Eckoh signs record GBP45 million in new deals and contract renewals

(Alliance News) - Eckoh PLC on Tuesday said it has inked a record amount in contracted business in the year-to-date.

Shares in Eckoh rose 7.0% to 45.49 pence each in London on Monday morning.

Eckoh is an Abingdon, England-based supplier of technology and services to the education sector.

The firm said it contracted a record level of business totalling GBP24.6 million in the six months to September 30.

It has also received an additional GBP20 million so far in the second half of the financial year, with GBP18 million having been contracted from new business. Total contracted business for the year-to-date currently stands at GBP45 million.

Eckoh said that new UK wins include a three-year contract with a large UK-based media and telecommunications provider for voice and chat security worth GBP2.3 million.

It also noted significant contract renewals, including a three-year renewal with "one of the largest North American insurance groups", it said.

Looking ahead, the firm said new business and contract renewals underpin its grow the expectations for the financial 2025.

Chief Executive Officer Nick Philpot said: "At our interim results we highlighted that we had achieved a record level of total contracted business mainly due to several excellent long-term renewals, but that in the second half we expected this record level to be driven more by new contracted business. It is pleasing to see the new business coming through as we anticipated, and this activity, alongside the strong level of contract renewals in the year to date, underpin our growth expectations for the next financial year. We have other exciting new business opportunities that remain well progressed and the board is hopeful that further contracts will close before the end of our financial year in 31 March 2024.

"We are seeing excellent strategic progress with the record levels of contract wins, increased levels of cross-selling and upselling, and continued growth in the proportion of cloud-delivered revenue. We are confident that Eckoh is well placed to consolidate our market leading position by assisting enterprises with the significant challenges that they are facing globally to keep their customers' data and engagement secure."

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.