TIDMPCIP
RNS Number : 2072P
PCI-PAL PLC
09 October 2019
PCI-PAL PLC
('PCI Pal', 'the Company' or 'the Group')
Final Results
Significant Sales Growth and Channel Partnerships Delivering
PCI-PAL PLC (AIM: PCIP), the customer engagement specialist that
secures and protects payment card data for companies handling
payments by phone, is pleased to announce full year results for the
year ended 30 June 2019 (the "Period").
Financial Highlights
-- Revenue increase of 40% to GBP2.82 million (2018: GBP2.01 million)
-- Gross margin increased to 60.2% (2018: 42.6%) reflecting the
transition of our service delivery to AWS
-- Substantial increase in sales leading to:
o Signed Annual Contract Value ("ACV") increasing by 290% to
GBP1.91 million (2018: GBP0.49 million); and
o Total Contract Value ("TCV") increasing by 223% to GBP5.66
million (2018: GBP1.75 million)
-- Total contracted recurring ACV(1) now stands at GBP4.06 million (2018: GBP2.17 million)
-- Deferred income increased 117% to GBP2.45 million (2018:
GBP1.13 million) as a result of new business sales growth
-- Loss before Tax in line with expectations at GBP4.50 million
(2018: GBP3.78 million) following significant investment in the
North American operations
-- Cash balances at year end of GBP1.49 million (2018: GBP3.75 million)
-- New GBP2.75 million debt facility entered into in October
2019 to provide additional working capital to support continued
growth
Strategic Highlights
-- Strong performance against all key metrics across EMEA and North America businesses
-- Established as the only partner-first, pureplay organisation
operating in the PCI phone payment space with a truly cloud
delivery model with availability zones across multiple
continents
-- Partner-first strategy proven with 84%(2) of all new business sold via partners (2018: 40%)
-- Signed and delivered largest contract in Company's history in UK
-- Signed second largest contract in Company's history in North America
-- Established global, integrated reseller partnerships with two
more global leading CCaaS vendors
-- Established reseller partnership and delivered first customer with largest telco in Canada
-- Services and customers live across five Amazon Web Services
("AWS") regions of the PCI Pal cloud platform globally
-- Maintained customer retention at over 95%
Current Trading
-- Successful start to FY 2020 with new business sales levels
tracking to management expectations
-- New business sold through channel partners has continued at a high rate of >85%
-- Announced as EMEA Partner of the Year for the Genesys Partner Community, "AppFoundry"
-- Total Contracted ACV as at 30 June 2019 providing over 80%
revenue visibility against management expectations for FY 2020
-- Appointment of US-based software executive, Simon Wilson, to
the board in the role of Non-Executive Director, effective from 1st
November 2019
(1) Contracted ACV is the total annual recurring revenue of all
signed contracts, whether invoiced and included in deferred revenue
or still to be deployed and/or not yet invoiced
(2) Percentage of new business by signed ACV
Commenting on results and prospects, James Barham, Chief
Executive Officer said:
"I am pleased to report that we have continued our momentum from
the first half of FY 2019, showing continued strong growth in all
our key metrics, in particular signed new business ACV.
"As the only partner-first, globally available cloud provider in
our space, we continue to see increases in sales opportunities as
we successfully on-board and enable these partner relationships. As
a result the business is developing strong revenue visibility, and
I can report that the new financial year has started well and in
line with management expectations."
PUBLICATION OF ANNUAL REPORT AND ACCOUNTS & NOTICE OF
AGM
Copies of the annual report and accounts and notice of AGM will
be posted to shareholders prior to 24(th) October 2019 and
electronic copies can be downloaded from the Company's website
(https://www.pcipal.com/).
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
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)
Richard Chambers (Corporate Broking)
Walbrook PR +44 (0) 20 7933 8780
Tom Cooper/Paul Vann +44 (0) 797 122 1972
tom.cooper@walbrookpr.com
About PCI Pal:
PCI Pal is a specialist provider of secure payment solutions for
contact centres and businesses taking Cardholder Not Present (CNP)
payments. PCI Pal's globally accessible cloud platform empowers
organisations to take payments securely without bringing their
environments into scope of PCI DSS and other card payment data
security rules and regulations.
With the entire product portfolio served from PCI Pal's cloud
environment, integrations with existing telephony, payment, and
desktop environments are light-touch, ensuring no degradation of
service while achieving security and compliance.
PCI Pal has offices in London, Ipswich (UK) and Charlotte NC
(USA). For more information visit www.pcipal.com or follow the team
on Twitter: https://twitter.com/PCIPAL
CHAIRMAN'S STATEMENT
FOR THE YEARED 30 JUNE 2019
During the last twelve months, PCI Pal has made significant
progress against both its strategic and operational goals, while at
the same time bringing further clarity and specificity to its
operating plans. Our business now has a clearly stated Vision: To
be the preferred solution provider that technology vendors globally
turn to for achieving PCI compliance for payments by phone. We are
determined to achieve that Vision through a channel-first
approach.
Early and rapid channel success is already becoming evident. For
example, 84% of this year's new business bookings were generated
through partners and we have created tight-knit, integrated product
partnerships with several of the world's leading Cloud Contact
Centre-as-a-Service (CCaaS) vendors and other leading technology
companies.
The advantages of a channel-first approach and our Cloud-based
solutions go beyond just winning new business. Having varying
degrees of pre-integration with our contact centre, telephony, and
payment gateway partners is now enabling us to deploy and take our
customers live in shorter periods of time. The ease of Cloud
deployments (compared to on-premise) is also reducing customer
delivery challenges that are frequently encountered in our
industry. We believe that this is becoming a major source of
competitive differentiation for PCI Pal, as well as improving the
capital and people efficiency of our business model. We will
continue to focus on further improvements in deployment
efficiencies going forward, thereby ensuring higher levels of
success for both our partners and their customers, as well as our
own direct customers.
People
The appointment of James Barham as CEO in October 2018 and his
work in building the North American team and operation has marked
an acceleration of our plan to expand the operational capability of
our business to handle sales and delivery growth in a capital
efficient and cost-effective manner, in order to scale the
business. Key aspects of the plan include establishing global
rather than regional functions to avoid localised-based thinking,
duplication and inefficiencies; the creation of a Chief Information
Security Officer function to underpin the reliability and safety of
our customer services; and the recruitment and development of first
class talent.
The ranks of our management team have been expanded to include a
new CTO based in the U.K. and a new CRO based in the U.S. Our
ability to attract such technically talented and wonderful people
in both North America and the U.K. is a testament to both the
attractiveness of the market opportunity ahead for PCI Pal as well
as the management team's dedication to people development.
In addition, I am very pleased with the appointment of Simon
Wilson to the Group board as a non-executive director. Simon's
background includes thirty years in international business to
business software. He has been a resident of the United States for
over twenty five years and past positions include CEO, CFO and
corporate development roles as well as independent board director
in a range of US and UK companies including SurfControl plc, Endace
plc and M86 Security.
The PCI Pal team has grown from 34 to 50 employees over the
course of the year and I would like to personally thank all of our
employees for their excitement, dedication and hard work in growing
PCI Pal and in pursuing our Mission: safeguarding the reputation
and trust of our customers. I have no doubt that they will all
continue to build on their successes during the last twelve months,
both as individuals and as globally focused teams.
New debt facility
On 8 October 2019 the Company entered into a new GBP2.75 million
debt facility. In common with many Cloud companies operating a SaaS
business model, we have chosen to utilize a layer of debt on top of
equity funds raised so as to optimise the growth in shareholder
value. The additional capital available under the facility, of
which GBP1.5 million will be drawn immediately, provides the
Company with additional working capital as it continues to grow and
expand thereby enabling it to continue to capitalise on the
Company's excellent growth opportunities. Full disclosure of the
terms of the facility has been made in the notes to these accounts
and within the Chief Financial Officer's Review.
Shareholder Communications
As a board we set out this year to expand and improve our
communications with current and prospective shareholders as we
sought to increase transparency and understanding of the global PCI
market opportunity ahead for the Group. Examples have included more
detailed investor presentations, expanded analysis of results and
underlying KPIs, more frequent communications and the judicious use
of RNS-Reach, and participation in investor-focused events such as
'tech demo days' and investor group conferences. We look forward to
continuing and reinforcing these programmes and events as each year
progresses, and I welcome your feedback and suggestions for further
improvement.
Corporate Governance
We continue to monitor the business in line with the latest
Corporate Governance Code published by the Quoted Company Alliance.
In the Corporate Governance section of our Annual Accounts, we
outline how we have complied with the Code and where our policies
depart from the recommendations made by the Code, and the reasons
for doing so, which reflect the current size and scale of our
business.
Looking Forward
We are clearly seeing an expansion of the market drivers causing
businesses to properly adopt solutions that provide adherence to
PCI compliance standards. In addition to the enforcement of the
industry standards themselves, the advent of actual legislation
such as GDPR and the clear and measurable business risks of
reputational damage in the event of customer data loss, are all
increasing the logic and value of adopting solutions like PCI
Pal's. Increasing demands from consumers for data protection, as
well as the rapid adoption of Cloud-technologies, are also
accelerating the rate of adoption.
With a clear strategy; experienced management; an attractive
business model; a growing global market opportunity and good
corporate governance, PCI Pal is well positioned to build on this
year's success. As we take our next steps towards achieving
additional key milestones on the journey to building shareholder
value and profitable growth, I look forward to sharing further
progress reports and news during the coming financial year.
Chris Fielding
Non-Executive Chairman
CHIEF EXECUTIVE'S STATEMENT
FOR THE YEARED 30 JUNE 2019
PCI Pal Overview
With this being my first annual report as Chief Executive, I am
pleased to report that we have continued our momentum from the half
year by showing continued strong growth in all our key metrics. In
particular, new business Annual Contract Value ("ACV") increased
290% year on year to GBP1.91 million (2018: GBP0.49 million); with
new business Total Contract Value ("TCV") increasing 223% year on
year to GBP5.66 million (2018: GBP1.75 million).
Revenues grew 40% year on year to GBP2.82 million (2018: GBP2.01
million), with Contracted ACV(1) at the year-end now standing at
GBP4.06 million (2018: GBP2.17 million), illustrating the build-up
in future revenue visibility that our SaaS licensing model produces
as new sales are achieved and revenue eventually recognised. This
progress is firmly establishing the building blocks towards future
sustainable cash generation and profitability.
We have delivered against our stated strategies for the year:
focusing on the accessibility of our virtualised cloud offering
hosted on AWS; penetrating the North American market through
channel relationships; and growing our capability to attract major
global technology partners through our easy-to-integrate, cloud
technology. As a result, we have established ourselves as the only
channel-first, pureplay organisation operating in the PCI phone
payment space with a truly global cloud delivery model with
availability zones across multiple continents.
The increase in our North American ACV from GBP0.10 million to
GBP0.44 million is evidence of this year's success in North America
which is substantially the result of our achievements in building
channel relationships with 70% of sales for the year coming from
channel partners.
We have made substantial progress in our focus of being
channel-first by adding reseller partnerships with several leading
global technology vendors including 8x8, Talkdesk, and Genesys, as
well as partnerships with some of those companies' leading
resellers including maintaining our partnership with the largest
carrier in Canada. These new partners have chosen to work with PCI
Pal because of our pureplay, cloud business model which is in
contrast to that of our competitors whose solutions are typically
legacy hardware offerings, or privately-hosted cloud solutions.
Through our vision to be the chosen payment security provider to
technology vendors globally, we are opening up an area of the
market previously untapped. Our easy-to-use, light touch
integrations allow our partners to sell our services to not only
enterprise, large organisations, but also cost-effectively to the
higher volume of small to medium size enterprises. Additionally, we
have proven our ability to service all size contact centres from
the cloud having this year won, and successfully delivered within
six months of signing, the contract to supply one of the largest
contact centres in Europe, with over 4,000 agents active on our
platform each day for this customer alone.
During the course of the year, we have made significant steps
forward as we establish ourselves as a global business engaged with
enterprise partners yet still retaining the benefits of being small
and agile. We have introduced a clear mission and vision for the
business, as well as identifying the core values which represent
our business. We have brought our international businesses closer
together, ensuring that we maximise our global sales opportunities
and partnerships. This has been particularly evident in sales where
we created the position of Chief Revenue Officer, responsible for
sales globally, bringing the global sales function together to
maximise the benefits of all sales activity across all territories.
