REG - PCI-PAL PLC - Final Results, Analyst Briefing & Investor Pres
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RNS Number : 5686Y PCI-PAL PLC 09 September 2025
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.
9 September 2025
PCI-PAL PLC
("PCI Pal" or "the Group" or "the Company")
Results for the 12 months to 30 June 2025
Analyst Briefing & Investor Presentation
PCI-PAL PLC (AIM: PCIP), the global provider of secure payment solutions for
business communications, is pleased to announce full year results for the year
ended 30 June 2025 (the "Period").
Financial Highlights:
30 June 2025 30 June 2024 %
Revenue £22.48m £17.96m 25%
Gross Margin % 90% 89%
% of revenues from recurring contracts 91% 89%
Adjusted EBITDA(1) £2.32m £0.87m 167%
Adjusted Profit / (Loss) before Tax(2) £0.81m (£0.57m) 243%
Loss before Tax (£0.17m) (£1.71m)
CARR(3) £22.20m £19.21m 16%
ARR(4) £19.26m £15.45m 25%
NRR(5) 104% 102%
GRR(6) 95% 97%
Cash £3.92m £4.33m
Operating and Other Highlights:
· Strong performance across all financial and operational metrics -
delivering results in line with expectations
· ARR increased 25% year-on-year to £19.3 million, a record
uplift, reflecting the largest absolute increase in ARR (£3.8 million)
delivered by the Group to date
· CARR grew by 16% to £22.2 million, enhancing revenue visibility
for FY26 and beyond
· 100% of secure payments revenues generated from PCI Pal's
multi-tenanted global cloud platform, now servicing over 700 customers across
Europe, North America, and ANZ
· GRR remains exceptionally high at 95%, underpinned by near
perfect platform reliability with uptime exceeding 99.999% and excellent
customer satisfaction scores
· Delivered Adjusted Profit Before Tax of £0.8 million in line
with market expectations
· Expanded the Group's market-leading partner eco-system, including
the signing, onboarding, and first customer wins with RingCentral Inc, which
is live across Europe and North America
· Successfully renewed one of the Group's largest contracts, a
multi-year contract with the UK Government's Department for Work and Pensions
(DWP)
· Increased geographic reach with first hires in mainland Europe,
already contributing to new wins, including displacing a competitor at a
top-50 global hotel chain
· Achieved a perfect NPS score of 100 in Q4 for customers going
live on the platform; CSAT of 91% rated "excellent" by global SaaS benchmarks
· Appointment of new Chief Information Security Officer following
the planned retirement of the Group's long-serving CISO and former board
member, Geoff Forsyth, who continues on a consultancy basis with the Group
Current Trading
Trading in the opening months of FY26 has been in line with management
expectations.
· New business highlights YTD include:
o The Group's largest deal to date in Canada, secured via a key partner,
with a top 10 insurer; and
o Securing the Group's largest Conversational AI deal to date, sold through
a strategic partner, enabling secure payments capability across both voice and
chatbot integrations.
New product progress:
· Launched the first solution in the Group's fraud management
suite, further strengthening PCI Pal's compliance and security value
proposition.
· Availability of data analytics capability for existing reporting
packages, providing customers with greater insight into usage and optimisation
opportunities for their payments and customer interactions.
People:
· Recently appointed US-based Kathy Varney as Chief Marketing
Officer to lead PCI Pal's enhanced marketing strategy and support ongoing ARR
growth.
Commenting, James Barham, Chief Executive Officer, said:
"We've made significant progress this year, delivering strong organic ARR
growth, expanding our product capabilities, and deepening our presence with
key partners. Our continued progress reflects the success we have achieved
with our go to market strategy.
"I'm incredibly proud of the team and culture we've built at PCI Pal, and it's
great to see recent key hires already having an impact. I'd like to thank
our outgoing CISO, Geoff Forsyth, a founding member of the PCI "Pal team who's
had a hugely positive influence on the business. As he enters retirement,
I'm pleased he'll continue supporting us in a consulting role, which has
followed the successful transition to our new CISO, Royston Ballard.
"Looking ahead to FY26, the momentum in the business is hugely exciting. As a
leader for cloud solutions in our space, with an extensive partner ecosystem
of global communications companies, including a growing number of
conversational AI providers, we are exceptionally well positioned to take PCI
Pal to the next level. With our enhanced strategy now in place, we fully
intend to invest and execute at pace to maximise the significant growth
opportunity ahead."
(1) Adjusted EBITDA (earnings before interest, tax, depreciation and
amortisation) is the loss on operating activities before exceptional items,
non-operating expenses, depreciation and amortisation and exchange movements
charged to the profit and loss and expenses relating to share option charges
see Chief Financial Officer's review
(2) Adjusted profit / (loss) before tax is loss before tax before exceptional
items, non-operating expenses and, exchange movements charged to the profit
and loss and expenses relating to share option charges see Chief Financial
Officer's review
(3) CARR or Contracted Annual Recurring Revenue 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. CARR
provides a direct line of sight to future ARR from the Group. The naming of
this metric as CARR replaces the Group's historic use of TACV, which had the
same definition
(4) ARR is Annual Recurring Revenue of all of the deployed contracts at the
yearend expressed in GBP
(5) NRR is the Net Retention Rate of the contracts that are live on the AWS
platform and is calculated using the opening total value of deployed contracts
from twelve months ago less the ACV of lost deployed contracts in the last 12
months plus the ACV of upsold contracts signed in the last twelve months all
divided by the opening total value of deployed contracts at the start of the
12-month period
(6) GRR is Gross Revenue Retention also referred to customer retention 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)
Analyst Briefing: 8.30am today, Tuesday 9 September 2025
An online briefing for Analysts will be hosted by James Barham, Chief
Executive, and Ryan Murray, Chief Financial Officer, at 8.30am today Tuesday 9
September 2025, to review the results and prospects. Analysts wishing to
attend should contact Walbrook PR on pcipal@walbrookpr.com
(mailto:pcipal@walbrookpr.com) or 020 7933 8780.
