Eckoh has provided an FY24 trading update which reflects strong progress in new business, renewals, up and cross-selling. Eckoh’s high level of multi-year renewals provides excellent forward revenue visibility and the move to the cloud supports further margin improvement. FY24E revenues are now expected to be c.£37.2m (SCMe: £39.6m) while both adj Operating Profit and Net Cash are expected to be marginally ahead of market expectations. Eckoh is finding favour in the key North America market with a number of notable new wins highlighted in a Feb’24 RNS. We stay at a Buy with our TP implying 100%+ upside.