We have also strengthened our Engineering and Professional Services
teams, ensuring we can deliver our solutions on-time wherever they
are required. All of these actions have helped us win new customers
across multiple continents.
(1) Contracted ACV is the total annual recurring revenue of all
signed contracts (excludes professional services and setup fees),
whether invoiced and included in deferred revenue or still to be
deployed and/or not yet invoiced
Market Drivers
As thought leaders in our growing marketplace, we have taken the
lead in research in the market carrying out consumer research
campaigns across the UK, U.S., Australia, and Canada in our "This
is" series. In these market research reports, we have seen strong
similarities between these four developed contact centre and
payment markets, with consumers becoming increasingly aware of the
security of companies from whom they buy products and services.
Across our reports more than 33% of consumers in all regions
surveyed claim to have been victims of security theft.
Additionally, and more specific to our market, we found that
between 40% - 55% of consumers were uncomfortable to share their
credit and debit card information over the phone.
The market for PCI Pal is any organisation taking payments by
phone or within contact centre environments globally, and
particularly in our core markets across EMEA and North America.
Contact centre markets in both the UK and US represent between 3-4%
of the working populations of those countries, so in contact
centres alone there is a sizeable market to address.
We access our market through a channel go-to-market sales model,
working primarily with technology vendors who are involved in
customer interactions for those companies. By majority today these
include CCaaS, UCaaS, Carrier, VARs, Payment Service Providers, and
consultancies advising these organisations. These partner
organisations work with PCI Pal to provide cloud-based, globally
accessible payment security solutions to their customers who use
their broader customer experience, call handling, and payment
solutions. PCI Pal's position as the only true-cloud, pureplay
vendor in the PCI space for contact centres positions us with
strength in being selected by these companies as their partner for
secure payments.
The UK market is the most advanced globally in terms of adoption
of compliance standards, such as PCI compliance, related to payment
security. It is our belief that the North American region and
mainland Europe are beginning to adopt improved security practices
and working towards achievement of PCI compliance across their
businesses and as a result we have seen increases in enquiries
across these territories. We are seeing organisations worldwide
move towards the use of technology to solve complex compliance and
security challenges through the use of secure technology like PCI
Pal's. This evolution toward secure operations is not only being
driven by the major risks to companies that lose data (including
loss of reputation, loss of customers, and reductions in share
price or company value) but more recently by regulations being
introduced across all territories within which we operate. Chiefly
this is led by the General Data Protection Regulations (GDPR) which
is law that governs companies handling EU citizen's data, but also
more regional data regulations such as the California Consumer
Privacy Act in the U.S. Recent well-publicised data breaches
include market leaders in a variety of sectors from airlines, to
financial services, to technology.
In terms of the contact centre market itself, there is a
significant shift from traditional on-premise technology to cloud
environments offering improved customer experience through a
growing number of additional digital customer engagement channels,
with research forecasting CAGRs of nearly 25% between 2019 - 2024.
We believe that this trend will naturally suit our true-cloud,
pureplay offering as we can fully integrate our solution seamlessly
into our cloud partners offerings in a light-touch fashion that
does not interrupt that partners ability to provide their core
service offerings.
Cloud
PCI Pal has continued to develop its position as the only
true-cloud, globally available, partner-first provider of secure
payment solutions to contact centres worldwide. We have extended
the accessibility of our platform with availability zones within
AWS in the UK, Ireland, Germany, United States, Canada, and
Australia with customers live across all regions.
We have proven our ability to move at pace when scaling the
platform, activating new availability zones in Germany and
Australia to meet partner and customer demand within 2 weeks each.
Our ability to react quickly to provide partners who operate
globally with service availability anywhere in the world is a
significant competitive advantage. In addition, these partners'
customers benefit from localised data sovereignty across our
multi-region, cloud platform environment.
In addition to the ability to scale geographically, our
AWS-based platform also allows us to scale automatically to meet
the demands of customer growth. The ability to scale for greater
volume handling is an essential part of the capital efficiency of
our model which in turn allows us to offer more competitive pricing
to our partners. In addition, we are able to manage our entire
global cloud platform from our Network Operations Centre (NOC),
located at our UK headquarters.
Channel Partners
Having outlined our commitment to making PCI Pal a channel-first
business, I am pleased to report that we finished the period with
84% of sales generated from channel partners, a 110% increase on
the prior year (2018: 40%). The channel strategy is essential to
maximising our long-term sales growth potential by being able to
address all sizes of organisations, to utilise PCI Pal solutions,
as well as giving us the ability to scale the business
internationally. This strategy is significantly supported by our
capabilities in light-touch, easy-to-integrate methodologies that
suit the leading cloud technology vendors with whom we work.
Channel partners are driving sales pipelines to record levels
across both EMEA and North America.
We have three categories of partners:
Integrated Partners - Telephony pre-integration with the PCI Pal
environment from CCaaS and UCaaS platforms and Carrier networks
creates opportunities for both us and our partners to shorten sales
cycles and enable more efficient and faster project delivery.
Adding to the integrated partners we worked with going into the
year, we were successful in winning global agreements with two
well-known global vendors, 8x8 and Talkdesk (both headquartered in
the United States), as well as pan-European vendor, Puzzel. In
addition, we secured and delivered our first customer through our
reseller partnership with the leading carrier in Canada.
Solutions Providers - Reseller relationships in this category
are typically Value-added Resellers (VARs) and Systems Integrators
focused on selling licences and services around the traditional
on-premise contact centre platforms, for example Genesys, Cisco,
Mitel and Avaya. Solutions Providers also include payment service
providers and payment gateways who resell PCI Pal services to
complement their existing portfolio of payment solutions, such as
Civica, Paymetric, and Capita Pay 360. Such relationships provide
access to the wide installed customer bases of these vendors. In
the period we have signed three of the largest North American VARs
serving the Genesys contact centre marketplace, some of whom are
also focused on newer offerings from the CCaaS providers.
Referral Partners - Our strategy in this category is two-fold.
Firstly, we utilise referral arrangements with some major
technology vendors with whom reseller arrangements are not
immediately available as a first step in working with them towards
becoming an Integrated Partner. Secondly, we have targeted
relationships with Master Agents in order to capitalise on the
rising trend and success in the software marketing world of agent
networks, particularly for CCaaS and UCaaS vendors in the United
States. Master Agents are highly organised networks of agents
specialising in all segments of enterprise class cloud software
applications. During the year we signed a global referral agreement
with Telarus, the largest Master Agent in North America for contact
centre technology.
All of these partners benefit from the PCI Pal partner program
which was fully launched during the year. The Partner Program not
only oversees the on-boarding of partners from a technical
stand-point but ensures that we are engaged at the appropriate
level in all relevant areas of the partner's organisation; with
sales enablement, marketing support and collaboration, and
co-ordinated service delivery. Our significant focus on speed of
partner enablement is illustrated by a number of successful "Fast
Start" campaigns with new partners, supporting them in creating
real value from reselling our services early in the relationship,
and generating early stage pipeline for PCI Pal.
North America
We launched our PCI Pal solution in the US in February 2018 and
following a successful first full financial year in North America,
we can report TCV sales bookings for the region increased by 328%
to GBP1.50 million (2018: GBP0.35 million) of which recurring ACV
is GBP0.44 million.
As well as gaining sales momentum, we made progress in our
strategy of winning partnerships with major technology vendors in
the territory, particularly in the CCaaS, Carrier and Payment
markets. These types of partners underpin our ability to sell our
solutions in volume and at scale to any size organisation within
that partner's customer ecosystem. Whilst this is a globally
consistent strategy for us, it is particularly important in the
United States where the addressable market is more than five times
the size of the UK. I am pleased to report we have made strong
progress against this strategy, winning a number of partnerships
with well-known technology vendors, one of which resulted in a
global contract with a US headquartered, home appliance
manufacturer. This was the second largest contract in the Company's
history.
We secured global reseller agreements as the sole provider to
leading CCaaS and UCaaS vendors 8x8 and Talkdesk. Additionally, we
extended our relationship with NewVoiceMedia, following their
acquisition by Vonage, into their wider global group which
incorporates NewVoiceMedia (CCaaS), Vonage (UCaaS), and Nexmo,
(CPaaS - Communications-Platform-as-a-Service). Additionally, we
have secured a number of customers through our referral arrangement
with NICE inContact and have been recognised with an award for our
thought-leadership efforts into their partner programme.
In the carrier space, we signed and delivered our first order
through our reseller agreement with the largest carrier in Canada,
who is also a major regional distributor of several other contact
centre technology partners with whom we have relationships
globally. Our cross-pollination of these relationships within our
ecosystem is a good example of how we are able to benefit from the
progress we have made in being the only channel-focused, pureplay
vendor with a growing number of market leading technology
partnerships.
As noted above, of the traditional platform providers, we
focused the majority of our efforts into our Genesys relationship
and have signed three of their major US-based VARs. In addition,
since the end of the year we were awarded EMEA AppFoundry Partner
of the Year with Genesys (AppFoundry being their technology and
partner marketplace). We achieved this award as a result of our
work on key customer projects where PCI Pal played a specialist and
important role in wider Genesys deals.
Having spent the majority of the year working in the U.S.
establishing our business in the region, I am pleased to report
that we have put together an excellent team of experienced
professionals, the majority of whom have extensive knowledge of the
contact centre and unified communications space having worked at
successful channel focused businesses. We now have a team spread
across all time zones in the United States, with sales, marketing,
engineering and delivery resources in country.
With low levels of competition in the North American market,
limited primarily to UK-domiciled competitors who deploy a direct
sales approach, we believe we are in a strong position from which
to expand our pipeline and gain market share through our
channel-first approach, as well as our positioning as the go-to
provider to the CCaaS / UCaaS market.
During the year our partners have introduced us to a number of
customers in the Australia/New Zealand region (ANZ). Due to the
time zone overlap, we have been running our early activities from
our US-based team, supported by our Engineering and Professional
Services teams in the UK.
The majority of our global partners have businesses in Australia
covering the ANZ region, and naturally due to the repeatable nature
of our integrations, we have felt a pull from these partners
towards the territory. We have demonstrated our commitment to these
partners by the activation of our Sydney AWS instance, upon which
we have a number of live customers. The Australian market is
culturally and technologically similar to the UK and US so, as
such, we see this as important strategic activity for the
future.
EMEA
We have seen a significant step forward for the UK-based EMEA
business, with excellent growth across all key metrics including a
180% increase in TCV sales bookings for the year at GBP3.92m (2018:
GBP1.40m) which incorporated ACV value of GBP1.41 million (2018:
GBP0.38 million), with 90% of ACV sales coming from channel.
Included in channel generated business was the signing and delivery
of the Company's largest contract to date, as announced in December
2018, through a major new partner in the payment processing space.
In June, we also won a milestone contract with a FTSE 100 company,
via our reseller partnership with Genesys. These results confirm
the long term value of our channel strategy.
Our business is more mature in the UK, in a market more advanced
in its adoption of security solutions for payments. As such we have
been focusing on our relationships with existing channel partners
in the region to drive new customer acquisition. These partners
include Civica, Capita Pay 360, 8x8, and Vonage.
Outside of the UK, the EMEA market has lower levels of adoption
for PCI solutions and, like North America, less competition. As a
result, we believe there is an early-stage opportunity to
capitalise on what is collectively a large and under-penetrated
contact centre market. During the year we have taken initial steps
towards finding suitable partners such as our partnership with a
French telecoms company, and a Norwegian-based pan-European CCaaS
vendor. Additionally, we have signed end-user customers in the
Nordics, France, Germany and Spain. Many of our global partners see
a similar market opportunity and are hiring extensively in the
wider region as contact centres across Europe begin to adopt cloud
technologies. In a similar way to what we have seen in ANZ, we are
optimistic that our partners will pull us into customer
opportunities in the territory over time. Our partnerships, and
more importantly technical integrations with these partners, are
repeatable globally across their platforms and we are leveraging
their business expansion to achieve our own strategic objectives in
this regard. As a result of this positive momentum we opened the
Frankfurt (Germany) instance of our platform earlier in the year to
ensure EU customer data can retain appropriate sovereignty
requirements post-Brexit.
Operations
The focus of the business in the previous two years has been to
build a team and foundation from which we can scale, in order to
benefit from the operational gearing of a true-cloud operation.
