REG - PCI-PAL PLC - Interim Results, Analyst Briefing & Investor Pres
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RNS Number : 0144V PCI-PAL PLC 03 March 2026
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.
3 March 2026
PCI-PAL PLC
("PCI Pal" or "the Group" or "the Company")
Interim Results for the six months to 31 December 2025
Analyst Briefing & Investor Presentations
PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions
for business communications, is pleased to announce its unaudited interim
results for the six months to 31 December 2025 (the "Period" or "H1").
Financial highlights for the Period
H1 FY26 ending 31 December 2025 H1 FY25 ending 31 December 2024
Change
Annual Recurring Revenue(1) ("ARR") £20.33m £16.75m +21%
Contracted ARR(2) ("CARR") £23.99m £20.30m +18%
Revenue £11.31m £10.57m +7%
Adjusted EBITDA(3) £0.20m £0.95m -79%
Gross Revenue Retention(4) ("GRR") 95% 95%
Net Revenue Retention(5) ("NRR") 105% 102%
Net cash £2.61m £4.00m
· ARR increased 21% year on year (25% Constant Currency ("CC") to
£20.3m, representing a record real-terms increase of £3.6m in the period.
· CARR increased 18% year on year (21% CC) to £24.0m, driven by
record new business for the period and enhancing forward recurring revenue
visibility.
· GRR was maintained at top quartile levels at 95%; while NRR
increased to 105%.
· Revenue increased 7% year on year; 14% on a normalised basis
adjusting for the impact of a prior year revenue deferral into H1 FY25.
· Adjusted EBITDA of £0.20m (H1 FY25: £0.95m) - reflects the
increased investment being made in line with the strategy outlined in July
2025.
Operating Highlights in the Period
· 83% of new contracts secured via partners, contributing 71% of
total new business signed, reflecting market leading and growing partner
eco-system.
· Strong sales pipeline expansion in period, with a growing
proportion of enterprise opportunities, particularly in North America.
· Enhancements delivered across multiple partner integrations
tightening technology interoperability, enhancing deployment velocity and
improving efficiency of combined solutions.
· Leadership team strengthened with onboarding of a Chief Information
Security Officer and US-based Chief Marketing Officer.
· Employee engagement remained strong, with retention of 97% and
eNPS(6) of 45, significantly above SaaS industry benchmarks.
(1) ARR is the Annual Recurring Revenue of all the deployed contracts.
(2) 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 Company.. .
(3) Adjusted EBITDA is the loss on Statutory Operating Activities before
depreciation and amortisation, exchange movements charged to the profit and
loss, non-operational costs and expenses relating to share option charges.
(4) AWS platform Gross Retention Rate is calculated using the ACV of retained,
deployed contracts from twelve months ago divided by the opening total value
of deployed contracts at the start of the twelve month period
(5) 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.
(6)eNPS is Employee Net Promoter Score.
Current Trading & Outlook
The strong commercial momentum seen by the Group in H1 has continued into H2.
This has included a number of new enterprise customer wins; the contract
extension of one of the Group's largest customers; and the signing of a major
new integrated strategic partner as announced on 23 February 2026.
The business continues to focus on execution of its plans to drive sustained
organic ARR growth for the years ahead. In the second half the Group expects
to take another step up in new business signed; to further reduce time to
revenue ("TTR") in deploying customer projects to revenue; and to further
expand its partner eco-system, making material progress in on-boarding and
enabling new partners to fully support its FY27 growth and profitability
objectives.
Commenting on the results for the period, James Barham, Chief Executive
Officer said:
"We have delivered an excellent first half, with record new business,
sustained top-quartile retention and a significant increase in CARR and ARR,
our key growth metrics. The strength of this performance reflects
disciplined execution of our plans, including increased leverage of our
partner eco-system and increasing enterprise sales momentum, particularly in
the sizeable US market.
With PCI Pal deeply embedded across global business communications
eco-systems, and with our growing partner-base, we are exceptionally well
positioned to capitalise on the immediate opportunities in front of us, as
well as longer term new opportunities and markets as conversation volumes via
communications platforms, both human to human and human to bot, increase.
With the momentum we are seeing in the business, including high levels of
demand for our core products, the Board is confident in delivering against its
expectations for the full year."
Analyst Briefing: 9.30am today, Tuesday 3 March 2026
An online briefing for Analysts will be hosted by James Barham, Chief
Executive, and Ryan Murray, Chief Financial Officer, at 9.30am today Tuesday 3
March 2026, 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 Tuesday 3 March 2026 (UK time)
The CEO and CFO will hold an investor presentation to cover the results and
prospects at 3.00pm on Tuesday 3 March 2026 (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.
PCI-Pal Presenting at MelloMonday on Monday 9 March 2026
The Company will be attending MelloMonday on 9 March starting at 5:00pm,
taking place via Zoom Webinar. PCI-Pal will be presenting to webinar
participants at 6.40pm and taking questions. If you would like to attend, you
can register here
(https://www.tickettailor.com/events/melloeventslimited/2022794) for a free
ticket with the code MMSHCOMP26. The recording will be sent out to all
registrants within 48 hours of the event.
