TIDMPCIP
RNS Number : 6986I
PCI-PAL PLC
09 August 2023
9 August 2023
PCI-PAL PLC
("PCI Pal", "the Company" or "the Group")
Trading Update
Strong growth momentum continues - driven by excellent H2 new
business
sales performance and continued high retention rates
PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure
payment solutions for business communications, is pleased to
announce a trading update for the year ended 30 June 2023
("FY2023").
The Board anticipates full year results to be in line with the
Board's expectations, with revenue growth of approximately 25% to
GBP14.9m (2022: GBP11.9m) and adjusted loss before tax for the year
estimated to be approximately GBP2.3m (2022: GBP2.9m).
As anticipated at the interims, the Company had a very strong
H2, signing GBP2.7m of new contracts, allowing us to record total
new business ACV sales for the year of GBP4.2m, a 21% increase on
FY2022. Of the new business in the year, GBP3.5m was from net new
logo sales, a 49% increase on the prior year.
Supporting these key growth indicators, PCI Pal's retention
metrics continue to perform well with gross revenue retention (GRR)
for the year at over 95%.
The Group finished the year with net cash of GBP1.2m (2022:
GBP4.9m) having spent GBP2.0m on the on-going patent case in the
year. The Company generated a positive cashflow in H2 of FY2023,
before the costs of the patent case. The Group has GBP4.2m of
available finance (2022: GBP4.9m) which includes an undrawn GBP3.0m
revolving credit facility with its bank HSBC.
Unfounded Patent Case Update
Investors are referred to the Company's patent case update
included in its trading update released on 24 May 2023. As
indicated, the UK trial was held across eight days from 12 June
2023. We are now waiting for the judge's ruling and, once it is
received, we will update the market accordingly.
The FY2023 results date will be confirmed once the ruling is
received.
Commenting on FY2023, James Barham, Chief Executive Officer of
PCI Pal, said:
"PCI Pal has delivered another strong year. We have again proven
the effectiveness of our strategy to be the market leader in secure
payment solutions for the business communications space.
"I am particularly pleased with the excellent H2 new business
sales achieved. We continue to drive a strong mix of run-rate small
to mid-market size new logo wins, as well as numerous new
enterprise-class contracts particularly in the US, where we are
experiencing significant sales momentum both via our partner
eco-system and direct channel.
"We remain highly confident in our position on the unfounded
patent claim being brought against us by a competitor, and we look
forward to the UK court's ruling in the near future.
"Overall, the Board is very pleased with the momentum being
shown by the business and we look ahead with confidence to
FY2024."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
For further information, please contact:
PCI-PAL PLC Via Walbrook PR
James Barham - Chief Executive
Officer
William Good - Chief Financial
Officer
finnCap (Nominated Adviser and
Broker) +44 (0) 20 7227 0500
Marc Milmo/Simon Hicks (Corporate
Finance)
Sunila De Silva (Corporate Broking)
Walbrook PR +44 (0) 20 7933 8780
Tom Cooper/Nick Rome +44 (0) 797 122 1972
PCIPAL@walbrookpr.com
About PCI Pal:
PCI Pal is a leading provider of Software-as-a-Service ("SaaS")
solutions that empower companies to take payments from their
customers securely, adhere to strict industry governance, and
remove their business from the significant risks posed by
non-compliance and data loss. Our products secure payments and data
in any business communications environment including voice, chat,
social, email, and contact centre. We are integrated to, and resold
by, some of the worlds' leading business communications vendors, as
well as major payment service providers.
The entirety of our product-base is available from our global
cloud platform hosted in Amazon Web Services ("AWS"), with regional
instances across EMEA, North America, and ANZ.
For more information visit www.pcipal.com or follow the team on
Linkedin: https://www.linkedin.com/company/pci-pal/
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END
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