During the year we have taken further steps to scale the business
by focusing increasingly on people, process, and technology to
underpin this foundation, namely engineering and operations. As
part of this we restructured these departments into three teams:
engineering; compliance and IT; and professional services. We
created the role of Chief Information Security Officer (CISO) which
was taken up by the Group's long standing Chief Technology Officer
(CTO), Geoff Forsyth.
Additionally, we hired a new CTO who joined the business in
January 2019. Hugh James brought with him a wealth of experience
specific to DevOps, telecommunications, and SaaS environments, as
well as specific experience of the PCI marketplace. Hugh spent a
number of years working in a senior role at one of our key
partners, NewVoiceMedia (now Vonage) during their global expansion.
Along with this hire, we have added resources into engineering
during the year in order to meet the growing demand from our new
technology partners. As part of the operational restructuring, we
have created a global professional services function that focuses
entirely on assisting partner and customer solutions delivery,
incorporating both implementation and project management. We have
reduced the dependency of professional services on engineering as
we continually drive for repeatability in our technical solutions
for our partners and customers. We have added resource in the core
area of SIP telephony to aid a growing number of implementations
and to contribute to further reductions in Time-To-Go-Live (TTGL).
In addition, we have enabled more natural collaboration between
sales and professional services by assigning global responsibility
to the heads of sales, presales, and professional services.
Throughout the year we have achieved solid improvements in
project delivery times as a result of changes that have been made
with projects now being delivered in 4-7 months compared to our
higher historical average of 6-9 months. The changes we are making
with people, process, and technology are expected to continue to
improve deployment efficiencies that will in turn further reduce
TTGL.
The business is now better positioned with a stable operational
function upon which to maximise the opportunities presented by our
partners as well as strategically important enterprise customers
anywhere in the world. This stable foundation will enable PCI Pal
to benefit from the advantages of operational gearing as we grow
our revenues at a faster rate than our costs.
People
As we state in our Vision, it is our people, beyond the
technology, that underpin our business. Creating an environment
within which our employees can succeed ensures the success of the
partners that rely on us. We have built a small, dynamic, and
committed team who are experts in their chosen fields, and together
they are driving this business forward at pace.
During the year we have placed significant emphasis in
developing the business' focus and application of personal
development planning and support for all our staff and managers. We
created the role of People and Development Manager, which reports
directly to me, illustrating the Company's commitment to an
improved focus in this key area. Examples of that focus include the
implementation of personal and professional development reviews;
increasing the availability of both internal and external training
courses for key skills; and proactively building a benefits and
talent development strategy across the business.
For the forthcoming year we have introduced OKRs (Objectives and
Key Results) for every employee in the Company. OKRs create a
framework for defining and tracking objectives and their outcomes,
providing a top-down view of what is required from individuals
within the business in order for them to contribute to the
Company's achievement against its corporate goals, mission, and
vision.
As a business that has grown from 11 to 50 people in under 3
years, we have given considerable attention to our approach to
hiring, and I am proud to report that our employee retention
remains very high. We are passionate about hiring and bringing
great talent into this business, not just in terms of market,
technical, human or managerial skills but also in terms of
international and cultural understanding, language skills and a
desire to have fun. We focus on this in every aspect of our
recruitment processes. Technology is a globally competitive market
so we have made improvements to our employee benefits packages to
continue to attract the best people. These benefits support the
broader appeal of working for our dynamic growing business, and are
designed to be strongly competitive for the geographic markets in
which we hire.
New this year we have introduced quarterly company "all-hands"
meetings where the CEO and other contributors from across the
business speak to the whole Company simultaneously across all time
zones. These sessions provide a company-wide update, including
progress against key or high-profile OKRs. These meetings ensure
that employees of all levels regularly receive a wider-view of
business progress and therefore can better understand the part they
play in that journey. Between the quarterly all-hands meetings, we
run regular cross departmental social events and encourage
departmental team building.
I view talent acquisition, development and retention as one my
most important responsibilities as CEO, and I am very pleased with
the accelerated progress the Company has made in this area during
the year.
New Debt Facility
In September 2016, the Group began a five year journey to fully
develop the payment security opportunity offered by the PCI Pal
business. We are now three years into the original journey, and I
am very pleased with the strong position we have built. We have
made significant progress in establishing major partnerships and
transitioned our business to a channel-first organisation. We have
established our core service offerings across the globe and have
built an excellent team upon which we can scale. As a result of
this momentum, we are seeing more opportunities from organisations
of all sizes, including large enterprise partners and
customers.
As we look to continue to grow and capitalise on the excellent
market opportunity before us, we have taken the opportunity to
strengthen our balance sheet and on 8 October 2019 entered into a
GBP2.75 million debt facility with Shawbrook Bank. We have drawn
down GBP1.5 million of this facility and the balance remains
available to be drawn down in the next twelve months. This facility
will underpin the Group's working capital requirements for the
foreseeable future.
Current Trading and Outlook
Following the strong growth and improvement in the business' key
metrics in FY 2019, I can report that the new financial year has
started well and in line with management expectations. Our strength
as the only partner-first, globally available cloud provider in our
space has been underpinned by PCI Pal being awarded "Partner of the
Year EMEA" by Genesys, one of our key technology partners, and
their partner community, the "AppFoundry". To date in FY 2020 our
continued partner-focus has resulted in the proportion of new
business sales coming from channel partners being higher than that
of the full prior financial year. Additionally, the nature of our
SaaS revenue model provides for greater than 80% revenue visibility
against management expectations for FY 2020.
I am also very pleased to announce the appointment of Simon
Wilson to the Board as Non-Executive Director effective 1(st)
November 2019. Simon has provided valuable consultancy to the Board
in helping us create, plan and execute our North American market
entry plans. His extensive board-level and international corporate
strategy experience is a strong addition to the team.
James Barham
Chief Executive Officer
CHIEF FINANCIAL OFFICER'S REVIEW
FOR THE YEARED 30 JUNE 2019
Changes in accounting rules
The Company has implemented IFRS 15: Revenue from Contracts with
Customers, effective from 1 July 2018, on a fully retrospective
basis, with the financial statements being presented against
restated financial statements for the year ended 30 June 2018. Full
disclosure of the changes has been made in the notes to these
accounts.
The retrospective impact of adopting IFRS 15 has been limited.
PCI Pal's SaaS contracted revenue model is made up of monthly and
annual license fees which, both before and following the adoption
of IFRS 15, are recognised monthly across the term of the contract.
The forward impact for PCI Pal of IFRS 15 is therefore mostly
limited to the impact of also spreading implementation professional
service fees over the contract periods.
Revenue and gross margin
Group revenue grew by 40% to GBP2.82 million (2018: GBP2.01
million) and gross margin improved to 60% (2018: 43%). This shift
reflects the higher margin revenue generated by the PCI Pal
platform hosted on AWS which has only a limited reliance on third
party carriers to receive or deliver calls. Going forward, we
expect the gross margin to continue to improve as all new business
will be delivered on this platform.
The Group's revenue reflects its SaaS business model. It
delivers its services through the partnership channel to contact
centres who are charged primarily on a recurring licence basis. The
terms of the sales contracts generally allow for automatic renewal
of the licences for a further 12 month period at the end of their
initial term. Renewal and retention rates are therefore extremely
high exceeding 95%. As the business sells and delivers more
contracts the visibility of recurring revenue increases. At the
year end, the Group had visibility of more than 80% of management's
expected revenue for the next financial year.
Administrative expenses
Total administrative expenses were GBP6.37 million (2018:
GBP4.65 million), an increase of 37%. Of the GBP1.72 million
increase, GBP1.67 million was driven by the establishment and
expansion of our North American operations, following the
successful fundraising in January 2018.
Personnel costs charged to the Comprehensive Income Statement
(including travel and subsistence expenses) were GBP4.47 million
(2018: GBP3.30 million), of which GBP0.56 million (2018: GBP0.46
million) was capitalised as Development costs. These personnel
costs make up 70% (2018: 71%) of the administrative costs of the
business.
Following the adoption of IFRS 15, commissions of GBP0.30
million (2018: GBP0.14 million) payable to the sales team members
and directly attributable to new contracts was deferred and will be
released over the length of the contract to which they apply.
Exceptional costs
During the year the Group charged an exceptional cost of GBP0.36
million to the Statement of Comprehensive Income. This cost wholly
related to the costs of termination of the employment contract with
William Catchpole, the former CEO and board director.
Adjusted operating loss(1)
Adjusted operating loss for the Group changed as follows for the
year:
EMEA North America Central Total
GBP000s GBP000s GBP000s GBP000s
-------------- -------------------- -------------- --------------
2019 (1,138) (2,489) (605) (4,232)
-------------- -------------------- -------------- --------------
2018 (1,953) (955) (790) (3,698)
-------------- -------------------- -------------- --------------
Change in
year 815 (1,534) 185 (534)
-------------- -------------------- -------------- --------------
(1) Loss from Operating Activities before exceptional costs and
share option charges
The EMEA region's Adjusted Operating Loss improved by GBP0.82
million in the year. The operations within this region have been
established longer than those in North America and include the
majority of the Engineering, Information Security and Professional
Services people and costs for the Group as a whole. EMEA's Adjusted
Operating Loss has started to improve during the period because the
rate of expansion of headcount and operating costs is slowing at
the same time as revenues and gross margin are increasing.
Following the fundraising in January 2018 PCI Pal fully launched
its cloud services in North America. James Barham, originally in
his capacity as COO prior to becoming group CEO, was seconded to
the region and was living and working there for most of the period.
During this time, we fully established the North American office in
Charlotte, NC, the operational team and our channel-centric
route-to-market strategy. As of the year end the team had 10
employees. The Operating Losses incurred in the region therefore
reflect the build out of the team in the region. As sales and
subsequent customer deployments in North America continue to grow,
we expect Operating Losses in the future to start to decrease when
the rate of revenue growth exceeds the rate of growth in operating
costs.
Costs for our Central operations relating to PLC activities
decreased in the period as for a portion of the year, the costs of
the CEO were charged to the North American operations.
Further divisional information is shown in Note 9.
Key financial performance indicators
The directors use several Key Financial Performance Indicators
(KPIs) to monitor the performance of the Group,
its subsidiaries and targets. The principal KPIs are as follows:
2019 2018
1. Revenue GBP2.82 million GBP2.01 million
---------------------- ----------------------
2. Gross Margin 60.2% 42.6%
---------------------- ----------------------
3. Signed ACV in financial GBP1.91 million GBP0.49 million
period
---------------------- ----------------------
4. Contracted ACV GBP4.06 million GBP2.17 million
---------------------- ----------------------
5. Cash facilities available(*) GBP1.49 million GBP6.05 million
---------------------- ----------------------
6. Deferred Income GBP2.45 million GBP1.13 million
---------------------- ----------------------
7. Ratio Personnel cost
to administrative expenses 70% 71%
---------------------- ----------------------
(*) Cash balance plus Loan notes receivable plus undrawn debt facilities
Actual performance to budget is reviewed on a monthly basis and
the results are used to continually update the Groups forecasts as
to expected performance and cash resources.
Capital expenditure
As required by IAS 38, we have capitalised a further GBP0.56
million (2018: GBP0.46 million) in development expenditure as we
continue to invest in the AWS platform.
As a business we are not hindered by having to commit
significant amounts upfront in capital to deploy new instances of
our AWS platform globally, nor to extend its load-capacity
handling. Our AWS platform is paid for on a monthly basis and
charged as an administrative expense. In total we spent GBP0.03
million on new computer equipment in the year.
Deferred income
Deferred income increased to GBP2.45 million (2018: GBP1.13
million) mostly reflecting the significant growth in new business
sales and the consequent increase in invoices raised in advance,
per our contract terms and revenue model.
Contracted ACV
Total Contracted ACV(2) at the end of the financial year was
GBP4.06 million (2018: GBP2.17 million). This is a new metric that
we have started tracking in the period and is a key indicator of
our ability to reach first cash flow and then profit break-even.
Growing levels of Contracted ACV(2) produces increasing levels of
future revenue visibility, an attractive aspect of the Group's
business model.
Trade receivables
Trade receivables grew to GBP1.057 million (2018: GBP0.475
million). The level of receivables reflects both significant growth
in new business sales overall during the period, as well as the
typical year end boost in sales levels. This balance should be
converted into cash in the first half of FY 2020.
