6
February 2024
Eckoh plc
("Eckoh",
the "Group", or the "Company")
New Business
Update
- Record total contracted
business of £45m already signed by the end of
January
- Over £20m of total
contracted business won to date in H2 FY24
- New contracted business in
H2 FY24 includes over $12m in North America
Eckoh plc (AIM: ECK), the global
provider of Customer Engagement Data Security Solutions, today
announces an update on total contracted business1 and
new contracted business2 achieved in H2 FY24 by the end
of January.
In the first half ended 30 September
2023, Eckoh contracted a record level of business totalling £24.6m.
The Group is pleased to report that the strong levels of contract
wins has continued in H2 with over £20m of additional contracted
business closed since 1 October 2023. With two months still
remaining to our financial year end, we have already exceeded the
highest ever order intake for a single year with record total
contracted business of £45m year-to-date, of which c.£18m is new
business.
As outlined in the interim results
announcement on 21 November 2023, the closure of several sizable
enterprise deals where Eckoh was the chosen supplier had shifted
into H2. A number of these contracts have now been signed. This has
led to £12m of new contracted business signed to date in H2, of
which £9.9m ($12.3m) is in North America. Once these new contracts
are implemented during the first half of our new financial year,
this will lead to a meaningful uplift in our exit ARR as at 30
September 2024.
The new North American enterprise
wins include:
· a
5-year contract with a US travel technology company that has
multiple global on-line brands in its portfolio;
· a
5-year healthcare contract with a leading US homecare
business;
· a
3-year contract with one of the largest paediatric organisations in
the US; and
· a
3-year contract with a Fortune 500 office supplies
retailer
In line with our strategy these
contracts are for multiple products and are cloud-delivered
solutions, while two were won in competitive tender
processes.
The new UK wins include a 3-year
contract with a large UK-based media & telecommunications
provider for voice and chat security worth £2.3m (of which £0.8m is
a renewal of an existing service that has migrated to the
cloud).
In H2 there have also been some
notable contract renewals, including a 3-year renewal with one of
the largest North American insurance groups, which will see their
service migrate to the cloud. We have also renewed for five years
with one of the largest global cruise operators that is a
longstanding client, which again involves a cloud
migration. The move from on premise solutions to
cloud-based deployments is an increasing trend and supports our
strategic objectives to increase the share of cloud-generated
revenue and cross-sell additional solutions to our clients from our
comprehensive Secure Engagement Suite for enterprise contact
centres.
Nik
Philpot, Chief Executive Officer, 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."
Notes:
1Total
contracted business includes new business from new clients and from
existing clients as well as renewals with existing
clients.
2New
contracted business includes new business from new clients and
existing clients.
For
more information, please contact:
Eckoh plc
|
Tel: 01442 458 300
|
Nik Philpot, Chief Executive
Officer
|
|
Chrissie Herbert, Chief Financial
Officer
|
|
www.eckoh.com
|
|
|
|
FTI
Consulting LLP
|
Tel: 020 3727 1017
|
Ed Bridges / Emma Hall / Valerija
Cymbal / Emily Bowen
|
|
eckoh@fticonsulting.com
|
|
|
|
Singer Capital Markets (Nomad & Joint
Broker)
|
Tel: 020 7496 3000
|
Shaun Dobson / Tom Salvesen / Alex
Bond / Angus Campbell
|
|
www.singercm.com
|
|
|
|
Investec Bank plc (Joint Broker)
|
Tel: 020 7597 5970
|
Patrick Robb / Nick Prowting /
Shalin Bhamra
|
|
www.investec.com
|
|
About Eckoh plc
As a global provider of Customer
Engagement Data Security Solutions, Eckoh is all about making the
world of data more secure.
Our vision is that everyone should
be able to trust every brand and engage without risk to their
personal information. We're on a mission to set the standard for
secure interactions between consumers and the world's leading
brands, and our innovative products build trust and deliver value
though exceptional experiences.
We're trusted by many of the world's
leading brands to help them manage the personal data from customer
enquiries and transactions safely. Our solutions enable payment
transactions to be performed securely and help protect sensitive
personal data across any customer engagement channel and device the
customer chooses.
Protected by multiple patents, our
solutions remove sensitive personal and payment data from contact
centres and IT environments, as the best way to secure data is not
to collect it. This allows organisations to be not just compliant but
secure, increase efficiency, lower operational costs, and provide
an excellent customer experience. This is our
specialism.
Our solutions are delivered globally through multiple cloud platforms
or can be deployed on the client's site. They offer merchants a
simple and effective way to reduce the risk of fraud, secure
sensitive data and become compliant with the Payment Card Industry
Data Security Standards ("PCI DSS") and wider data security
regulations. Eckoh has been a PCI DSS Level One Accredited
Service Provider since 2010, and our extensive portfolio of
typically large enterprise clients spans a broad range of vertical
markets including government departments, telecoms providers,
retailers, utility providers and financial services
organisations.
For more
information go to www.eckoh.com or email MediaResponseUK@eckoh.com.