounting rules, such costs were incurred ahead of the recognition of deferred revenues.
More positively, contracted new business – excluding renewals – climbed by nearly half to £22.6m. What's more, recurring revenues constituted 83 per cent of the total top line.