Taxation
During the year the UK entity received GBP0.14 million as a R
& D tax credit from HMRC relating to the financial year ending
30 June 2017. An application has been made for an additional credit
of GBP0.22 million related to the financial year ending 30 June
2018, which has been received post the year end, but has not been
recognised in the accounts.
Cashflow and liquidity
Net cash as at 30 June 2019 was GBP1.49 million (2018: GBP3.75
million), net cash decreased by GBP2.26 million in the year. During
the year we received the final loan repayment from the sale of the
contact centre business of GBP2.30 million. Adjusting for this loan
repayment the Group invested GBP4.56 million in cash in the period
reflecting the expansion of operations and the consequent loss made
for the financial year.
Post the close of the financial year, the Group has entered into
a GBP2.75 million loan facility with Shawbrook Bank. The principal
terms are as follows:
Term 36 months with three month capital repayment holiday
Interest rate 9.3% over LIBOR paid monthly
Arrangement Fee 1.4% of loan facility
Non utilisation fee 0.6% of unutilised amount
Exit fee cash amount calculated on the shares equivalent of 7.5%
of the facility payable on takeover of Group or refinance of the
loan
Security Fixed and Floating debenture over the assets of the Group.
The loan balance can be drawn in two tranches with a minimum of
GBP1.0 million within five business days of the signing of the
agreement and the remaining balance within twelve months. The
Company will initially be drawing down GBP1.5 million of this new
facility. The facility is being used to support the working capital
requirements of the Group as it continues to grow - see Note 28 for
full disclosure of terms.
This debt facility will support our working capital needs
created by rapid growth and the expansion of our Sterling-exposure
to multiple currencies. In common with many Cloud companies
operating a SaaS business model, we have chosen to utilise this
layer of debt on top of equity funds raised to fund the journey to
becoming a cash generative business. This mixed financing structure
is intended to optimise the growth in shareholder value over
time.
Dividend
The Board is not recommending a dividend for the financial year
(2018: GBPnil).
William Good
Chief Financial Officer
(2) Contracted ACV is the total annual recurring revenue of all
signed contracts, whether invoiced and included in deferred revenue
or still to be deployed and/or not yet invoiced
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 30 JUNE 2019
Note 2019 2018
GBP000s GBP000s
Restated
Revenue 2,817 2,007
Cost of sales (1,119) (1,151)
------------------------------ -----------------------
Gross profit 1,698 856
Administrative expenses (6,373) (4,649)
------------------------------ -----------------------
Loss from Operating Activities (4,675) (3,793)
Adjusted Operating Loss (4,232) (3,698)
Exceptional costs (361) -
Expenses relating to Share
Options (82) (95)
------------------------------------------ ---- ------------------------------ -----------------------
Loss from Operating Activities (4,675) (3,793)
------------------------------------------ ---- ------------------------------ -----------------------
Finance income 6 181 28
Finance expenditure 7 (8) (10)
------------------------------ -----------------------
Loss before taxation 5 (4,502) (3,775)
Taxation 11 136 -
------------------------------ -----------------------
Loss for the year (4,366) (3,775)
Other comprehensive expense:
Items that will be reclassified
subsequently to profit or
loss
Foreign exchange translation
differences (107) (31)
Total other comprehensive
expense (107) (31)
------------------------------ -----------------------
Total comprehensive loss attributable
to equity holders for the
period (4,473) (3,806)
Basic and diluted earnings
per share 10 (10.30) p (10.45) p
The accompanying accounting policies and notes form an integral
part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
Note 2019 2018 2017
GBP000s GBP000s GBP000s
Restated Restated
ASSETS
Non-current assets
Plant and equipment 13 71 97 99
Intangible assets 12 1,300 844 495
Deferred taxation 17 - - -
Loan note receivable 14 - 1,206 2,202
------------ ---------- ------------------
Non-current assets 1,371 2,147 2,796
------------ ---------- ------------------
Current assets
Trade and other receivables 14 1,999 846 648
Loan note receivable 14 - 908 945
Cash and cash equivalents 1,492 3,748 1,958
------------ ---------- ------------------
Current assets 3,491 5,502 3,551
------------ ---------- ------------------
Total assets 4,862 7,649 6,347
LIABILITIES
Current liabilities
Trade and other payables 15 (3,447) (1,842) (1,468)
Current portion of long-term
borrowings 15 - - -
------------ ---------- ------------------
Current liabilities (3,447) (1,842) (1,468)
------------ ---------- ------------------
Non-current liabilities
Long term borrowings 16 - - -
------------ ---------- ------------------
Non-current liabilities - - -
------------ ---------- ------------------
Total liabilities (3,447) (1,842) (1,468)
------------ ---------- ------------------
Net assets 1,415 5,807 4,879
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)
AS AT 30 JUNE 2019
Note 2019 2018 2017
GBP000s GBP000s GBP000s
Restated Restated
EQUITY
Equity attributable to equity holders of the parent
Share capital 19 427 427 317
Share premium 4,618 4,618 89
Other reserves 181 99 4
Currency reserves (138) (31) -
Profit and loss account (3,673) 694 4,469
---------- ------------ ------------
Total equity 1,415 5,807 4,879
The accompanying accounting policies and notes form an integral
part of these financial statements.
The Board of Directors approved and authorised the issue of the
financial statements on 8 October 2019.
J Barham Director
T W Good Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 30
JUNE 2019
Profit and Currency
Share Share Other reserves loss account Reserves Total Equity
capital premium
GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s
Balance at 1
July
2017 317 89 4 5,014 - 5,424
Adjustments
from
the adoption
of IFRS
15 - - - (545) - (545)
----------------- ----------------- ----------------- -------------- ---------- --------------
Adjusted
Balance
as at 1 July
2017 317 89 4 4.469 - 4,879
Share Option
amortisation
charge - - 95 - - 95
New shares
issued
net of costs 110 4,529 - - - 4,639
Dividend paid - - - - - -
----------------- ----------------- ----------------- -------------- ---------- --------------
Transactions
with
owners 110 4,529 95 - - 4,734
Retranslation
of
currency
reserve - - - - (31) (31)
Loss for the
year - - - (3,775) - (3,775)
Total
comprehensive
loss - - - (3,775) (31) (3,806)
----------------- ----------------- ----------------- -------------- ---------- --------------
Balance at 30
June
2018 427 4,618 99 694 (31) 5,807
Share Option
amortisation
charge - - 82 - - 82
Dividend paid -
- - - - -
----------------- ----------------- ----------------- -------------- ---------- --------------
Transactions
with
owners - - 82 - - 82
Retranslation
of
currency
reserve - - - - (107) (107)
Loss for the
year - - - (4,367) - (4,367)
Total
comprehensive
loss - - - (4,367) (107) (4,474)
----------------- ----------------- ----------------- -------------- ---------- --------------
Balance at 30
June
2019 427 4,618 181 (3,673) (138) 1,415
----------------- ----------------- ----------------- -------------- ---------- --------------
The accompanying accounting policies and notes form an integral
part of these financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 30 JUNE 2019
2018 2017
GBP000s GBP000s
Restated
Cash flows from operating activities
Loss after taxation (4,366) (3,775)
Adjustments for:
Depreciation 53 44
Amortisation of capitalised development 191 107
Interest income (181) (28)
Interest expense - -
Exchange differences (107) (31)
Income taxes (136) -
Deferred tax write off - -
Share based payments 82 95
Increase in trade and other receivables (1,154) (197)
Increase in trade and other payables 1,605 375
--------------------- -----------------
Cash used in operating activities (4,013) (3,410)
Dividend paid - -
Income taxes received 136 -
Interest element of finance leases - -
Interest paid - -
--------------------- -----------------
Net cash used in operating activities (3,877) (3,410)
--------------------- -----------------
Cash flows from investing activities
Purchase of land, buildings, plant and
Equipment (110) (43)
Proceeds from sale of assets - 1
Development expenditure capitalised (564) (456)
Repayment of loan note receivable 2,114 1,032
Interest received 181 28
--------------------- -----------------
Net cash generated in investing activities 1,621 562
CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)
FOR THE YEARED 30 JUNE 2019
2019 2018
GBP000s GBP000s
Restated
Cash flows from financing activities
Issue of shares - net of cost of
issue - 4,638
Repayment of borrowings - -
Capital element of finance lease - -
rentals
------------------------------- -------------------
Net cash used in financing activities - 4,638
------------------------------- -------------------
Net (decrease)/increase in cash (2,256) 1,790
Cash and cash equivalents at beginning
of year 3,748 1,958
Net (decrease)/increase in cash (2,256) 1,790
------------------------------- -------------------
Cash and cash equivalents at end
of year 1,492 3,748
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARED 30
JUNE 2019
1. AUTHORISATION OF FINANCIAL STATEMENTS
The Group's consolidated financial statements (the "financial
statements") of PCI-PAL PLC (the "Company") and its subsidiaries
(together the "Group") for the year ended 30 June 2019 were
authorised for issue by the Board of Directors on 8 October 2019
and the Chief Executive, James Barham, and the Chief Financial
Officer, William Good, signed the balance sheet.
2. NATURE OF OPERATIONS AND GENERAL INFORMATION
PCI-PAL PLC is the Group's ultimate parent company. It is a
public limited company incorporated and domiciled in the United
Kingdom. PCI-PAL PLC's shares are quoted and publicly traded on the
AIM division of the London Stock Exchange. The address of PCI-PAL
PLC's registered office is also its principal place of
business.
The Company operates principally as a holding company. The main
subsidiaries are engaged in the provision of telephony services and
PCI Solutions.
3. STATEMENT OF COMPLIANCE WITH IFRS
These consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards as
adopted by the European Union.
The principal accounting policies adopted by the Group are set
out in note 4. The accounting policies have been applied
consistently throughout the Group for the purposes of preparation
of these financial statements.
Standards and interpretations in issue, not yet effective
The Consolidated Financial Statements of the Group have been
prepared in accordance with International Financial Reporting
Standards ("IFRS") as adopted by the EU ("endorsed IFRS").
These Financial Statements have been prepared in accordance with
those IFRS standards and IFRIC interpretations issued and effective
or issued and early adopted as at 30 June 2019 as endorsed by the
EU.
The following adopted IFRSs have been issued but have not been
applied by the Group in these Financial Statements. Their adoption
is not expected to have a material effect on the Financial
Statements unless otherwise indicated:
Effective for the year ending 30 June 2020
-- IFRS 16 Leases: the impact of adopting this IFRS is detailed
below
-- IFRIC 23 Uncertainty over Income Tax Treatments
-- Amendments to IFRS 9 Financial instruments
-- Amendments to IAS 28 Investments in Associates and Joint
Ventures
Effective for the year ending 30 June 2022
-- IFRS 17 Insurance contracts
IFRS 16: Leases - effect for the year ending 30 June 2020
The Directors review newly issued standards and interpretations
in order to assess the impact (if any) on the Financial Statements
of the Group in future periods. IFRS 16 "Leases" was issued in
January 2016. It requires the lessee to recognise most leases on
the balance sheet as the distinction between operating leases and
finance leases is removed. Currently operating leases are not
recognised on the balance sheet. The only exceptions are for short
term leases and leases of low value.
As at 30 June 2019 the Group has one non-cancellable lease
relating to its premises in Ipswich with a lease commitment of
GBP68,000 (Note 25: Operating Leases). As at 1 July 2019 for the
remaining lease commitment the Group expects to recognise GBP52,000
as a right-to-use asset and lease liabilities of GBP52,000. It is
expected after adoption in 2019 that the operating loss of the
company will improve by GBP9,000 but there will be no overall
effect to the loss before tax figure.
The Group will adopt IFRS 16 on the 1 July 2019.
4. PRINCIPAL ACCOUNTING POLICIES
a) Basis of preparation
The financial statements have been prepared on a going concern
basis in accordance with the accounting policies set out below.
These are based on the International Financial Reporting Standards
("IFRS") issued in accordance with the Companies Act 2006
applicable to those companies reporting under IFRS as adopted by
the European Union ("EU").
The financial statements are presented in pounds sterling (GBP),
which is also the functional currency of the parent company, and
under the historical cost convention.
b) Basis of consolidation
The Group financial statements consolidate those of the Company
and its subsidiary undertakings (see note 18) drawn up to 30 June
2019. A subsidiary is a company controlled directly by the Group
and all of the subsidiaries are 100% owned by the Group. Control is
achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability
to affect those returns through its power over the investee.