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/)
Chief Executive Officer's Business Review
Overview
FY26 represents an important year for PCI Pal as we execute against the
ambitious plans outlined to shareholders at the start of the year, with
additional investment designed to sustain organic ARR growth of 18-20% per
annum through FY27 and beyond; drive profitability at scale over the medium
term; and continue progressing toward a balanced combination of growth and
margin performance over time.
During H1, I'm pleased to say we delivered strong execution against these
plans, focusing on deepening and broadening relationships with our channel
partners; expanding the partner eco-system to unlock incremental revenue
opportunities from new strategic resellers; increasing enterprise customer
penetration, particularly in the large US market; and positioning the business
to benefit from operational gearing as we grow profitability in the years
ahead.
Commercially, the business performed very well in H1. GRR remained at top
quartile levels at 95% (H1 FY25: 95%), while new business reached record
levels for the period, increasing total Contracted ARR by 18% (21% CC) to
£24.0m (H1 FY25: £20.3m). This translated into a record real-term increase
in ARR of £3.6m over the last 12 months, taking ARR at 31 December 2025 to
£20.3m, representing organic growth of 21% year on year (25% CC). These
metrics underpin the quality and visibility of the Company's revenue base and
demonstrate the continued strength of both customer acquisition and retention
across the Group.
Our partner-first strategy continues to drive incremental run-rate growth
across the commercial and mid-market segments, and increasingly within the
enterprise space. Existing key partners delivered increased new business
momentum in the period which includes some of the more recently added
strategic and integrated partnerships. For me, this is further evidence of
the effectiveness of our own business development efforts in targeting these
new relationships; integrating and on-boarding those partners; and enabling
them for product, marketing, and sales efforts.
Operationally, we were successful in H1 in meeting our own objectives to
reduce TTR for new customers accessing the PCI Pal platform. With many small
to mid-market customers (either direct or via partners) now benefitting from
product standardisation across all products and features available on the
platform, this is beginning to drive efficiencies operationally for the
business as evidenced by a record number of new business deployments reaching
revenue recognition in the period.
Finally, our people and culture remain central to our progress. As we scale,
we have strengthened the leadership team with high-calibre additions,
including a new Chief Information Security Officer and a US-based Chief
Marketing Officer. We have maintained PCI Pal's positive, ambitious and
engaged culture, with employee retention of 97% and a current eNPS score of
45, in the "very good/strong" category and significantly above typical SaaS
industry benchmarks. The performance delivered in the period reflects the
commitment of our team and positions the business well for the remainder of
the financial year.
New Business Update
With high levels of demand we have seen an uptick in new business sales in the
period both in terms of net new logo contracts as well as an increase in
expansion sales to existing customers. NRR increased year on year to 105%
(H1 FY25: 102%). Sales attainment was well-balanced across EMEA and North
America, with both regions delivering in line with management's
expectations.
We saw a strengthening of month-to-month run-rate business across commercial
and mid-market new customers, accompanied by a number of notable enterprise
wins, particularly in the US region. Highlights include:
§ An initial contract with a Fortune 50 insurance company, secured following
the successful completion of a proof of concept project, with potential for
further incremental business in H2 from this customer.
§ Two new contracts with globally recognised organisations in the healthcare
technology and manufacturing sectors: one a Global Fortune 500 company
headquartered in the US, and the other a Fortune 500 business based on the US
East Coast.
§ A significant contract win with a large regional healthcare provider in the
US Mid-West, leveraging PCI Pal's integration with Epic, the leading
electronic health record (EHR) platform.
Partner-led sales continued to represent the majority of new business, with
83% of contracts secured via our channel partners and 71% of total ACV derived
from partners. This reflects both an increase in channel business volume
as well as a rise in average contract value in the Period through our
integrated partners as larger organisations move their communications to the
cloud.
The Company's sales pipeline expanded in the Period and now includes an
increasing number of enterprise opportunities. Particularly pleasing is the
demand being seen for PCI Pal's core secure payment solutions, KeyToPay,
ClickToPay, and SpeakToPay, which is the fundamental driver of the record
levels of new business in the Period. As well as providing the underlying
compliance and security around any payment touchpoint across any channel in
the CX environment, PCI Pal is acting as the payment facilitator seamlessly
embedded to the customer-to-agent or customer-to-bot interaction.
Partner Eco-system
Building the leading channel partner eco-system in our market has been a core
strategic ambition for PCI Pal. Today, it is now clear we have achieved that
objective. Our global cloud platform is tightly aligned and deeply integrated
with the leading business communications vendors globally, many of whom
exclusively resell PCI Pal's secure payment and customer engagement solutions.
With more than 70% of the world's CCaaS market reselling PCI Pal, the Group
benefits from extensive global market coverage and a substantial long-term
structural growth opportunity. Our channel partner base includes leading
industry operators such as Genesys, NICE, Zoom, RingCentral, Talkdesk, Five9,
8x8 and Amazon Connect, as well as leading systems integrators such as
Presidio and TTEC.
