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Eckoh sees flat annual performance for 2022, but expects material improvement in 2023
StockMarketWire.com
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Payment services provider Eckoh forecast flat annual performance for fiscal 2022, but expects a material improvement in 2023 as the impact of the Covid-19 pandemic subsides.
'The board expects revenue and profit for FY22 to be comparable to FY21, and material year-on-year revenue and profit growth in FY23,' the company said.
'FY23 guidance for material growth reflects an anticipated return to normal UK trading activity, ongoing momentum in US secure payments...,' it added.
The update comes after performance in for the year ended 31 March 2021, met market expectations.
Operating profit for the year slightly exceeded last year's total of £4.7 million.
The uptick in operating profit was driven by strong growth in 'our US secure payments operation, which grew by more than 50% and now accounts for nearly 80% of total US revenues, and a resilient UK performance despite the trading conditions continuing to be impacted by the ongoing lockdown,' the company said.
At 9:53am: (LON:ECK) Eckoh PLC share price was 0p at 66.5p
Story provided by StockMarketWire.com
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