All intra-Group transactions, balances, income and expenses are
eliminated on consolidation.
Unrealised gains on transactions between the Group and its
subsidiaries are eliminated. Unrealised losses are also eliminated
unless the transaction provides evidence of an impairment of the
asset transferred. Amounts reported in the financial statements of
subsidiaries have been adjusted where necessary to ensure
consistency with the accounting policies adopted by the Group.
The Group has utilised the exemption (within IFRS 1) not to
apply IFRS to pre-transition business combinations. All other
subsidiaries are accounted for using the acquisition method.
c) Going concern
The financial statements have been prepared on a going concern
basis, which the directors believe to be appropriate for the
following reasons:
The Group meets its day-to-day working capital requirements
through its cash balances and trading receipts. Cash balances for
the group were GBP1.492 million at the 30 June 2019. Post the
financial year end the Group has arranged a GBP2.75 million, 36
month term loan with Shawbrook Bank to assist with the working
capital requirements of the Group.
The directors have prepared and reviewed cash flow forecasts to
December 2020. These forecasts make several assumptions relating to
predicted revenues and cash receipts, new contracts signed;
investment in new territories and new employees. The working cash
flow forecast shows that the Group will be able to operate within
its existing resources throughout the period up this period and
beyond.
The Directors recognise that during the forthcoming year the
Group is expected to remain loss making on a month-to-month basis,
albeit with an improving trend. The directors will review, on a
regular basis, the actual results achieved against the planned
forecasts. Some of the planned expenditure assumptions in the
current forecast remain discretionary and as a result the directors
can delay such expenditure to further ensure the Group is able to
meet its day-to- day financial working capital needs.
d) Revenue
Revenue represents the fair value of the sale of goods and
services and after eliminating sales within the Group and excluding
value added tax or overseas sales taxes. The following summarises
the method of recognising revenue for the solutions and products
delivered by the Group.
(i) PCI compliance solutions and hosted telephony services
Revenue for set-up and cloud provision fee will be deferred and
will be recognised evenly over the estimated term of the contract,
having accounted for the automatic auto-renewal of our contracts,
up to a maximum of four years, starting the month following from
the date of signature of the underlying contract.
The payment profile for such contracts typically include payment
for set-up fees at the point of signature of the contract, but for
revenue recognition purposes, this is deemed to be an integral part
of the wider contract rather than a separate performance
obligation.
Revenue for all other professional services and installation
fees will be deferred and will be recognised evenly over the
estimated term of the contract, having accounted for the automatic
auto-renewal of our contracts, up to a maximum of four years,
starting in the month following the hand over to the client for
user acceptance testing.
(ii) Third party equipment sales
Where the contract involves the sale of third-party equipment
that could be acquired and supplied by other parties to the client
the revenues and costs relating to this will continue to be
released in full to the Statement of Comprehensive Income at the
time the installation is complete.
e) Deferred Costs
Under IFRS 15 costs directly attributable to the delivery and
implementation of the revenue contracts, such as commissions and
third party costs, will be deferred and will be recognised in the
statement of comprehensive income over the length of the
contract.
Costs directly attributable to the delivery of the PCI
Compliance solutions and hosted telephony services will be
capitalised as 'costs to fulfil a contract' and released over the
estimated term of the contract, having accounted for the automatic
auto-renewal of our contracts, up to a maximum of four years,
starting the month following from the date of signature of the
underlying contract.
Costs relating to commission costs paid to employees for winning
the contract will be capitalised as 'direct costs to fulfil a
contract' at the date the commissions payments become due and will
be released in monthly increments over the minimum contract term
starting the month following the date the cost is capitalised.
f) Intangible assets
Research and development
Expenditure on research (or the research phase of an internal
project) is recognised as an expense in the period in which it is
incurred.
Development costs incurred are capitalised when all the
following conditions are satisfied:
-- completion of the intangible asset is technically feasible so
that it will be available for use or sale
-- the Group intends to complete the intangible asset
-- the Group is able to use or sell the intangible asset
-- the intangible asset will generate probable future economic
benefits. Among other things, this requires that there is a market
for the output from the intangible asset itself, or, if it is to be
used internally, the asset will be used in generating such
benefits
-- there are adequate technical, financial and other resources
to complete the development and to use or sell the intangible
asset
-- the expenditure attributable to the intangible asset during
the development can be measured reliably
The cost of an internally generated intangible asset comprises
all directly attributable costs necessary to create, produce and
prepare the asset to be capable of operating in the manner intended
by management. Directly attributable costs include development
engineer's salary and on-costs incurred on software development.
The cost of internally generated software developments are
recognised as intangible assets and are subsequently measured in
the same way as externally acquired software. However, until
completion of the development project, the assets are subject to
impairment testing only.
The Directors have reviewed the development costs relating to
the new AWS platform and are satisfied that the costs identified
meet the tests identified by IAS 38 detailed above. Specifically,
the initial platform was launched in October 2017 and has been
successfully sold in Europe, North America and Australia, with
further sales expected, as detailed in the Chief Executives'
statement. The directors expect that the AWS platform will continue
to be developed, as more functionality is added, and as a result
the it is expecting to continue to capitalise the development costs
(which are primarily labour costs) into the future.
Amortisation commences upon completion of the asset and is shown
within administrative expenses in the statement of comprehensive
income. Amortisation is calculated to write down the cost less
estimated residual value of all intangible assets by equal annual
instalments over their expected useful lives. The rates generally
applicable are:
-- Development costs 20% to 33%
Software licences
The cost of perpetual software licences acquired are stated at
cost, net of amortisation and any provision for impairment.
-- Software licences 20% to 30%
g) Land, building, plant and equipment
Land, buildings, plant and equipment are stated at cost, net of
depreciation and any provision for impairment.
Disposal of assets
The gain or loss arising on disposal of an asset is determined
as the difference between the disposal proceeds and the carrying
amount of the asset and is recognised in the statement of
comprehensive income.
Depreciation
Depreciation is calculated to write down the cost less estimated
residual value of all plant and equipment assets by equal annual
instalments over their expected useful lives. The rates generally
applicable are:
not depreciated
* Land
* Buildings 2%
* Fixtures and fittings 20% to 50%
* Plant 20% to 50%
* Computer equipment 33%
Material residual value estimates are updated as required, but
at least annually.
h) Impairment testing of other intangible assets, plant and equipment
For the purposes of assessing impairment, assets are grouped at
the lowest levels for which there are separately identifiable cash
flows ("cash-generating units"). As a result, some assets are
tested individually for impairment and some are tested at
cash-generating unit level.
Intangible assets not yet available for use are tested for
impairment at least annually. All other individual assets or
cash-generating units are tested for impairment whenever events or
changes in circumstances indicate that the carrying amount may not
be recoverable.
An impairment loss is recognised for the amount by which the
asset's or cash-generating unit's carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of fair
value, reflecting market conditions less cost to sell, and value in
use based on an internal discounted cash flow evaluation. Any
impairment loss is first applied to write down goodwill to nil and
then is charged pro rata to the other assets in the cash-generating
unit. With the exception of goodwill, all assets are subsequently
reassessed for indications that an impairment loss previously
recognised no longer exists.
i) Equity-based and share-based payment transactions
The Company's share option schemes allow employees to acquire
shares in PCI-PAL PLC to be settled in equity. The fair value of
options granted is recognised as an employee expense with a
corresponding increase in equity in the Company accounts. The fair
value is measured at grant date and spread over the period during
which the employees will be entitled to the options. The fair value
of the options granted is measured using either the Black-Scholes
option valuation model or the Monte Carlo option pricing model,
whichever is appropriate for the type of options issued. The
valuations consider the terms and conditions upon which the options
were granted. The amount recognised as an expense is adjusted to
reflect the actual number of share options that are expected to
vest.
j) Taxation
Current tax is the tax payable based on the profit for the year,
accounted for at the rates enacted at 30 June 2019.
Deferred income taxes are calculated using the liability method
on temporary differences. Deferred tax is generally provided on the
difference between the carrying amounts of assets and liabilities
and their tax bases. However, deferred tax is not provided on the
initial recognition of goodwill, nor the initial recognition of an
asset or liability, unless the related transaction is a business
combination or affects tax or accounting profit. In addition, tax
losses available to be carried forward as well as other income tax
credits to the Group are assessed for recognition as deferred tax
assets.
Deferred tax liabilities are provided in full, accounted for at
the rates enacted at 30 June 2019, with no discounting. Deferred
tax assets are recognised to the extent that it is probable that
the underlying deductible temporary differences will be able to be
offset against future taxable income. Current and deferred tax
assets and liabilities are calculated at tax rates that are
expected to apply to their respective period of realisation,
provided they are enacted or substantively enacted at the year
end.
Changes in deferred tax assets or liabilities are recognised as
a component of tax expense in the statement of comprehensive
income, except where they relate to items that are charged or
credited to other comprehensive income or directly to equity in
which case the related tax charge is also charged or credited
directly to other comprehensive income or equity.
k) Dividends
Dividend distributions payable to equity shareholders are
included in "other short term financial liabilities" when the
dividends are approved in general meeting prior to the year end.
Interim dividends are recognised when paid.
l) Financial assets and liabilities
The Group's financial assets comprise cash and trade and other
receivables, which under IAS 39 are classed as "loans and
receivables". Financial assets are recognised on inception at fair
value plus transaction costs. Loans and receivables are
non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market. Loans and receivables are
measured subsequent to initial recognition at amortised cost using
the effective interest method, less provision for impairment. Any
change in their value through impairment or reversal of impairment
is recognised in in the year.
Trade receivables are reviewed at inception under an expected
credit loss model, and then subsequently for further indicators of
impairment, and a provision, if required, is determined as the
difference between the assets' carrying amount and the present
value of estimated future cash flows.
The Group has a number of financial liabilities including trade
and other payables and bank borrowings. These are classed as
"financial liabilities measured at amortised cost" in IAS 39. These
financial liabilities are carried on inception at fair value net of
transaction costs and are thereafter carried at amortised cost
under the effective interest method.
m) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand
deposits, together with other short-term highly liquid investments
with maturities of three months or less from inception that are
readily convertible into known amounts of cash and which are
subject to an insignificant risk of changes in value.
n) Equity
Equity comprises the following:
-- "Share capital" represents the nominal value of equity
shares. The shares have attached to them voting, dividend and
capital distribution (including on winding up) rights; they do not
confer any rights of redemption.
-- "Share premium" represents the difference between the nominal
and issued share price after accounting for the costs of issuing
the shares
-- "Other reserves" represents the net amortisation charge for
the Company's share options
scheme
-- "Profit and loss account" represents retained profits or losses
-- "currency reserves" represents exchange differences arising
from the translation of assets and liabilities of foreign
operations
o) Contribution to defined contribution pension schemes
The pension costs charged against profits represent the amount
of the contributions payable to the schemes in respect of the
accounting period.
p) Foreign currencies
Transactions in foreign currencies are translated in to Sterling
at the exchange rate ruling at the date of the transaction.
Monetary assets and liabilities in foreign currencies are
translated into Sterling at the rates of exchange ruling at the
year end.
Any exchange differences arising on the settlement of monetary
items or on translating monetary items at rates different from
those at which they were initially recorded are recognised in the
statement of comprehensive income in the period in which they
arise.
The assets and liabilities of foreign operations, including
goodwill and fair value adjustments arising on consolidation, are
translated to the Group's presentational currency, Sterling, at
foreign exchange rates ruling at the balance sheet date. The
revenues and expenses of foreign operations are translated at an
average rate for the year where this rate approximates to the
foreign exchange rates ruling at the dates of the transactions.
Exchange differences arising from this translation of foreign
operations are reported as an item of other comprehensive income
and accumulated in the currency reserve.
q) Significant judgements and estimates
The Group makes estimates concerning the future in assessing the
carrying amounts of capitalised development costs. To substantiate
the carrying amount the directors have applied the criteria of IAS
38 and considered the future economic benefit likely as a result of
the investment.
Careful judgement by the directors is applied when deciding
whether the recognition requirements for development costs have
been met. Judgement factors include: current sales of the new AWS
platform; future demand; and the resource necessary to finalise the
development over the next few years. This is necessary as the
economic success of any product development is uncertain and may be
subject to future technical problems at the time of recognition.
Judgements are based on the information available at each balance
sheet date. In addition, all internal activities related to the
research and development of new software products are continuously
monitored by the directors.
