REG - PCI-PAL PLC - Trading Update & Notice of Results

PCI- PALAnnouncement

27/07/2022 07:16

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220727:nRSa8384Ta&default-theme=true

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 £11.9m (2021:
£7.4m).  Adjusted loss before tax for the year is estimated to be £2.9m
(2021: £3.5m).

 

The Company has continued to deliver strongly, driving its key indicator of
future revenues, total annual contract value (TACV(1)), to £13.3m (2021:
£9.5m), a 40% increase since 30 June 2021.  Annual recurring revenue (ARR)
at the end of the period increased by 43% to £11.0m (2021: £7.7m).

 

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 £4.9m (2021: £7.5m).

 

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
                        £11.5 million

            Adjusted Loss before
Tax                      -£  3.1 million

            Cash
 
 £  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
                                             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/)

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTFQLLLLDLBBBX