REG - PCI-PAL PLC - Audit Update & Timing of Results

PCI- PALAnnouncement

19/09/2024 07:00

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RNS Number : 7762E  PCI-PAL PLC  19 September 2024

19 September 2024

 

PCI-PAL PLC

("PCI Pal", the "Company" or "the Group")

 

Audit Update & Timing of Results

 

PCI-PAL plc (AIM: PCIP), the global cloud provider of secure payment solutions
for business communications, provides a further update on the timing of its
results and completion of its audit process for FY24.

 

Timing of FY24 results

Further to the Company's update on 28 August 2024, advising that the audit
process was taking longer than expected, the Company has subsequently agreed
with its auditors that the release of its audited results will be further
delayed until on or around 22 October 2024.

 

While the audit work to date is advanced, the audit has not been concluded
within the original timetable due to additional work required since the update
on 28 August 2024.  As a result, the remaining audit work has now had to be
rescheduled by the auditor.

 

FY24 Guidance

The Company reiterates the guidance given for FY24 in its trading update of 28
August 2024, being revenues of approximately £18 million, an adjusted
EBITDA(1) profit of approximately £0.9 million, an adjusted loss before tax
of approximately £0.6 million(2), and net cash at 30 June 2024 of £4.3
million.

 

The Company expects to report year on year increase in exit ARR(3) for FY24 of
~23% to approximately £15.5 million (2023: £12.6 million) and an increase in
TACV(4) of ~17% to approximately £19.2 million (2023: £16.4 million).

 

Customer retention across FY24 remained strong and increased 2bps year on year
to 97% GRR(5) (2023: 95%).

 

Current Trading Update FY25

The Company has started the new financial year well. To the end of August 2024
trading was in line with management expectations with new business sales ahead
of the full prior year first quarter.

 

 

(1)Adjusted EBITDA is the profit on operating activities before depreciation
and amortisation, exchange rate movements charged to the profit and loss
account, exceptional items and expenses relating to share options

(2) Adjusted profit/loss before tax is stated before exchange movements
charged to the profit and loss account, exceptional items and expenses
relating to share option charges.

(3)ARR is the Annual Recurring Revenue of all deployed contracts at the period
end expressed in GBP.

(4)TACV 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.

(5)GRR is calculated using the formula: 100% minus (the ACV of lost deployed
contracts on the AWS platform in the last 12 months divided by the opening
total value of deployed contracts 12 months ago expressed as a percentage).

 

 

For further information, please contact:

 

 PCI-PAL PLC                                                      Via Walbrook PR
 James Barham - Chief Executive Officer

 Angus Reger - Interim Chief Financial Officer

 Cavendish Capital Market Limited (Nominated Adviser and Broker)  +44 (0) 20 7227 0500
 Marc Milmo//Fergus Sullivan (Corporate Finance)

 Sunila De Silva (Corporate Broking)

 Walbrook PR                                                      +44 (0) 20 7933 8780
 Tom Cooper/Nick Rome                                             +44 (0) 797 122 1972
                                                                  tom.cooper@walbrookpr.com (mailto:tom.cooper@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, many 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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