The Group has adopted IFRS 15. A key related judgement is
whether fees relating to the establishment of a contract constitute
a separate performance obligation (see Note 4d above). Having
determined that such fees are not a separate performance
obligation, a key estimate is the period over which such fees are
recognised as revenue. The directors have judged that such revenue
will be deferred into deferred revenue and held in the Statement of
Financial Position and will be released to the Statement of
Comprehensive Income over the estimated term of the contract.
That term is estimated as:
- for contracts with defined termination dates, revenue will be
recognised over the period to the termination date
- for rolling contracts with renewal clauses, revenue will be
recognised over the maximum of 4 years, representing the directors'
current best estimate of a minimum contract term.
Associated direct costs will be assessed and will also be
deferred over the same period. Commission costs directly
attributable to the sale will be deferred but over the minimum
contract length of the contract it relates to.
The calculation of the deferred tax asset involved the
estimation of future taxable profits. In the year ended 30 June
2018, the directors assessed the carrying value of the deferred tax
asset and decided not to recognise the asset, as the utilisation of
the assets was unlikely in the near future. The directors have
reached the same conclusion for this accounting period and so no
asset has been recognised.
5. LOSS BEFORE TAXATION
The loss on ordinary activities is stated after:
2019 2018
GBP000s GBP000s
Disclosure of the audit and non-audit fees
Fees payable to the Group's auditors for:
The audit of Company's accounts 20 15
The audit of the Company's subsidiaries pursuant
to legislation 12 17
Fees payable to the Group's auditors for other
services
Audit related assurance services - -
Tax - compliance services 6 6
Tax - advisory services 12 24
Depreciation and amortisation - charged in administrative
expenses
Plant and equipment 53 44
Intangible assets 191 107
Rents payable 148 133
Amortisation of share-based payments 82 95
Foreign exchange gain 89 22
6. FINANCE INCOME
2019 2018
GBP000s GBP000s
Unwind of loan note receivable discount 181 25
Bank interest receivable 0 3
--------------- ------------
181 28
7. FINANCE EXPITURE
2019 2018
GBP000s GBP000s
Interest on bank borrowings - -
Other 8 10
--------------- ------------
8 10
8. DIRECTORS AND EMPLOYEES
Staff costs of the Group, including the directors who are
considered to be part of the key management personnel, during the
year were as follows.
2019 2018
GBP000s GBP000s
Wages and salaries 3,381 2,401
Social security costs 425 302
Other pension costs 74 55
----------------------- --------------
3,880 2,758
2019 2018
Heads Heads
Average number of employees during the
year 45 37
Remuneration in respect of directors was
as follows:
2019 2018
GBP000s GBP000s
Emoluments 543 592
Bonus 24 90
Pension contributions to money purchase
pension schemes 29 23
Employer's National insurance and US Federal
Taxes 65 92
----------------------- --------------
661 797
During the year 4 (2017: 5) directors participated in money
purchase pension schemes.
The Board consider the Board of directors to be the key
management for the Group.
In October 2018 the Group terminated the employment of its Chief
Executive. The Group reached a settlement with him and paid him the
following amounts as a termination payment:
GBP000s
Payment in Lieu of Notice 161
Bonus -
Compensation for loss of office 100
Settlement of pension obligations 11
Settlement of benefit obligations 8
-------
280
Employer's National insurance 22
-------
302
The amounts set out above include remuneration in respect of the
highest paid director as follows:
2019 2018
GBP000s GBP000s
Emoluments 157 183
Bonus 24 28
Pension contributions to money purchase pension
schemes 14 -
======= =======
A detailed breakdown of the Directors' Emoluments, in line with
the AIM rules, appears in the Directors' Report.
9. SEGMENTAL INFORMATION
PCI-PAL PLC operates one business sector: the service of
providing data secure payment card authorisations for call centre
operations and this is delivered on a regional basis. The Group
manages its operations by reference to geographic segments, which
are reported on below:
Segment results, assets and liabilities include items directly
attributable to a segment as well as those that can be allocated on
a reasonable basis. Unallocated assets comprise items such as cash
and cash equivalents, taxation and borrowings. All liabilities,
other than the bank loan, are unallocated. Segment capital
expenditure is the total cost incurred during the year to acquire
segment assets that are expected to be used for more than one
period.
2019
PCI Pal PCI Pal Central Total
EMEA North America GBP000s GBP000s
GBP000s GBP000s
Revenue 2,721 96 - 2,817
Cost of Sales (1,119) - - (1,119)
------------- ------------------- -------------- -------------
Gross Profit 1,602 96 - 1,698
59% 100% 60%
Administration Expenses (2,754) (2,680) (939) (6,373)
------------- ------------------- -------------- -------------
Loss from Operating Activities (1,152) (2,584) (939) (4,675)
Finance income - - 181 181
Finance costs (3) (5) - (8)
------------- ------------------- -------------- -------------
Loss before tax (1,155) (2,589) (758) (4,502)
============= =================== ============== =============
Segment assets 3,142 537 1,183 4,862
Segment liabilities (2,779) (566) (115) (3,447)
Other segment items:
Capital Expenditure
* Equipment, Fixtures & Licences 27 - - 27
Capital Expenditure
* Capitalised Development 647 - - 647
Depreciation
* Equipment, Fixtures & Licences 53 - - 53
Depreciation
* Capitalised Development 191 - - 191
9. SEGMENTAL INFORMATION (continued)
2018 Restated
PCI Pal PCI Pal Central Total
EMEA North America GBP000s GBP000s
GBP000s GBP000s
Revenue 2,007 - - 2,007
Cost of Sales (1,151) - - (1,151)
------------- ------------------- -------------- -------------
Gross Profit 856 - - 856
43% -% 43%
Administration Expenses (2,809) (955) (885) (4,649)
------------- ------------------- -------------- -------------
Loss from Operating Activities (1,953) (955) (885) (3,793)
Finance income - - 28 28
Finance costs (6) (3) (1) (10)
------------- ------------------- -------------- -------------
Loss before tax (1,959) (958) (858) (3,775)
============= =================== ============== =============
Segment assets 1,889 1,252 4,508 7,649
Segment liabilities (1,697) (102) (43) (1,842)
Other segment items:
Capital Expenditure
* Equipment, Fixtures & Licences 43 - - 43
Capital Expenditure
* Capitalised Development 456 - - 456
Depreciation
* Equipment, Fixtures & Licences 45 - - 45
Depreciation
* Capitalised Development 107 - - 107
Revenue can be split by location of customers as follows:
2019 2018
GBP000s GBP000s
Continuing activities Restated
PCI - PAL division
United Kingdom and European Union 2,610 1,907
North America 90 -
Asia Pacific 6 -
Middle East 111 100
---------- ----------
Continuing Operations 2,817 2,007
All non-current assets are located in the United Kingdom and no
customer accounted for more than 10% of the revenue of the
Group
10. EARNINGS PER SHARE
The calculation of the earnings per share is based on the profit
after taxation added to reserves divided by the weighted average
number of ordinary shares in issue during the relevant period as
adjusted for treasury shares. Details of potential share options
are disclosed in note 19.
12 months 12 months
ended ended
30 June 30 June
2019 2018
Restated
(Loss)/profit after taxation added to reserves (GBP4,366,000) (GBP3,775,000)
Basic weighted average number of ordinary
shares in issue during the period 42,386,720 36,137,282
Diluted weighted average number of ordinary
shares in issue during the period 47,083,804 39,355,616
Basic and diluted earnings per share (10.30) p (10.45) p
There are no separate diluted earnings per share calculations
shown as it is considered to be anti-dilutive.
11. TAXATION
2019 2018
GBP000s GBP000s
Analysis of charge in the year
Current tax:
In respect of the year:
UK Corporation tax based on the results - -
for the year at 19% (2018: 19%)
R & D Tax credit received 136 -
---------------------- ---------------
Total current tax (charged)/credited 136 -
---------------------- ---------------
Movement on recognition of tax losses - -
---------------------- ---------------
Total deferred tax charged - -
---------------------- ---------------
(Charge)/credit 136 -
11. TAXATION (continued)
Factors affecting current tax charge
The tax assessed on the loss on ordinary activities for the year
was lower than the standard rate of corporation tax in the UK of
19% (2018: 19%) and in the United States of 21% (2018: 21%)
2019 2018
GBP000s GBP000s
Restated
Loss on ordinary activities before tax (4,502) (3,775)
Loss on ordinary activities multiplied
by standard rate of corporation tax in
the UK & US of 20.14% (2017: 20%) (907) (717)
Expenses not deductible for tax purposes 1 1
Depreciation (less than)/in excess of capital
allowances for the year 28 11
Utilisation of tax losses - -
Unrelieved tax losses 883 717
Other (5) (12)
Movement on deferred tax timing differences - -
R&D Tax Credit received 136
Prior year adjustment - -
---------------------- ------------
Total tax credited for the year 136 -
The Group has unrecognised tax losses carried forward of GBP9.42
million (2018: GBP5.23 million).
12. INTANGIBLE ASSETS
SIP, RTP
and SBC licences
2019 GBP000s Capitalised
Development Total
GBP000s GBP000s
Cost:
At 1 July 2018 - 951 951
Additions 83 564 647
Disposals - - -
At 30 June 2019 83 1,515 1,598
--------- ------------- -------
Depreciation (included
within administrative
expenses):
At 1 July 2018 - 107 107
Charge for the year 8 183 191
Disposals - - -
At 30 June 2019 8 290 298
--------- ------------- -------
Net book amount at 30
June 2019 75 1,225 1,300
SIP, RTP
2018 and SBC Capitalised
licences Development Total
GBP000s GBP000s GBP000s
At 1 July 2017 - 495 495
Additions - 456 456
Disposals - - -
--------- ------------- -------
At 30 June 2018 - 951 951
Depreciation (included
within administrative
expenses):
At 1 July 2017 - - -
Charge for the year - 107 107
Disposals - - -
--------- ------------- -------
At 30 June 2018 - 107 107
Net book amount at 30
June 2018 - 844 844
13. PLANT AND EQUIPMENT
Fixtures
2019 and Fittings Computer Equipment
GBP000s GBP000s Total
GBP000s
Cost:
At 1 July 2018 22 199 221
Additions - 27 27
Disposals - - -
At 30 June 2019 22 226 248
--------- ----------- -------
Depreciation (included
within administrative
expenses):
At 1 July 2018 6 118 124
Charge for the year 4 49 53
Disposals - - -
At 30 June 2019 10 167 177
--------- ----------- -------
Net book amount at 30
June 2019 12 59 71
Fixtures
2018 and Computer
Fittings Equipment Total
GBP000s GBP000s GBP000s
At 1 July 2017 20 159 179
Additions 3 40 43
Disposals (1) - (1)
--------- ----------- -------
At 30 June 2018 22 199 221
Depreciation (included
within administrative
expenses):
At 1 July 2017 3 77 80
Charge for the year 3 41 44
--------- ----------- -------
Disposals - - -
--------- ----------- -------
At 30 June 2018 6 118 124
Net book amount at 30
June 2018 16 81 97
There are no assets held as finance leases.
14. TRADE AND OTHER
RECEIVABLES
2019 2018
GBP000s GBP000s
Restated
Trade receivables 1,057 475
Accrued income 35 -
Other receivables 605 155
Loan notes receivable within one year - 908
Prepayments and accrued income 302 216
-------------------- -----------
Trade and other receivables due within
one year 1,999 1,754
-------------------- -----------
Loan notes receivable in more than one
year - 1,206
-------------------- -----------
Trade and other receivables 1,999 2,960
All amounts are considered to be approximately equal to the
carrying value. The maximum exposure to credit risk at the
reporting date is the carrying value of each class of receivables
mentioned above.
Trade receivables are reviewed at inception under an expected
credit loss model, and then subsequently for further indicators of
impairment, and a provision has been recorded as follows:
2019 2018
GBP000s GBP000s
Opening provision 8 15
Charged to income - (7)
------- -------
Closing provision at 30 June 8 8
All of the impaired trade receivables are past due at the
reporting dates. In addition, some of the non-impaired trade
receivables are past due at the reporting date:
2019 2018
GBP000s GBP000s
0-30 days past due 118 61
30-60 days past due 19 6
Over 60 days past due 140 52
------- -------
277 119
Amounts which are not impaired, whether past due or not, are
considered to be recoverable at their carrying value. Factors taken
into consideration are past experience of collecting debts from
those customers, plus evidence of post year end collection.