Investor Presentation: 3.00pm on Thursday 11 September 2025 (UK time)
The Directors will hold an investor presentation to cover the results and
prospects at 3.00pm on Thursday 11 September 2025 (UK time).
The presentation will be hosted through the digital platform Investor Meet
Company. Investors can sign up to Investor Meet Company and add to meet
PCI-PAL PLC via the following link
https://www.investormeetcompany.com/pci-pal-plc/register-investor
(https://urldefense.proofpoint.com/v2/url?u=https-3A__www.investormeetcompany.com_pci-2Dpal-2Dplc_register-2Dinvestor&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=05PHl3GHdShYuaCii2fBRpoqaNr9B1d97X09daeosu0&m=2cbaZ6I4laLZbM7rmMgwZbEMeL2NX7hkjIpg7mqgo34&s=pwrBTMxZzny86eeBmluEYAAy3krXblozKaNUaPXNO7s&e=)
. For those investors who have already registered and added to meet the
Company, they will automatically be invited.
Questions can be submitted pre-event to pcipal@walbrookpr.com
(mailto:pcipal@walbrookpr.com) or in real time during the presentation via the
"Ask a Question" function.
For further information, please contact:
PCI-PAL PLC Via Walbrook PR
James Barham - Chief Executive Officer
Ryan Murray - Chief Financial Officer
Cavendish Capital Markets Limited (Nominated Adviser and Broker) +44 (0) 20 7227 0500
Marc Milmo/Fergus Sullivan/Finn Gordon (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
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 environments 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/)
CHAIR'S STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
The Board is delighted with the progress made by the Group during 2025, a year
that has delivered a strong set of results in line with market expectations
and seen the Group make positive strides in its operating model and strategic
position. Our key metrics performed very well with ARR up 25%, GRR at 95% and
NRR increased to 104%. Our competitive moat from our channel ecosystem
relationships was further strengthened through the addition of a number of new
resellers, including RingCentral as platform integrated selling partners.
Following the year-end the Group launched a new AI-powered fraud risk scoring
product, thereby growing the value of the Group's platform to its customers,
and expanding its market opportunity.
Our management team and employees around the world have performed well, not
just in terms of our results and progress, but as a cohesive, committed and
happy team. This is evidenced by high performing scores in customer NPS(1),
partner feedback, customer retention and low employee turnover rates. The
Group's culture is clearly a strong one and a key part of the Group's success.
I would personally like to thank each one of our team for their contributions
towards meeting the Group's mission.
Strategic Direction
As announced in July 2025, with the successful completion of proceedings in
the patent lawsuit that the Group had with a competitor, as announced in June
2024, and following the appointment of a new CFO in October 2024, the Board
undertook an extensive review of its rolling three-year strategic and
operating plan. The objective of this review was to ensure that the Group can
build on its now proven stronger market position and capitalise on the
undoubted market opportunity before it.
The focus of our strategic plan looks to increase near term investment
utilising the Group's available cash resources to continue to support long
term organic growth rates of ARR in the region of 18-20% through FY27 and
beyond.
The foundational component of this revised plan and commitment to growth is
the Group's platform, which has proven to be highly resilient and scalable
during FY25 with uptime exceeding 99.999% consistently. Launching new products
and leveraging AI not only enhances the customer and partner value of the
platform but also enables growth in the important SaaS metric of NRR. The PCI
Pal platform has deep integrations across the majority of major CCaaS vendors
globally and we intend to deepen our focus on this commanding market position
through further investment in marketing support of these partners, as well as
expanding direct marketing capabilities. No matter whether our customers'
agents are human or a bot, we are well positioned to service them through our
partners and our platform.
Corporate Governance
It is my responsibility to ensure that our organisational structure and
corporate processes remain robust so we can continue to deliver for all
stakeholders, while not diminishing our entrepreneurial culture. This is
particularly true now given our refreshed strategic plan to drive top line
growth.
The Group is supported by an experienced Board of Directors, who in turn are
supported by senior management and an underlying organisation that has proven
it can deliver.
Following the completion of Jason Starr's ten-year tenure, Andy Lockwood
joined the Board on 1 July 2025 and has replaced Jason Starr as Chair of the
Remuneration Committee. Andy has over 30 years' experience of leading and
growing technology, telecommunications and healthcare businesses. These
roles have included leadership positions at BT, Capita plc, and Daisy
Communications plc in the UK, as well as substantial exposure to international
markets including extensive time spent working in the United States at Inktomi
Corp', and Covad Communications. Andy's experience will be hugely valuable to
the Board providing further guidance and support in the execution of the
Group's refreshed 3-year strategic plan. Following the period of transition as
Andy assumed his responsibilities on the Board, Jason is stepping down from
the Board on 12 September 2025 and I would like to take this opportunity to
thank Jason for his many contributions to PCI Pal and the role he has played
in supporting the Group's successes, especially in the years following the
strategic shift to focus the Group on the PCI Pal business.
Our employee culture remains excellent, and our commitment to our partners and
customers is supported by our market leading platform. I believe we have a
balanced business that can continue to grow within acceptable levels of risk
tolerance.
Stakeholder Communications
As a Board, we remain focused on clear and regular communications to all
investors, both retail and institutional, and expanding disclosures of
performance metrics in line with the growth in complexity of the business.
We continue to utilise phone and video briefings as well as utilising the
Investor Meet Company portal, to reach shareholders of all types.
As Chair, I am available as a direct line of communication to all shareholders
in the event that other questions arise, as well as offering meetings with
institutional shareholders around the time of the AGM.
Looking Forward
I continue to be both excited and encouraged by the progress that has been
made by the Group in FY25, and the Board is confident in the outlook and
prospects in FY26 and beyond. FY26 has started well and trading in line with
the Board's expectations. Given the momentum in the business, I look forward
to sharing further progress reports and news during the coming year, as we
continue our strategic growth journey.
