TIDMPCIP
RNS Number : 4454O
PCI-PAL PLC
03 October 2023
PCI-PAL PLC
("PCI Pal", "the Company" or "the Group")
Further Detail on High Court Patent Case Outcome and Trading
Update
PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure
payment solutions for business communications, is pleased to
provide an update following the successful defence in the UK High
Court of the unfounded patent claims being made against it.
Victory in UK High Court Patent Proceedings
Following the Company's announcement on 25 September 2023 that
it had comprehensively defeated the unfounded patent infringement
claims being brought against it by its competitor, Sycurio Limited,
the Company advises investors that the ruling from Mrs Justice
Bacon is now available at
https://caselaw.nationalarchives.gov.uk/ewhc/pat/2023/2361 . The
detail of the written ruling was resoundingly in PCI Pal's
favour.
The Company understands that a Form of Order hearing will be
heard in December, where a number of administrative and outstanding
matters will be resolved by the Judge. Given the extent of PCI
Pal's victory, the Company will be seeking the maximum recovery of
costs. We will provide a further update once the Form of Order
hearing has completed.
Appeals in patent cases are common, no matter the nature of the
ruling, and therefore PCI Pal is ready for an appeal should it be
filed. Given how comprehensive the ruling was in PCI Pal's favour,
we remain confident in the High Court Judge's judgement that
Sycurio's patent is invalid due to prior art and that, even if the
patent were valid, our solutions would not infringe.
PCI Pal Intellectual Property
As the first mover in our market to a public cloud solution we
continue to protect our innovative ideas by securing patents for
our technology
(https://www.pcipal.com/technology/patented-and-protected/). These
patents include protection for our key deployment models of our
Agent Assist solution, and provide coverage across the key
international regions we operate in today. We will defend our IP
fully in the event we are aware of third parties copying our novel
and innovative methods.
Current Trading Update
FY23 was a further positive year for the Group and we delivered
on key expectations even against global macro-economic headwinds.
The business has continued its good momentum into FY24 signing 57
new contracts. The Group has a healthy near term sales pipeline
which includes numerous opportunities exceeding $100k ACV in value
at a mature stage of sales progression. Additionally, we continue
to grow our partner eco-system, which has included the signing of a
major new reseller, one of the largest Business Process Outsourcers
("BPOs") in the United States.
Further, as anticipated, we are beginning to launch an array of
new products and features. This has included the launch of our
AI-powered, enhanced Automatic Speech Recognition ("ASR") feature
for our Agent Assist and IVR products. There are also a number of
POCs in progress with partners for our new user interface and
digital payment capabilities that we have already announced would
be launched fully later this year.
In FY23 we achieved revenue growth of 25%. Based on the trading
year to date we now expect to see revenue growth in FY24 of between
28-30%. This is expected to allow the business to report the
Company's first full year of adjusted pre-tax profit.
Timetable for results to 30 June 2023
The Company's annual accounts were delayed as a result of the
proximity to the UK High Court's ruling in the patent case. The
Company is now finalising the timetable for the completion of the
annual audit for the 12 months to 30 June 2023 and is expecting to
release its results in late October or early November. As soon as a
date is finalised it will be announced to the market.
Commenting, James Barham, Chief Executive Officer, said:
"After two years of disputing this unfounded and unwarranted
action brought by a competitor in an attempt to disrupt our
business, we are delighted by the ruling received from the UK High
Court validating our position.
"We believe that Sycurio might choose to appeal the ruling. The
comprehensive nature of the judgement that both invalidated their
patent due to obviousness of prior art, and confirming that our
solutions do not infringe anyway, means that we remain very
confident in our position if an appeal is lodged. The Board
believes that the judgement supports the strength of PCI Pal's
position and makes, in its opinion, any appeal unlikely to impact
PCI-Pal's market position or the growth being seen in the
business.
"The case has no doubt been a distraction to management of the
Company but the momentum we have continued to build over the last
two years is testament to the execution against our stated plans,
the strength of our people and the ingenuity of our modern,
cloud-based solutions. We have top quartile customer and employee
retention rates, a strong and robust channel partner and cloud
based strategy and we have the fastest growth rates of any
established company in our space. Further, we have an exciting
sales pipeline in front of us, and are looking forward to achieving
key financial and product milestones this year."
For further information, please contact:
PCI-PAL PLC Via Walbrook PR
James Barham - Chief Executive Officer
William Good - Chief Financial Officer
Cavendish Capital Markets Limited (Nominated +44 (0) 20 7227
Adviser and Broker) 0500
Marc Milmo/Simon Hicks/Fergus Sullivan (Corporate
Finance)
Sunila de Silva (Corporate Broking)
+44 (0) 20 7933
Walbrook PR 8780
+44 (0) 797 122
Tom Cooper/Nick Rome 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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