REG - PCI-PAL PLC - AGM Trading Update

PCI- PALAnnouncement

10/11/2021 07:05

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RNS Number : 8563R  PCI-PAL PLC  10 November 2021

 
PCI-PAL PLC
("PCI Pal", "the Company" or "the Group")
AGM Trading Update

 

PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions
for business communications, is pleased to make the following update ahead of
its Annual General Meeting being held at 11.00 a.m. today.

 

The Group has made an excellent start to FY22, performing very well across its
key metrics. As a result, our revenues are continuing to grow strongly in EMEA
and North America as expected. New contract sales have been particularly
strong throughout the four-month period since the start of our financial year,
with a number of exciting new deals and existing customer extensions signed.
ACV signed in the year to date is currently £1.2 million, taking our key
metric of TACV to £10.8 million as at 31 October 2021.

 

New sales included a number of new enterprise customers in both the UK and US,
as well as a sizeable extension in October to one of our largest customers.
 New customers have come from a broad spectrum of sectors but most notably
include healthcare, retail, and utilities. Customer retention rates remained
very high as per the norm during the period.

 

New partners added include two new global resellers, both US headquartered,
and with extensive international coverage. Additionally, we announced in
October that we had finalised a full integration to Amazon Connect, Amazon's
omnichannel cloud contact centre solution. Amazon customers can now access PCI
Pal services across its global cloud platform from anywhere in the world via
their existing AWS Marketplace agreements. PCI Pal is the first global vendor
in the secure payments space to achieve this type of integration with Amazon
Connect.

 

Early in FY21, we reorganised and strengthened our management structure,
creating a new VP level management layer in support of the executives and
department heads, which has allowed the existing teams to take on more
day-to-day management of our business. This in turn has allowed the executive
Board more time to focus on strategic development opportunities, as well as
the initial intensive stages of defending and countering the patent
infringement claim with minimal disruption to the underlying running of the
business - which continues to perform excellently.

 

In April, we raised further funds to continue our expansion into Canada,
Australia and mainland Europe, as well as continuing to strengthen our
product, engineering and support functions. Despite the overall challenging
hiring environment globally today, we have made solid progress in attracting
new key talent to support our expansion plans. Our new Canadian entity is due
to be incorporated this month and the first hires begin joining from December.

 

Commenting on progress, James Barham, CEO of PCI Pal, said:

 

"I am extremely pleased with the Company's strong sales performance in the
first four months of the year in both the EMEA and North America. We are
clearly benefitting from the longstanding commitment we have made to our
technology approach, being the leader in cloud in our space, and our
partner-first sales focus as we continue to build momentum through our
expanding partner eco-system.

 

"The legal patent challenge has required time from the Board and senior
management but we have the team in place to continue to allow us to grow and
run the business as well as defend ourselves rigorously from the claims being
made, which are strongly refuted. We have created substantial momentum in this
fast-growing business in recent years, which is a result of our successful
execution through a disruptive market strategy. We have invested, and will
continue to invest in making our solutions the most attractive to our
customers and partners across the globe and remain very confident in the
outlook for the Company."

 

 

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
                                             PCIPAL@walbrookpr.com

 

About PCI Pal:

 

PCI Pal is a leading provider of Software-as-a-Service ("SaaS") solutions that
empower companies to take payments from their customers securely, adhere to
strict industry governance, and remove their business from the significant
risks posed by non-compliance and data loss. Our products secure payments and
data in any business communications environment including voice, chat, social,
email, and contact centre. We are integrated to, and resold by, some of the
worlds' leading business communications vendors, as well as major payment
service providers.

 

The entirety of our product-base is available from our global cloud platform
hosted in Amazon Web Services ("AWS"), with regional instances across EMEA,
North America, and ANZ.

 

For more information visit www.pcipal.com (http://www.pcipal.com) or follow
the team on Linkedin: https://www.linkedin.com/company/pci-pal/
(https://www.linkedin.com/company/pci-pal/)

 

 

 

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