Eckoh held a teach-in on its US business yesterday, which also gave us the opportunity to meet the US management team. The event depicted a buoyant demand background in the US and it’s clear that Eckoh’s opportunities are significant. There appears to be a positive change in demand appetite and there remains little competition in the space. The group’s patents, implementation experience and presence on the ground provide areas of differentiation and barriers to entry. All of this is feeding into what looks to be a very healthy US pipeline, no doubt helped by the recent successful deployments in some very large enterprises (Fortune 50 US insurance company, Fortune 500 US financial services) which provide strong references. Outside of the secure payments space, the group also talked about some of its significant opportunities with a browser-based agent desktop tool, Coral. We are excited about the group’s growth prospects, which combined with very high levels of recurring revenues (76% of total revenues in year to Mar’17) make the shares highly attractive.