Loan notes receivable
The loan notes receivable outstanding as at 30 June 2018 were
fully repaid in the period.
15. CURRENT
LIABILITIES
2019 2018
GBP000s GBP000s
Restated
Trade payables 491 447
Social security and other taxes 97 111
Deferred Income 2,453 1,131
Accruals 406 153
---------------------- --------------
Trade and other payables 3,447 1,842
---------------------- --------------
Bank loans (note 16) - -
Amounts due under finance leases (note - -
16)
---------------------- --------------
Current portion of long-term borrowings - -
---------------------- --------------
3,447 1,842
Amounts due under finance leases are secured on the related
assets.
16. NON-CURRENT
LIABILITIES
2019 2018
GBP000s GBP000s
Bank loans - -
Amounts due under finance leases - -
------- -------
Long term borrowings - -
Borrowings
Bank loans are repayable as follows:
2019 2018
GBP000s GBP000s
Within one year - -
After one year and within two years - -
After two years and within five years - -
Over five years - -
------- -------
- -
17. DEFERRED TAXATION
Deferred taxation is calculated at a rate of 19% (2018: 19%) in
the UK and 21% (2018: 19%) in the US
Tax losses Total
GBP000s GBP000s
Restated
Opening balance at 1 July 2017 - -
(Charged)/credited through the statement of
comprehensive income in the year - -
------------- -----------
At 30 June 2018 - -
Charged through the statement of comprehensive
income in the year - -
------------- -----------
At 30 June 2019 - -
2019 2018
GBP000s GBP000s
Restated
Unprovided deferred tax assets
Accelerated capital allowances - -
Trading losses 1,602 1,060
------------- -----------
1,602 1,060
The unprovided deferred tax assets are calculated at a rate of
17% (2018: 17%).
18. GROUP UNDERTAKINGS
At 30 June 2019, the Group included the following subsidiary
undertakings, which are included in the consolidated accounts:
Name Country of Class of share Proportion Nature of business
Incorporation capital held held
PCI-PAL (U.K.) England Ordinary 100% Payment Card Industry
Limited software services
provider
---------------- ---------------- ------------ -----------------------
IP3 Telecom Limited England Ordinary 100% Dormant
---------------- ---------------- ------------ -----------------------
The Number Experts England Ordinary 100% Dormant
Limited
---------------- ---------------- ------------ -----------------------
PCI PAL (US) Inc United States Ordinary 100% Payment Card Industry
of America software services
provider
---------------- ---------------- ------------ -----------------------
19. SHARE
CAPITAL
Group 2019 2019 2018 2018
Number GBP000s Number GBP000s
Authorised:
Ordinary shares of 1p each 100,000,000 1,000 100,000,000 1,000
Allotted called up and fully
paid:
Ordinary shares of 1p each 42,721,178 427 42,721,178 427
On 30 January 2018 the company placed 11,000,000 ordinary shares
of 1 pence with various institutional investors, priced at 45 pence
per share. The placing raised a gross amount of GBP4.95 million
before expenses. The new shares represent approximately 25.8% of
the Company's enlarged issued ordinary share capital (excluding
those held as treasury shares).
The Group owns 167,229 (2016: 167,229) shares and these are held
as Treasury Shares.
During the year, the share price fluctuated between 39.5 pence
and 17.5 pence and closed at 30.98 pence on 30 June 2019.
Share Option schemes
The Company operates an Employee Share Option Scheme. The share
options granted under the scheme are subject to performance
criteria and generally have a life of 10 years. The grant price is
taken with reference to the closing quotation price as derived from
the Daily Official List of the London Stock Exchange.
The performance criteria are set by the remuneration committee.
The grants are individually assessed with regard to the location of
the employee and generally have one of the following performance
criteria:
1: 50% of the options will vest if the share price of the
Company as measured on the London Stock Exchange trades above the
share price at the date of grant, for a continuous 30 day period;
25% or the options will vest if the share price of the Company
trade 50% above the share price of the Company at the date of Grant
for a continuous 30 day period; and the remaining 25% will vest if
the share price of the Company trades 100% above the share price of
the Company at the date of Grant for a continuous 30 day period.
The options cannot be exercised for a three year period from the
date of Grant. or;
2: The number of options granted will vest equally over a four
year period in monthly tranches with the earliest exercise date
being 12 months from the date of issue of the option
All options will lapse after a ten-year period if they have not
been exercised.
The following options grants have been made and are valued using
the Monte Carlo Pricing model with the following assumptions:
Date of Grant 25 May 12 July 12 Nov 02 Jan 27 Feb 10 May 13 Jun Total
17 18 18 19 19 19 19
Exercise 33.0 28.5 26.5 19.0 23.0 22.0 28.5 N/A
Price pence pence pence pence pence pence pence
Price at 44.0 28.5 26.5 19.0 23.0 22.0 28.5 N/A
date of grant pence pence pence pence pence pence pence
Estimated 5 years 5 years 5 years 5 years 5 years 5 years 5 years N/A
time to Maturity
Expected
Dividend
yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% N/A
Risk Free
Rate 0.57% 0.996% 0.996% 0.839% 0.961% 0.870% 0.622% N/A
No Steps
used in calculation 10 10 10 10 10 10 10 N/A
No of simulations
used in calculation 100,000 100,000 100,000 100,000 100,000 100,000 100,000 N/A
Fair value 14.11 14.18 14.23 14.25 14.21 14.23 14.30 N/A
of Option pence pence pence pence pence pence pence
Weighted 2.90 4.03 4.36 4.50 4.66 4.85 4.95
average life years years years years years years years
in years
# option
shares issued
at grant 3,065,000 565,000 225,000 320,000 105,000 145,000 525,000 4,950,000
# option
shares lapsed (580,000) (350,000) (10,000) 0 0 0 0 (940,000)
# option
shares outstanding
as at 30
June 2019 2,485,000 215,000 215,000 320,000 105,000 145,000 525,000 4,010,000
# option
shares exercisable
as at 30
June 2019 0 0 0 0 0 0 0 0
Total charge GBP52,002 GBP5,915 GBP3,875 GBP4,500 GBP1,014 GBP588 GBP741 GBP68,635
for year
Total cumulative GBP147,118 GBP5,915 GBP3,875 GBP4,500 GBP1,014 GBP588 GBP741 GBP163,751
charge as
at 30 June
2019
The fair value of these options has been calculated on an issue
by issue basis and GBP68,635 (2018: GBP91,116) has been charged to
the statement of comprehensive income account for this financial
year.
The following options have been valued using a Black Scholes
Pricing model with the following assumptions:
Date of Grant 28 Jun 04 Oct 12 Jul 12 12 Nov 12 Nov 07 Jan 27 Feb Total
17 17 18 Jul 18 18 19 19
18
Exercise 41.5 44.5 28.5 28.5 26.5 26.0 18.4 23.0
Price pence pence pence pence pence pence pence pence
Price at 41.5 44.5 28.5 28.5 26.0 26.0 18.4 23.0
date of grant pence pence pence pence pence pence pence pence
Estimated 5 years 5 years 5 years 5 years 5 years 5 years 5 years 5 years
time to Maturity
Expected
Dividend
yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Risk Free
Rate 0.57% 0.57% 0.996% 0.996% 1.03% 1.03% 0.89% 0.96%
Volatility 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
Fair value 7.8 8.4 5.6 5.6 5.0 5.2 3.6 4.5
of Option pence pence pence pence pence pence pence pence
Weighted 3.0 3.26 4.03 4.03 4.36 4.36 4.52 4.66
average life years years years years years years years years
in years
# option
shares issued
at grant 150,000 150,000 415,000 641,667 150,000 60,000 15,000 100,000 1,681,667
# option
shares lapsed 0 0 (25,000) (550,000) 0 0 0 0 (575,000)
# option
shares outstanding
at 30 June
2019 150,000 150,000 390,000 91,667 150,000 60,000 15,000 100,000 1,106,667
# option
shares exercisable
as at 30
June 2019 71,875 59,375 0 0 0 0 0 0 131,250
Total charge GBP2,346 GBP2,524 GBP4,271 GBP1,004 GBP941 GBP393 GBP52 GBP308 GBP11,839
for year
Total cumulative GBP4,937 GBP4,384 GBP4,271 GBP1,004 GBP941 GBP393 GBP52 GBP308 GBP16,290
charge as
at 30 June
2019
The fair value of these options has been calculated on an issue
by issue basis and GBP11,839 (2018: GBP2,401) has been charged to
the statement of comprehensive income account for this financial
year.
The analysis of the Company's option activity for the financial
year is as follows:
2019 2018
Weighted Number of Weighted Number of
Average exercise Options Average Options
Price exercise
price
GBP GBP
Options outstanding at
start
of year 0.339 3,255,000 0.330 3,215,000
Options granted during the
year 0.266 3,266,667 0.445 150,000
Options exercised during - -
the
year
Options lapsed during the
year 0.300 (1,405,000) 0.330 (110,000)
Options outstanding at end
of year 0.303 5,116,667 0.339 3,255,000
Options exercisable at the
end of year 131,250 -
20. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
The Group uses various financial instruments including cash,
trade receivables, trade payables, other payables, loans and
leasing that arise directly from its operations. The main purpose
of these financial instruments is to maintain adequate finance for
the Group's operations. The existence of these financial
instruments exposes the Group to a number of financial risks, which
are described in detail below. The directors do not consider price
risk to be a significant risk. The directors review and agree
policies for managing each of these risks, as summarised below, and
these remain unchanged from previous years.
Capital Management
The capital structure of the Group consists of debt, cash, loans
and equity. The Group's objective when managing capital is to
maintain the cash position to protect the future on-going
profitable growth which will reflect in shareholder value.
At 30 June 2018, the Group had a closing cash balance of
GBP1,492,000 (2018: GBP3,748,000) and no borrowings.
Financial risk management and objectives
The Group seeks to manage financial risk to ensure sufficient
liquidity is available to meet foreseeable needs and to invest cash
assets safely and profitably. The directors achieve this by
regularly preparing and reviewing forecasts based on the trends
shown in the monthly management accounts.
In October 2019, after the close of the financial year, the
Group agreed a GBP2.75 million, 36 month term loan facility with
Shawbrook Bank secured over the assets of the business to assist
with the working capital requirements of the Group
Interest rate risk
The Group does not use loan or lease finance and so there is no
interest rate risk.
Post the balance sheet date the Group has entered a term loan
agreement with Shawbrook Bank, details of which are disclosed in
Note 28: Subsequent Events
Credit risk
The Group's principal financial assets are cash and trade
receivables, with the principal credit risk arising from trade
receivables. In order to manage credit risks the Group conducts
third party credit reviews on all new clients, takes deposits where
this is deemed necessary and collects payment by direct debit,
limiting the exposure to a build-up of a large outstanding debt.
Concentration of credit risk with respect to trade receivables are
limited due to the wide nature of the Group's customer base: no one
customer accounts for more than 10% of revenues. In some cases,
licences fees are paid for annually in advance.
Liquidity risk
The Group aims to mitigate liquidity risk by closely monitoring
cash generation and expenditure. Cash is monitored daily and
forecasts are regularly prepared to ensure that the movements are
in line with the directors' strategy.
Foreign currencies and foreign currency risk
During the year exchange gains of GBP89,400 (2018: GBP21,600)
have arisen and at the year-end. As at the 30 June 2019 the Group
held the following foreign currency cash balances:
US Dollar: $97,406 Sterling equivalent: GBP77,111 (2018: GBP83,246)
Canadian Dollar: $8 Sterling equivalent: GBP5 (2018: GBPnil)
Australian Dollar: $11,273 Sterling equivalent: GBP6,130 (2018: GBPnil)
Total Sterling equivalent: GBP83,246 (2018: GBP83,246)
Transactions in foreign currencies are translated at the
exchange rate ruling at the date of the transaction and monetary
assets and liabilities in foreign currencies are translated at the
rates ruling at the year end. At present foreign exchange is
minimal and hedging and risk management is not deemed necessary as
the company trades and spends in the various currencies.
The Group's principal exposure to exchange rate fluctuations
arise on the translation of overseas net assets, profits and losses
into Sterling, for presentational purposes. The risk is managed by
taking the differences that arise on the retranslation of the net
overseas investments to the currency reserve. Foreign currency risk
on cash balances is monitored through regular forecasting and the
Group tries to maintain a minimum level of currency in the accounts
so as to meet the short term working capital requirements.
