Escher sees revenue leap by a third

Escher Group Holdings, a provider of outsourced, point-of-service software to the postal industry, has secured a number of contract wins in the first half of the year, pushing revenue up by around a third, ahead of budget.

Income for the first half is set to come in at around $8.7m compared to $6.5m the same period the previous year.

The firm has continued to make investments, including hiring 25 new employees, and to progress with its provision of services to its customers, which has meant costs were also ahead of budget.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Interest in its products remains high, the group said, and the board remains confident of closing additional new business in the second half and expects profit for the full year to be in line with market expectations.

Chief Executive Officer Liam Church said: "Sales of systems to new customers continues to lead our revenue mix, and the associated recurring income will become an increasingly material component of our revenues. We delivered a strong first half performance and we remain confident about the outlook for the rest of the year."

The share price rose 0.68% to 220.50p by 08:47.

NR