Simon Wilson
Non-Executive Chair
(1) NPS - net promoter scores
CHIEF EXECUTIVE'S STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
Overview
Delivering Consistent Growth with Clear Strategic Focus
FY25 marked another year of strong execution and momentum for PCI Pal. We
continue our focus to deliver high-quality and scalable growth through our
multi-tenanted, multi-region, secure payments cloud platform.
During the year, we increased ARR organically by 25% to £19.3m (FY24:
£15.5m). This was a record in real terms for the Group. Providing an outlook
to future recurring revenues, the total value of all Contracted ARR increased
16% to £22.2m (FY24: £19.2m). The Loss before Tax for the Group reduced to
£0.17m (FY24: LBT of £1.71m). Group revenue and adjusted PBT were in line
with market expectations at £22.5m and £0.8m respectively.
Our continued progress is built on a foundation of high customer retention,
with GRR of 95%, and NRR of 104%, which encouragingly increased from 102% in
FY24. This is a positive position to build from given the Group's focus to
drive more revenue growth in the future via existing customers.
The key strategic pillars underpinning the strength of our platform and our
success over the last five years continue to provide the foundations for the
successful execution of our go to market model. Those are:
Cloud
Today, PCI Pal is a leader in cloud solutions in its space. We have a highly
reliable, multi-tenanted global platform providing services to the largest
customer-base and most extensive partner ecosystem in the market. PCI Pal's
platform provides services across every single business communications channel
available. This includes live voice, DTMF and speech IVR, web chat, social
media, and conversational AI tools for both voice and chat bots.
During the year, we continued to achieve enviable uptime across our platform
globally. We also expanded the product capability of the platform with the
launch of several new payment features for our Key to Pay, Click to Pay, and
Speak to Pay solutions. In parallel, we laid the foundations for a positive
FY26, where we anticipate launching a number of adjacent products, the first
of which, our AI-powered Fraud Risk Scoring solution, was launched in July
2025.
Global Reach
All products are served from PCI Pal's public cloud platform which we have
leveraged to open up the full breadth of our addressable market opportunity.
This covers business communications and contact centres, whether human or bot
served, any size of customer, anywhere in the world. A key aim of the
business is to grow its addressable market through cost-effective geographic
expansion over-time, and our technology facilitates this. In the year, we
successfully hired our first team members in mainland Europe to capitalise on
our growing mainland Europe customer base, and to better engage with our
partners' teams locally.
Partner Focused
PCI Pal accesses its market via a partner-focused sales model. With
well-established integrations to the majority of the world's leading CCaaS
platforms, and an extensive integrated portfolio of payment providers which
now exceeds 130, PCI Pal makes it easy for customers to access its solutions
and in such a way that the services are seamlessly integrated to the
customer's key communications or payment systems. Today PCI Pal's CCaaS
partners include Genesys, Amazon, Zoom, Talkdesk, 8x8, NiCE and RingCentral
(added in FY25).
With many of the Group's existing partners being large, multi-national
organisations, we see substantial opportunity from building deeper and wider
relationships with these companies. We also see further opportunity in
signing strategically important new partnerships that, over time, will deliver
incremental sales momentum for the business. The breadth of the opportunity
across both existing and new partners is a key strategic focus for the
business over the coming three years.
People
The year has seen another incredible effort from my team at PCI Pal. I am
proud that we continue to achieve such high levels of employee retention,
again exceeding 90% in the year, as it is our people and culture that
ultimately drive the successful execution against our strategic ambitions. I
take this opportunity to thank the whole team for their efforts and commitment
as we now look to take PCI Pal into the next phase of our growth journey.
Outlook
The Group continues to experience robust demand for its secure payments
platform, with sustained momentum across its flagship solutions - Key to Pay,
Click to Pay, and Speak to Pay. PCI Pal is strategically positioned to
capitalise on the growing adoption of Conversational AI solutions within
contact centres including voice and chat bots, and the anticipated rise in
interaction volumes that these innovations will drive.
With a strong market position and an expanding product portfolio - now
including AI-powered enhancements such as Fraud Risk Scoring- PCI Pal is well
placed to accelerate its organic growth. Supported by increased investment
in marketing and a partner-focused sales model, the Group is poised not only
to maintain its trajectory but to emerge as the clear leader across all facets
of secure payment solutions.
Strategy Overview
PCI Pal's strategy is to build the global category-leading, cloud-native
platform delivering secure payment and data protection solutions across
business communications channels, particularly within contact centres
environments, both human and bot. The Group's mission is to be the
technology partner of choice for the world's leading CCaaS vendors.
With repeatable integrations to CCaaS vendors who between them make up over
75% of the CCaaS addressable market globally, PCI Pal is exceptionally well
positioned to capitalise on the anticipated long-term growth of the contact
centre solutions market. More than 80% of PCI Pal's sales volume is
generated via its partner eco-system.
PCI Pal has a growing enterprise customer-base, and includes some of the
largest contact centres in the UK and some of the best known brands in the US,
with strong vertical coverage across retail, insurance, pharmaceuticals, and
healthcare.
To date, the majority of the Group's revenue has been driven by its core
secure payment products: Key to Pay, Click to Pay, and Speak to Pay. Together,
they enable organisations to take card and digital payments, such as eWallets
(Apple Pay and Google Pay), Buy Now Pay Later (Klarna and Affirm), and via
Open Banking, securely and seamlessly within contact centre environments.
These products are platform-agnostic, meaning they are available across any
communications environment, desktop/CRM, or payment provider. This core
value proposition is the same across both human and AI bot-led customer
interactions.
