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Payment services provider Eckoh reported flat a rise in annual profit as cost cuts helped offset a fall in revenue. For the year ended 31 March 2021, pre-tax profit rose 6% to £3.5 million as revenue fell 8% to £30.5 million year-on-year.
'From March 2020 and then throughout the year there has been prudent cost control, which included a freeze on new hires where appropriate, postponing salary increases and limiting discretionary spend,' the company said.
Looking ahead, the company said it expects revenue and profit for FY22 to be comparable to FY21, and material year-on-year revenue and profit growth in FY23.
'These expectations are subject to no further lockdowns in the UK or US, and ongoing uncertainty in the macro-economic climate because of the COVID-19 pandemic,' it added.