TIDMPCIP
RNS Number : 8384T
PCI-PAL PLC
27 July 2022
PCI-PAL PLC
("PCI Pal", "the Company" or "the Group")
Trading Update & Notice of Results
Strong revenue growth during period of upscaling for
business
delivers results ahead of recently upgraded expectations
PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure
payment solutions for business communications, is pleased to
announce a trading update for the year ended 30 June 2022.
The Board anticipates full year results to be ahead of the
current market expectations with revenue growth of approximately
60% to GBP11.9m (2021: GBP7.4m). Adjusted loss before tax for the
year is estimated to be GBP2.9m (2021: GBP3.5m).
The Company has continued to deliver strongly, driving its key
indicator of future revenues, total annual contract value (TACV(1)
), to GBP13.3m (2021: GBP9.5m), a 40% increase since 30 June 2021.
Annual recurring revenue (ARR) at the end of the period increased
by 43% to GBP11.0m (2021: GBP7.7m).
As well as these growth indicators, key retention metrics
continue to perform well, with net revenue retention (NRR) at 118%
and churn controlled to 3%.
The Group finished the year with cash of GBP4.9m (2021:
GBP7.5m).
There is no further update on the unfounded patent case claims
over and above that released to the market on 28 June 2022. The
Board remains confident in its position on both the defence of the
claims made and on the counterclaims made by the Company against
its competitor Sycurio (previously known as Semafone).
Commenting on progress in the period, James Barham, Chief
Executive Officer of PCI Pal, said:
" Following the successful equity placing in April 2021, we set
ourselves some ambitious expansion plans for FY22. During this year
of substantial growth, I am very pleased to say that we have
delivered against these expanded objectives: broadening our
geographic footprint by establishing businesses in Canada and
Australia; as well as making further investment into product and
engineering as we evolve our product roadmap to best take advantage
of our Cloud platform, leading partner eco-system and rapidly
expanding customer base.
" Our financial performance in the year is especially pleasing
to me given it has been delivered against the backdrop of the
unfounded patent claims being made against us, a very competitive
recruitment market, and the recent global economic and geopolitical
uncertainty. Our high customer retention rates and market-leading
partner eco-system are a credit to both our products and services,
as well as our team who make the difference.
" The Board is encouraged by the continued progress being seen
by PCI Pal and is therefore confident in the outlook and prospects
for the Group."
Notice of Results:
PCI Pal expects to announce its Final Results in the week
commencing 5 September 2022.
For Information
Current market expectations for FY22 are:
Revenue GBP11.5 million
Adjusted Loss before Tax -GBP 3.1 million
Cash GBP 4.2 million
(1) TACV is the total expected annual recurring revenue from all
contracted customers, whether invoiced and included in deferred
revenue or still to be deployed and/or invoiced.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
For further information, please contact:
PCI-PAL PLC Via Walbrook PR
James Barham - Chief Executive
Officer
William Good - Chief Financial
Officer
finnCap (Nominated Adviser and
Broker) +44 (0) 20 7227 0500
Marc Milmo/Simon Hicks (Corporate
Finance)
Richard Chambers (Corporate Broking)
Walbrook PR +44 (0) 20 7933 8780
Tom Cooper/Nick Rome +44 (0) 797 122 1972
P CIPAL@walbrookpr.com
About PCI Pal:
PCI Pal is a leading provider of Software-as-a-Service ("SaaS")
solutions that empower companies to take payments from their
customers securely, adhere to strict industry governance, and
remove their business from the significant risks posed by
non-compliance and data loss. Our products secure payments and data
in any business communications environment including voice, chat,
social, email, and contact centre. We are integrated to, and resold
by, some of the worlds' leading business communications vendors, as
well as major payment service providers.
The entirety of our product-base is available from our global
cloud platform hosted in Amazon Web Services ("AWS"), with regional
instances across EMEA, North America, and ANZ.
For more information visit www.pcipal.com or follow the team on
Linkedin: https://www.linkedin.com/company/pci-pal/
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END
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