The recent launch of the Group's new fraud management product suite is the
first in a number of expected adjacent product launches anticipated across the
next 18 months. Over time, these adjacent products will broaden PCI Pal's
platform value proposition thereby creating more opportunities in its sales
pipeline for net new business. This will also strengthen its capability to
cross-sell to existing customers, either direct or via partners, driving
increases in net revenue retention.
Following a strong FY25, the Group is increasing its investment in marketing,
product marketing and product development to accelerate this expansionary
pipeline opportunity. As part of this, the Group was pleased to appoint a
US-based Chief Marketing Officer, Kathy Varney, shortly after the year end.
Kathy brings over two decades of leadership in global marketing to PCI Pal,
and has a strong recent track record of scaling B2B technology brands and
drive both direct and partner-led growth. Kathy will lead the deployment of
the Group's increased investment in marketing to better position PCI Pal to
capitalise on the substantial market opportunity ahead.
With an enhanced growth strategy in place, we will work deeper and broader
with our existing partners, while creating more opportunities to expand the
Group's enterprise customer-base and drive additional run-rate SMB business.
With high customer retention, market leading ARR growth, and an exciting
product roadmap, PCI Pal is well positioned to execute on its strategy and
deliver long-term shareholder value.
FY25 Operations Review
New Business & Partner Eco-System
FY25 was another year of solid new business performance and continued
expansion of our partner ecosystem. CARR increased 16% to £22.2m (FY24:
£19.2m), a record annual increase, alongside strong revenue growth of 25% to
£22.5m (FY24: £18.0m). Our sales performance reflects the strength of our
channel model, our strong positioning across key vertical target markets, such
as retail, insurance, and travel, and also the Group's geographic coverage
which has expanded our reach most recently into mainland Europe.
As expected, resellers remain the dominant source of new business for PCI Pal,
with 82% of contracts signed via partners, accounting for 68% by value (FY24:
80% and 70% respectively). This mix highlights the ongoing strength of our
integrated partner strategy driving the majority of new contracts via the
cost-effective channel route, while also demonstrating that direct
opportunities tend to be larger in value which suits our greater enterprise
focus for direct business.
Across FY25 the business achieved strong new business run rates of commercial
to mid-market size opportunities. This was particularly true via channel
partners, with larger opportunities today often requiring more direct
touchpoints be they fulfilled direct or via the channel. With the planned
increase in marketing investment in FY26, we anticipate creating incrementally
more enterprise opportunities that will overlay the growing SMB run rate.
We saw a number of notable contract wins during the year. These included:
· An enterprise-size expansion sale to an existing airline
customer, one of the largest carriers in Europe, expanding our footprint to
cover their travel agents business. Notably, the deployment is on a different
CCaaS platform to the original implementation, reflecting the benefit of PCI
Pal's broad compatibility across leading CCaaS environments.
· We also secured a contract with a large US-based HVAC(1) company
with international operations and expansion potential.
· In the UK public sector, we were very pleased to secure the
renewal of one of our largest customers, the Department for Work and Pensions
(DWP), with a three-year contract with a total contract value of over £5.0
million, including an option to renew for a further three years. This
underscores PCI Pal's ability to serve large-scale, complex contact centre
environments. In parallel, our UK government footprint continues to expand.
The Group contracts with more than 125 local authorities as well as a number
of large central government departments alongside the DWP.
· We also progressed our international expansion. In Q4, we
expanded our UK-based EMEA team with our first hire in mainland Europe. Today
the EMEA team now has local language capabilities across our target mainland
European markets and has already began making an impact. Since year end, we
successfully displaced a competitor at one of the largest hotel chains in
Spain-demonstrating both partner alignment and the value of local presence.
In terms of the Group's partner eco-system, a number of new partners were
added, and these included RingCentral who we announced in H1. Following
on-boarding and enablement, the integrated product-set went live across
RingCentral's business in Europe and North America at the back end of the
financial year. I'm very pleased to report new customer momentum has been
positive since that time, and we are excited by the future potential of this
partner.
Platform & Product
Across the year the platform achieved 99.999% uptime globally which is
evidence of both the maturity of the environment, but also the sophistication
with which it is managed. Reliability is one of the cornerstones of PCI
Pal's value proposition and contributes directly to the Group's high customer
retention and customer satisfaction rates.
CSAT(2) score for the year was 91% (FY24: 90%) which is in the "excellent"
category against global SaaS benchmarks. We highlight that in Q4 we received
a perfect 100 NPS score in the period for customers going live across the
platform. This upward trend highlights the quality of the business we are
signing, our capability to deploy it, and our customers satisfaction with our
products and services. This both drives their on-going contract renewals of
our solutions and creates receptiveness to evaluating new product offerings.
Over the last 12 months we began to expand our value proposition beyond secure
payments culminating in the launch of our first adjacent product: an
AI-powered fraud risk scoring product designed to help businesses minimise
fraud-risk from customers across any contact centre channel. This is the first
of a pipeline of planned adjacent products that will broaden our addressable
market and increase wallet share with existing customers.
We are now focused on building out our capabilities across fraud prevention,
identity verification, and broader customer experience tools. These are all
areas where the combination of our platform, customer base, and partner model
provide a compelling sales opportunity and competitive advantage around secure
payments.
Well Positioned for Conversational AI & Agentic AI Adoption
As the adoption of conversational AI (voicebots and chatbots) gathers pace
across the contact centre market, PCI Pal is exceptionally well positioned to
benefit from this transformation. We have already established reseller partner
agreements and built integrations to a number of the leading voice and chat
bot vendors (including Cognigy and PolyAI), and have customers live across
both voice and chat bot scenarios.
Conversational AI products typically access customer interactions through
integrations with the major CCaaS platforms. Given PCI Pal's broad integrated
coverage across these platforms, we are uniquely positioned to remain agnostic
to the specific AI solution in use, while acting as the critical bridge
between conversations, payments, and security.
For the conversational AI vendors, PCI Pal's value proposition is
multi-faceted:
· PCI Pal creates incremental new revenue opportunities for
conversational AI vendors as it does for all of its partners through the
resale of PCI Pal's leading secure payments solutions;
· At the same time, the conversational AI vendor is able to remove
sensitive payment data from their own platform by working with PCI Pal,
reducing their own internal risk and compliance burden;
· Those vendors then benefit from PCI Pal being available within
all leading CCaaS platforms, providing aggregation across payment type,
payment providers, and integrations to CRM and desktop environments. This
aggregation capability of the PCI Pal platform is especially useful within
Agentic AI scenarios, where PCI Pal can reduce the number of steps required to
automate a payment fulfilment process within a physical or virtual contract
centre environment.
PCI Pal's positioning today reinforces our role as a core enabler within the
evolving contact centre eco-system as AI begins to play an increasingly
prominent role across customer experience. PCI Pal provides a critical bridge
between compliance and security, payments and revenue generation, and seamless
customer interactions across both traditional and AI-driven channels.
James Barham
Chief Executive Officer
(1) HVAC - Heating, Ventilation and Air Conditioning
(2) CSAT - Customer satisfaction score
CHIEF FINANCIAL OFFICER'S REVIEW
FOR THE YEAR ENDED 30 JUNE 2025
Overview
During the year, the Group delivered strong operational execution, achieving
its core strategic objectives of sustained double-digit ARR and CARR growth,
positive cash flow, and profitable expansion. Recurring revenues continued to
form the foundation of performance, supported by consistently high customer
retention and a growing opportunity for expansion within existing accounts.
The benefits of scale, combined with a stable margin profile, underpinned a
positive adjusted operating result. After excluding non-cash and non-trading
items, all key profitability measures improved, reflecting the strength of the
operating model and further reinforcing the Group's balance sheet to support
future growth.
Key Performance Indicators
The Board monitor the Group's performance and strategic progress through a
defined set of Key Performance Indicators ("KPIs"). For FY25, these covered
both financial and operational metrics, with the principal financial measures
used to assess performance including:
FY25 FY24 Change
£000 / % £000 / % % / pt
Revenue £22.48m £17.96m 25%
Gross Margin % 90% 89% +0.3pt
Recurring Revenue(1) £20.49m £16.06m 27%
Recurring Revenue % 91% 89% +2pts
ARR(2) £19.26m £15.45m 25%
Adjusted EBITDA(3) £2.32m £0.87m 167%
Adjusted Profit/(Loss) before Tax(4) £0.81m (£0.57m) 243%
Statutory Loss before Tax (£0.17m) (£1.71m) 90%
Cash £3.92m £4.33m -9%
( )( )
(1) Recurring Revenue is the revenue generated from the recurring elements of
the contracts held by the Group and recognised in the Statement of
Comprehensive Income in the Period
(2) ARR is Annual Recurring Revenue of all of the deployed contracts at the
yearend expressed in GBP
(3) Adjusted EBITDA (earnings before interest, tax, depreciation and
amortisation) is the loss on operating activities before exceptional items,
non-operating expenses, depreciation and amortisation, exchange movements
charged to the profit and loss and expenses relating to share option charges
(4) Adjusted Profit / (loss) before tax is loss before tax before exceptional
items, non-operating expenses, exchange movements charged to the profit and
loss and expenses relating to share option charges
In addition, other principal operational KPIs used by the Board to assess the
Group's performance are as follows:
FY25 FY24 Change
£000 / % £000 / % % / pt
Contracted Annual Recurring Revenue (CARR)(1) £22.20m £19.21m 16%
Gross Revenue Retention (GRR)(2) 95% 97% -2pts
Net Revenue Retention (NRR)(3) 104% 102% +2.0pts
( )
(1) CARR 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) GRR is Gross Revenue Retention also referred to customer retention 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)
(3) NRR is the net retention rate of the contracts that are live on the AWS
platform rate and is calculated using the opening total value of deployed
contracts 12 months ago less the ACV of lost deployed contracts in the last 12
months plus the ACV of upsold contracts signed in the last 12 months all
divided by the opening total value of deployed contracts at the start of the
12 month period
Revenue and gross margin
The Group delivered another year of robust growth, with revenue up 25% to
£22.5m (FY24: £18.0m, +20%). Annual Recurring Revenue (ARR) grew 25% to
£19.3m, demonstrating the continued success of the partner-led strategy,
while Contracted Annual Recurring Revenue (CARR) increased 16% to £22.2m.
Recurring revenue increased to 91% of total revenue at £20.5m (FY24: £16.1m,
89%), reflecting the strength of the Group's subscription-based SaaS model and
exceptional customer retention with GRR at 95%. Licences typically run for
an initial 12-month term with automatic renewal for subsequent years.
Non-recurring revenue is derived primarily from set-up, installation, and
professional services fees charged at the inception of a contract. These fees
are paid upfront by customers and initially recognised as deferred income on
the balance sheet, before being released to revenue over the estimated
contract term.
Regional revenue performance was universally strong, with North America
delivering 27% growth to £8.0m, EMEA up 24% to £13.9m, and ANZ up 26% to
£0.53m.
Gross margin remained strong at 89.5% (FY24: 89.2%), reflecting the high
proportion of recurring licence fees and further reinforcing the scalability
and resilience of the Group's business model.
Adjusted profitability
In addition to statutory results prepared under UK-adopted International
Financial Reporting Standards ("IFRS") and IFRIC guidance, the Group monitors
a set of Alternative Performance Measures (APMs) as key performance
indicators. These include adjusted EBITDA, adjusted profit before tax, and
adjusted cash flow. Consistent with prior years, the APMs exclude certain
non-operational, exceptional, and non-cash items.
Principally, the non-operational items totalling £0.51m relate to software
implementation expenditure (expensed in line with IFRIC guidance on cloud
implementation costs) and costs associated with evaluating corporate
opportunities. In the prior year, exceptional items related to the patent
case.