No sensitivity analysis is provided in respect of foreign
currency risks as the risk is considered to be moderate.
Financial assets
Current financial assets Note 2019 2018
GBP000s GBP000s
Cash at bank 1,492 3,748
Trade receivables - current 14 1,057 475
Accrued income 14 35 -
Loan notes receivable 14 - 2,114
2,584 6,337
The fair values of the financial assets are considered to be
approximately equal to the carrying values.
Financial liabilities
Current financial liabilities Note 2019 2018
GBP000s GBP000s
Trade payables 15 491 447
Accruals 15 406 153
897 600
The fair values of the financial liabilities are considered to
be approximately equal to the carrying values.
21. CAPITAL COMMITMENTS
The Group has no capital commitments at 30 June 2019 or 30 June
2018.
22. CONTINGENT ASSETS
The Group has no contingent assets at 30 June 2019 or 30 June
2018.
23. CONTINGENT LIABILITIES
The Group has no contingent liabilities at 30 June 2019 or 30
June 2018.
24. CHANGES IN ACCOUNTING POLICIES
Impact on the financial statements
As a result of the changes in the entity's accounting policies,
prior year financial statements had to be restated.
IFRS 9 Financial Instruments was implemented without restating
comparative information, on the grounds of materiality.
IFRS 15 Revenue from Contracts with Customers was adopted and
the prior year financial statements have been restated. The tables
below show the adjustments recognised for each individual line item
for the period ending 30 June 2018.
The adjustments for the twelve months to 30 June 2018 are as
follows:
Consolidated statement of comprehensive As originally Adjustment Restated
income for the twelve months to presented IFRS 15 twelve months
30 June 2018 ended 30
June 2018
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 2,136 (129) 2,007
Cost of sales (1,151) - (1,151)
Gross profit 985 (129) 856
Administrative expenses (4,747) 98 (4,649)
Loss from operating activities (3,762) (31) (3,793)
Interest payable (10) - (10)
Finance income 28 - 28
Interest receivable - - -
Loss before taxation (3,744) (31) (3,775)
Taxation - - -
Loss for period from continuing
activities (3,744) (31) (3,775)
Profit for period from discontinued - - -
activities
Total comprehensive (loss)/income
for the period (3,744) (31) (3,775)
Profit / (loss) per share expressed
in pence
Basic and diluted (10.36) (0.09) (10.45)
Consolidated statement of financial As originally Adjustment Restated
position as at 30 June 2017 presented IFRS 15 twelve months
ended 30
June 2017
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Plant & Equipment 99 - 99
Intangible assets 495 - 495
Loan note receivable 2,202 - 2,202
Non-current assets 2,796 - 2,796
Current assets
Trade and other receivables 608 40 648
Loan note receivable 945 - 945
Cash and cash equivalents 1,958 - 1,958
Current assets 3,511 40 3,551
Total assets 6,307 40 6,347
Liabilities
Current liabilities
Trade and other payables (883) (585) (1,468)
Other interest-bearing loans and - - -
borrowings
Current liabilities (883) (585) (1,468)
Non-current liabilities
Long term borrowings - - -
Non-current liabilities - - -
Total liabilities (883) (585) (1,468)
Net assets 5,424 (545) 4,879
Shareholders' equity
Share capital 317 - 317
Share premium 89 - 89
Other reserve 4 - 4
Currency reserve - - -
Profit & loss account 5,014 (545) 4,469
Total shareholders' equity 5,424 (545) 4,879
Consolidated statement of financial As originally Adjustment Restated
position as at 30 June 2018 presented IFRS 15 twelve months
ended 30
June 2018
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Plant & Equipment 97 - 97
Intangible assets 844 - 844
Loan note receivable 1,206 - 1,206
Non-current assets 2,147 - 2,147
Current assets
Trade and other receivables 708 138 846
Loan note receivable 908 - 908
Cash and cash equivalents 3,748 - 3,748
Current assets 5,364 138 5,502
Total assets 7,511 138 7,649
Liabilities
Current liabilities
Trade and other payables (1,128) (714) (1,842)
Other interest-bearing loans and - - -
borrowings
Current liabilities (1,128) (714) (1,842)
Non-current liabilities
Long term borrowings - - -
Non-current liabilities - - -
Total liabilities (1,128) (714) (1,842)
Net assets 6,383 (576) 5,807
Shareholders' equity
Share capital 427 - 427
Share premium 4,618 - 4,618
Other reserve 99 - 99
Currency reserve (31) - (31)
Profit & loss account 1,270 (576) 694
Total shareholders' equity 6,383 (576) 5,807
Reconciliation of contract revenue balances under IFRS 15
2019 2018
GBP000s GBP000s
b/fwd deferred revenue (714) (585)
Amounts invoiced and deferred
in year (821) (379)
Amounts released as revenue in
year 398 250
c/fwd deferred revenue (1,137) (714)
Reconciliation of contract cost balances under IFRS 15
2019 2018
GBP000s GBP000s
b/fwd deferred cost balance 138 40
Amounts of costs deferred in
year 605 138
Amounts of costs released in
year (138) (40)
c/fwd deferred cost balance 605 138
IFRS 15 - Revenue from Contracts with Customers - Impact of
adoption
The Group has adopted IFRS 15 from 1 July 2018 which resulted in
changes in accounting policies and adjustments to the amounts
recognised in the financial statements. In accordance with the
transition provisions in IFRS 15, the group has adopted the new
rules retrospectively and has restated comparatives both for the
2018 financial year and the opening balance sheet at 1 July 2017.
In summary, the following adjustments were made to the amounts
recognised in the balance sheet at the date of initial application
(1 July 2018).
(i) Revenue
From 1 July 2017 all set-up, professional service and
installation fees for our PCI compliance solutions and our hosted
telephony services previously recognised in revenue during the
implementation phase of the client projects have been restated
under IFRS 15. These fees will now be deferred into deferred
revenue and held in the balance sheet and will be released to the
statement of comprehensive income over the estimated term of the
contract up to a maximum of four years.
In addition, the opening balance sheet at 1 July 2017 has been
restated for contracts where fees have been recognised in revenue
prior to 1 July 2017.
The net impact of this restatement is a reduction in previously
reported revenue of GBP0.129 million for the 12 month period to 30
June 2018.
The total deferred liability restated at 30 June 2018 is
GBP0.714 million.
There have been no adjustments made to revenue for the sale of
third-party equipment.
(ii) Commission costs (administrative expenses)
Commission paid to members of the sale team for the signing of
specific contracts is deferred onto the balance sheet and held in
other current assets and is matched to the revenue over the minimum
period of the contract term.
In addition, the opening balance sheet at 1 July 2017 has been
restated for contracts where commission has been charged as an
administrative expense prior to 1 July 2017.
Net commission costs of GBP0.089 million for the 12 month period
to 30 June 2018 have been capitalised into other current
assets.
IFRS 15 - Revenue from Contracts with Customers - Accounting
policies
IFRS 15 provides a single, principles-based five-step model to
be applied to all sales contracts, based on the transfer of control
of goods and services to customers. Revenue represents the fair
value of the sale of goods and services and after eliminating sales
within the Group and excluding value added tax or overseas sales
taxes. The following summarises the method of recognising revenue
for the solutions and products delivered by the Group.
(i) PCI compliance solutions and hosted telephony services
Revenue for set-up and cloud provision fee will be deferred and
will be recognised evenly over the estimated term of the contract,
having accounted for the automatic auto-renewal of our contracts,
up to a maximum of four years, starting the month following from
the date of signature of the underlying contract.
The payment profile for such contracts typically include payment
for set-up fees at the point of signature of the contract, but for
revenue recognition purposes, this is deemed to be an integral part
of the wider contract rather than a separate performance
obligation.
Revenue for all other professional services and installation
fees will be deferred and will be recognised evenly over the
estimated term of the contract, having accounted for the automatic
auto-renewal of our contracts, up to a maximum of four years,
starting in the month following the hand over to the client for
user acceptance testing.
Costs directly attributable to the delivery of the PCI
Compliance solutions and hosted telephony services are capitalised
as 'costs to fulfil a contract' and released over the estimated
term of the contract, having accounted for the automatic
auto-renewal of our contracts, up to a maximum of four years,
starting the month following from the date of signature of the
underlying contract.
Costs relating to commission costs paid to employees for winning
the contract will be capitalised as 'costs to fulfil a contract' at
the date the commissions payments become due and will be released
in monthly increments over the minimum contract term starting the
month following the date the cost is capitalised.
(ii) Third party equipment sales
Where the contract involves the sale of third-party equipment
that could be acquired and supplied by other parties to the client
the revenues and costs relating to this will continue to be
released in full to the Statement of Comprehensive Income at the
time the installation is complete.
IFRS 9 - Financial Instruments - Accounting policies
The Group does not enter into forward contracts to hedge
forecast transactions and so there is no requirement to restate the
previous financial statements.
25. OPERATING LEASE
COMMITMENTS
2019 2018
GBP000s GBP000s
Total future lease payments:
Less than one year 45 109
After one and within two years 23 45
After two and within five years - 68
68 222
Operating lease commitments relate to the following
buildings:
Ipswich Nos 5,6 & 7 Gamma Terrace expires December 2021,
with optional break clause for September 2019
London The Company operates from a serviced office facility at
30 Moorgate London that is cancellable at short notice.
Charlotte
The Company operates from a serviced office facility at 101 N
Tryon St, Charlotte that is cancellable at short notice.
26. TRANSACTIONS WITH DIRECTORS
There were no transactions with directors in the year to June
2019 or June 2018.
27. DIVIDENDS
The directors have proposed a dividend of nil pence per share
(2018: nil pence per share) post year end (subject to shareholder
approval).
28. SUBSEQUENT EVENTS
Post the close of the financial year the Group has entered into
a GBP2.75 million loan facility with Shawbrook Bank. The principal
terms are as follows:
Term 36 months with three month capital repayment holiday
Interest rate 9.3% over LIBOR paid monthly
Arrangement Fee 1.4% of loan facility
Non utilisation fee 0.6% of unutilised amount
Exit fee shares equivalent of 7.5% of the facility payable as
detailed below
Security Fixed and Floating debenture over the assets of the Group.
The loan balance can be drawn in two tranches with a minimum of
GBP1.0 million within five business days of the signing of the
agreement and the remaining balance within twelve months. The
company will initially be drawing down GBP1.5 million of this new
facility. The facility is being used to support the working capital
requirements of the Group as it continues to grow.
Shawbrook Bank will be entitled to receive a cash based exit
payment calculated on the value generated, over a 10 year period,
on the equivalent of GBP206,250 of phantom shares (being 7.5% of
the facility) if there is a takeover of the Group or a debt
refinancing of the Shawbrook debt.
The exit fee is a cash payment of a sum equal to P, where:
P = (A x B) - C
and where:
A = the Phantom Shares Number - the Phantom Shares Value divided
by the fair market value of one ordinary share, calculated using
the average of the closing share price in the previous five days
immediately prior to the date of the facility letter;
B = the fair market value of one ordinary share at the time of
the exit fee event; and
C = the Phantom Shares Value, which is GBP206,250.
An Exit Fee Event is where there is:
(a) a sale or other disposition of all or substantially all of
the assets in the Company in whatever form (whether in a single
transaction or multiple related transactions); or
(b) an acquisition of shares in the Company by a person (and any
persons acting in concert with that person) that results in that
person (together with any such persons acting in concert) acquiring
a controlling interest in the Company; or
(c) a reorganisation, consolidation or merger of the Company
(whether in a single transaction or multiple related transactions)
where shareholders before the transaction(s) directly or indirectly
beneficially own issued voting securities of the surviving entity
after the transaction(s) together carrying the right to cast 50% or
less of the votes capable of being cast at general meetings of the
surviving entity; or
(d) a distribution or other transfer of assets to the
shareholders of the Company in connection with the liquidation of
the Company; or
(e) a refinancing of the Facility with a bank or debt lender
(other than the Bank) within thirty six months of the date of the
Facility Agreement, provided that the outstanding balance of the
Facility prior to the date of such refinancing is equal to or
greater than GBP500,000
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR LLFLTIFLTIIA
(END) Dow Jones Newswires
October 09, 2019 02:00 ET (06:00 GMT)
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