The Board believe these measures provide a clearer view of underlying
performance, improve comparability between periods, and give a more meaningful
assessment of the Group's financial progress. No exceptional items were
reported in the year.
A reconciliation of the underlying financial measures to statutory measures is
shown below:
FY25 (£m) FY24 (£m)
Loss from operating activities (0.21) (1.66)
Share based payments 0.28 0.30
Exceptional items - 0.79
Non-operational costs 0.51 -
Exchanges losses 0.18 0.05
Adjusted Operating Profit / (Loss) 0.77 (0.51)
Depreciation of equipment & fixtures 0.09 0.12
Amortisation of intangible assets 1.46 1.27
Adjusted EBITDA 2.32 0.87
Adjusted EBITDA rose to £2.32m (FY24: £0.87m), reflecting operating leverage
from revenue growth and efficiency gains. Adjusted operating profit increased
to £0.77m (FY24: adjusted operating loss £0.51m).
Underlying administration expenses (excluding exceptional items, non-operating
costs, share based payments and exchange gains and losses) increased 17% to
£19.3m, with personnel costs accounting for 77% of the total (FY24: 78%) as
the Group invested to support growth. This also included platform operating
costs, the majority of which relates to AWS cloud platform, were £1.05m
(FY24: £1.09m). Other cost increases were driven primarily by higher
insurance premiums. As a proportion of reported revenue, underlying
administration expenses fell from 92% to 86%.
FY25 (£m) FY24 (£m)
Loss before tax (0.17) (1.71)
Share based payments 0.28 0.30
Exceptional items - 0.79
Non-operational costs 0.51 -
Exchanges losses 0.18 0.05
Adjusted Profit / (Loss) before tax 0.81 (0.57)
The performance across all measures underscores the scalability of the Group's
model and the effectiveness of its continuing cost discipline.
Cash Flow and Liquidity
In FY25, PCI Pal generated cash from operations of £1.21m (FY24: £1.32m)
reflecting disciplined working capital management.
Cash outflows used in investing activities was £1.71m (FY24: £2.00m),
largely driven by £1.77m (FY24: £1.83m) of capitalised development
expenditure on the AWS cloud platform and the ongoing development of new
products.
Financing activities delivered a net inflow of £0.09m (FY24: £3.37m),
primarily from £0.12m of share issue proceeds from employee share option
exercises. In the prior year, financing inflows reflected a significantly
oversubscribed £3.26m placing completed in March 2024.
After adjusting for the cash impact of non-operational expenses of £0.51m
(FY24: £nil), exceptional items of £nil (FY24: £1.2m), and excluding net
proceeds from the FY24 fundraise, the Group delivered an underlying cash
inflow of £0.05m (FY24: £1.10m). In the prior year, the cash flow
benefited from a R&D tax refund of £0.53m.
Cash at 30 June 2025 was £3.92m (FY24: £4.33m). In addition, the Group
retains a £3 million multicurrency revolving credit facility with HSBC which
is undrawn. The facility is subject to covenant compliance and matures on 31
July 2027. The Group remains debt-free excluding the 'right of use' liability
which relates to an office lease.
Balance Sheet
The Group closed FY25 with total assets of £15.85m (FY24: £15.52m).
Non-current assets increased to £5.92m (FY24: £5.73m), reflecting continued
capitalisation of internal development expenditure of £1.77m (FY24: £1.83m)
under IAS 38, offset by amortisation of £1.31m (FY24: £1.13m), and the
recognition of an initial deferred tax asset of £0.23m. The deferred tax
asset reflects the expectation that the UK companies within the Group will
generate sufficient taxable profits over the foreseeable future to utilise
carried forward tax losses. Other receivables due after more than one year,
primarily deferred commission costs linked to new customer wins, decreased to
£1.17m (FY24: £1.51m).
Current assets were £9.93m (FY24: £9.79m), with cash and cash equivalents of
£3.92m (FY24: £4.33m). Trade receivables due within one year stood at
£3.84m (FY24: £3.55m), reflecting that debtor collection rates remain a key
focus. Deferred costs due within one year, mainly commission capitalised under
IFRS 15, increased to £1.06m (FY24: £0.94m) and total deferred costs
(current and non-current) reduced to £2.22m (FY24: £2.40m). Other
prepayments of £0.98m were consistent with FY24.
Going Concern
The Board has carefully considered the Group's financial position, cash
resources, and access to committed facilities to support its ongoing
obligations and future investment plans. At 30 June 2025, the Group held
£3.9m of cash and maintained an undrawn £3.0m revolving credit facility,
providing flexibility and sufficient financial resources. Post year end, the
facility was extended with HSBC by a further 12 months until 31 July 2027.
The Board recognises that continued investment in product development,
marketing and international expansion to drive organic growth will require
disciplined execution and has reviewed detailed forecasts and various
scenarios to assess resilience under a range of outcomes. Based on this
analysis, the Directors believe that the strength of the Group's recurring
revenue base, high customer retention, and positive adjusted operating
performance provide a solid foundation for sustainable progress.
Accordingly, the Board has a reasonable expectation that the Group has
adequate resources to continue in operational existence for at least the next
12 months from the date of approval of these Financial Statements.
Ryan Murray
Chief Financial Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
Note 2025 2024
£000s £000s
Revenue 22,477 17,960
Cost of sales (2,371) (1,939)
Gross profit 20,106 16,021
Administrative expenses (20,313) (17,683)
Loss from operating activities (207) (1,662)
Finance income 107 32
Finance expenditure (72) (84)
Loss before taxation (172) (1,714)
Taxation credit 3 213 535
Profit / (loss) for the year 41 (1,179)
Other comprehensive income: Items that will be
reclassified subsequently to profit or loss
Foreign exchange translation differences 360 20
Total other comprehensive income 360 20
Total comprehensive income / (expense) attributable to equity holders for the
period
401 (1,159)
Basic earnings / (loss) per share 0.06 p (1.74) p
Diluted earnings / (loss) per share 0.05 p (1.74) p
REGISTERED NUMBER: 03869545
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
Note 2025 2024
£000s £000s
ASSETS
Non-current assets
Intangible assets 4 4,405 4,097
Plant and equipment 121 118
Trade and other receivables 5 1,170 1,513
Deferred tax asset 225 -
Non-current assets 5,921 5,728
Current assets
Trade and other receivables 5 6,003 5,456
Cash and cash equivalents 3,923 4,332
Current assets 9,926 9,788
Total assets 15,847 15,516
LIABILITIES
Current liabilities
Trade and other payables 6 (15,681) (15,687)
Current liabilities (15,681) (15,687)
Non-current liabilities
Other payables 7 (1,334) (1,799)
Non-current liabilities (1,334) (1,799)
Total liabilities (17,015) (17,486)
Net liabilities (1,168) (1,970)
REGISTERED NUMBER: 03869545
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)
AS AT 30 JUNE 2025
2025 2024
£000s £000s
EQUITY
Share capital 726 723
Share premium 17,740 17,624
Other reserves 1,505 1,223
Currency reserves 86 (274)
Profit and loss account (21,225) (21,266)
Total deficit (1,168) (1,970)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Total Equity / (deficit)
Share capital Share premium Other reserves Profit and loss account Currency Reserves
£000s £000s £000s £000s £000s £000s
Balance as at 1 July 2023 656 14,281 922 (20,087) (294) (4,522)
Share option charge
- - 301 - - 301
New shares issued net of costs
67 3,343 - - - 3,410
Transactions with owners
67 3,343 301 - - 3,711
Foreign exchange translation differences
- - - - 20 20
Loss for the year
- - - (1,179) - (1,179)
Total comprehensive profit / (loss)
- - - (1,179) 20 (1,159)
Balance at 30 June 2024 723 17,624 1,223 (21,266) (274) (1,970)
Share option charge - - 282 - - 282
New shares issued net of costs
3 116 - - - 119
Transactions with owners
3 116 282 - - 401
Foreign exchange translation differences
- - - - 360 360
Profit for the year
- - - 41 - 41
Total comprehensive profit
- - - 41 360 401
Balance at 30 June 2025 726 17,740 1,505 (21,225) 86 (1,168)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
2025 2024
£000s £000s
Cash flows from operating activities
Profit / (loss) after taxation 41 (1,179)
Adjustments for:
Depreciation of equipment and fixtures 91 116
Amortisation of intangible assets 1,460 1,266
Interest income (107) (32)
Interest expense 53 58
Foreign currency difference (46) 20
Income taxes (213) (535)
Share based payments 282 301
Decrease / (increase) in trade and other receivables 91 (27)
(Decrease) / increase in trade and other payables (439) 1,329
Cash generated by operating activities 1,213 1,317
Income taxes (paid) / received (4) 535
Interest paid (53) (58)
Net cash generated by operating activities 1,156 1,794
Cash flows from investing activities
Purchase of equipment and fixtures (50) (49)
Purchase of intangible assets - (155)
Development expenditure capitalised (1,768) (1,825)
Interest received 107 32
Net cash used in investing activities (1,711) (1,997)
Cash flows from financing activities
Issue of shares 119 3,410
Drawdown on loan facility - 1,000
Repayment of loan facility - (1,000)
Principal element of lease payments (30) (44)
Net cash generated by financing activities 89 3,366
Net (decrease) / increase in cash (466) 3,163
Cash and cash equivalents at beginning of year 4,332 1,169
Foreign currency difference 57 -
Net (decrease) / increase in cash (466) 3,163
Cash and cash equivalents at end of year 3,923 4,332
NOTES TO THE FULL YEAR RESULTS
FOR THE YEAR ENDED 30 JUNE 2025
1. BASIS OF PREPARATION
The consolidated financial statements consolidate those of the Company and its
subsidiaries (together referred to as the "Group"). The financial information
included in this preliminary announcement does not constitute statutory
accounts of the Group for the years ended 30 June 2025 nor 30 June 2024 but is
derived from those accounts. Statutory accounts for 2024 have been delivered
to the Registrar of Companies and those for 2025 have been audited and
approved and will be delivered following the Company's Annual General
Meeting. The auditors have reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report,
and (iii) did not contain a statement under section 498(2) or (3) of the
Companies Act 2006. Both the consolidated financial statements and the Company
financial statements have been prepared and approved by the Directors in
accordance with UK adopted international accounting standards ('UK-IFRS')
The financial information contained within this full year results statement
was approved and authorised for issue by the Board on 9 September 2025.
The financial information set out in these results has been prepared using the
recognition and measurement principles of International Accounting Standards,
International Financial Reporting Standards and Interpretations in accordance
with UK adopted International Accounting Standards ('UK-IFRS'). The accounting
policies adopted in these results have been consistently applied to all the
years presented and are consistent with the policies used in the preparation
of the financial statements for the year ended 30 June 2024, except for those
that relate to new standards and interpretations effective for the first time
for periods beginning on (or after) 1 July 2024. There are deemed to be no new
standards, amendments and interpretations to existing standards, which have
been adopted by the Group, that have had a material impact on the financial
statements.
2. SEGMENTAL INFORMATION
PCI-PAL PLC operates one business segment: 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 regions, 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.
Revenue Non-current assets
2025 2024 2025 2024
£000s £000s £000s £000s
EMEA 13,940 11,257 5,918 5,723
North America 8,011 6,286 1 2
ANZ 526 417 2 3
Total 22,477 17,960 5,921 5,728
Revenue can be split by location of customers as follows:
2025 2024
Customer location £000s £000s
United Kingdom 13,921 11,063
United States of America 7,480 5,841
Canada 480 417
Rest of Europe 38 180
Asia Pacific 558 459
Total 22,477 17,960
100% (2024: 100%) of all non-current assets are located in the United Kingdom
and the largest customer accounted for 17% (2024: 14%) of the revenue of the
Group.
3. TAXATION
2025 2024
£000s £000s
Analysis of charge in the year
Current tax:
In respect of the year:
Corporation tax based on the results for the year - -
R & D Tax credit received - 536
Foreign corporate taxes paid (12) (1)
Total tax (charge) / credit (12) 535
Deferred tax:
Origination and reversal of timing differences 225 -
Total deferred tax charged - -
Tax on loss on ordinary activities credited 213 535
Factors affecting current tax charge
The tax assessed on the loss on ordinary activities for the year was higher
(2024: higher) than the standard rate of corporation tax in the UK of 25%
(2024: 25%).
2025 2024
£000s £000s
Loss on ordinary activities before tax (172) (1,714)
Tax on loss on ordinary activities at standard UK rate of taxation of 25%
(2024: 25%)
(43) (428)
Effects of:
Overseas tax rates 24 64
Expenses not deductible for tax purposes 74 69
R & D tax credit received - (536)
Fixed asset differences 1 -
Other permanent differences (29) (17)
Minimum US state taxes paid in year 12 1
Origination and reversal of timing differences on unrecognised deferred tax (27) 376
losses
Recognition of previously unrecognised deferred tax asset (225) -
Effect of different tax rates applied in overseas jurisdictions - (64)
Total tax credit for the year (213) (535)
The value of unrecognised tax losses carried forward is £22.6m for the Group
(2024: £24.6 m).
Approximately 4% of the Group's carried forward tax losses (2024: 4%) relate
to its US subsidiary and originate from pre-2018 periods. These losses are set
to expire in 2038 if not offset by future taxable profits. The remaining tax
losses across the Group are available indefinitely, subject to the rules of
the respective tax jurisdictions in which the Group operates. These rules
determine the extent to which taxable profits can be offset in any given year.
The R&D tax credit received in the year ended 20 June 2024 is in relation
to financial years 2021 and 2022.
4. INTANGIBLE ASSETS
Website and Computer Software
2025 Capitalised Development £000s
Licences £000s Total
£000s £000s
Cost:
At 1 July 2024 677 6,813 234 7,724
Additions - 1,768 - 1,768
Disposals (83) (563) - (646)
At 30 June 2025 594 8,018 234 8,846
Amortisation (included within administrative expenses):
At 1 July 2024 360 3,137 130 3,627
Charge for the year 107 1,309 44 1,460
Disposals (83) (563) - (646)
At 30 June 2025 384 3,883 174 4,441
Net book amount at 30 June 2025
210 4,135 60 4,405
Website and
2024 Capitalised Computer
Licences Development Software Total
Cost: £000s £000s £000s £000s
At 1 July 2023 427 5,939 226 6,592
Additions 250 1,825 72 2,147
Disposals - (951) (64) (1,015)
At 30 June 2024 677 6,813 234 7,724
Amortisation (included within administrative expenses):
At 1 July 2023 283 2,962 131 3,376
Charge for the year 77 1,126 63 1,266
Disposals - (951) (64) (1,015)
At 30 June 2024 360 3,137 130 3,627
Net book amount at 30 June 2024
317 3,676 104 4,097
5.TRADE AND OTHER RECEIVABLES
Due within one year 2025 2024
£000s £000s
Trade receivables 3,840 3,551
Accrued income 120 27
Deferred costs 1,059 938
Other prepayments 984 940
Trade and other receivables due within one year 6,003 5,456
Due after more than one year 2025 2024
£000s £000s
Deferred costs 1,165 1,466
Other prepayments 5 47
Trade and other receivables due after one year 1,170 1,513
The fair value of all amounts are considered to be approximately equal to
their carrying value. The maximum exposure to credit risk at the reporting
date is the carrying value of the trade receivables balance.
Trade receivables are reviewed at inception under an expected credit loss
model, and then subsequently at each period end for further indicators of
impairment, and a provision has been recorded as follows:
2025 2024
£000s £000s
Opening provision at 1 July - -
Credited to income - -
Closing provision at 30 June - -
There are no impaired trade receivables at the reporting dates. In addition,
there are non-impaired trade receivables that are past due at the reporting
date:
2025 2024
£000s £000s
0-1 month past due 513 436
1-2 months days past due 159 36
Over 2 months past due 125 106
797 578
The carrying value of trade receivables is considered a reasonable
approximation of fair value. All of the receivables have been reviewed for
indicators of impairment. The movement in the expected credit losses (ECLs)
provision is shown above. The Group applies the IFRS 9 simplified approach to
measuring ECLs using a lifetime expected credit loss provision for trade
receivables. The expected loss rates are based on the Group's historical
credit losses experienced over the three-year period prior to the period end,
the future economic conditions of the country relating to the overdue debtor
and the contract position of each overdue debtor.
6. CURRENT LIABILITIES
2025 2024
£000s £000s
Trade payables 1,351 738
Social security and other taxes 705 563
Deferred Income 12,168 12,620
Right of use lease liability 14 23
Accruals and other creditors 1,443 1,743
Total current liabilities due within one year 15,681 15,687
7. NON-CURRENT LIABILITIES
2025 2024
£000s £000s
Deferred Income 1,311 1,716
Right of use lease liability 23 -
Accruals and other creditors - 83
Total non-current liabilities due after one year 1,334 1,799
The deferred income figures in Notes 6 and 7 above include amounts relating to
contracts where the annual licence fee has been invoiced multi years in
advance, and deferred set up and professional services fees that have not
reached a stage where the revenue is being recognised and so is treated as all
due in less than one year for reporting purposes.
8. SUBSEQUENT EVENTS
An extension to the Revolving Credit facility with HSBC, up to 31 July 2027,
was signed on 5(th) September 2025.
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