This breadth of market coverage is underpinned by the strength and durability
of our partner relationships. We have maintained 100% retention of our key
partners, reflecting the strategic alignment and mutual value created.
We continue to invest in and evolve our integrations across the partner
eco-system. During the period, we refreshed and enhanced integrations with a
number of long-standing key integrated partners, enabling customers to benefit
from enhanced deployment velocity, improvements in customer handle time, and
enhanced access to the broader PCI Pal solution suite. These enhancements
strengthen our competitive positioning; deepen the competitive moat with the
partners concerned; and improve the scalability of partner-led delivery.
The partner channel remains a significant driver of pipeline expansion as
well. We are seeing increased opportunity flow via our integrated CCaaS and
UCaaS partners as cloud adoption accelerates across larger mid-market and
enterprise contact centres, CX and UC environments. With PCI Pal now available
across leading UCaaS platforms, as well as CCaaS, including UC solutions from
Zoom, RingCentral and 8x8, we are also seeing a growing opportunity within
back-office functions handling payments and secure interactions across
mid-market and enterprise organisations.
In parallel, the Group continues to progress a number of new global strategic
partnerships. These relationships, layered onto our existing partner-base, are
expected to provide incremental long-term growth opportunities as they become
fully enabled, further reinforcing PCI Pal's position as the go-to provider of
secure payments and interactions within the global business communications
market.
AI Market Impact Update
Conversational AI is increasingly providing businesses with an additional
communication channel to traditional human contact centre or service agents,
with AI-driven chat and voice bots now being deployed in customer engagements.
Today, these AI solutions are primarily used for more routine or transactional
interactions, enabling human agents to focus on more complex and higher-value
activities.
While a number of PCI Pal customers already use our services within voice and
chat bot environments, typically via integrations with our partners' own AI
products, the current volume of payments processed via bots remains low.
Nevertheless, as a leading technology provider in the space, PCI Pal is
taking a proactive approach in ensuring that our solutions are fully
accessible within conversational AI environments where and when payments or
secure engagement capabilities are required.
During the period, we made further long-term strategic progress in this area.
The PCI Pal platform has been integrated with several key strategic partners'
conversational AI products, with full commercialisation of these integrations
alongside our existing solution suite. While these integrations remain in the
early stages of enablement, we note that in Q1 we secured the Company's
largest conversational AI-related secure payment contract via a partner. We
also announced accelerated development plans for Model Context Protocol
("MCP") support for AI services. MCP is an emerging open-source standard that
enables AI models, including large language models and agentic AI systems, to
connect seamlessly with external tools and services. Support for MCP will
enhance PCI Pal's ability to integrate efficiently within evolving AI
eco-systems, enabling our secure payment and interaction capabilities to be
more easily discovered and invoked by AI agents, reducing the need for bespoke
integrations and maximising PCI Pal's reach into the global market.
Looking ahead, we believe conversational AI has the potential to increase the
number of payment-related interactions occurring within environments in which
PCI Pal operates. Adoption is expected to be gradual, and we continue to
monitor both opportunity and risk from AI adoption carefully. Industry
consolidation is already underway, with leading CCaaS providers either
acquiring specialist conversational AI vendors or accelerating development and
release of their own solutions. PCI Pal is extremely well positioned with
its deep integrations into the communications eco-system and vast array of
payment facilitation capabilities to be an integral part of the conversation
flow whether human-to-human or human-to-bot interactions.
Platform & Product Update
PCI Pal's global public cloud platform remains central to our sales and
product strategy. During H1, we achieved 100% global uptime, reinforcing the
resilience and reliability of the platform and supporting both customer and
partner retention, as well as strong brand positioning within the secure
payments market.
The platform reliably serves customers globally, including many well-known
enterprise brands who rely on PCI Pal's secure solutions to integrate
seamlessly into their customer interactions and enable safe, compliant
interactions across multiple channels.
Significant engineering and product investment continues to be directed
towards strengthening and evolving our integrations across the partner
eco-system. During the period, we enhanced deployment capabilities, deepened
integrations with key strategic partners, and expanded white-labelling
functionality for partners who resell PCI Pal under their own brand. These
improvements are driving greater deployment efficiency, enhanced velocity and
lowering average handle time while improving overall customer experience.
These developments also form part of a broader strategic objective to increase
automation across our deployment processes which is driving down the Company's
TTR. Initially, these enhancements are improving internal operational
efficiency; however, our longer-term ambition is to enable partners and
customers to access and deploy PCI Pal services autonomously via a self-serve
model particularly for smaller to mid-market size customers. The Company
remains on track to achieve meaningful progress towards this objective within
the next 18 months, which we expect will not only support faster customer
adoption and improved time to revenue but also create increased serviceable
market opportunity with the capability to sell and deliver digitally anywhere
in the world.
In H1 we launched a number of new products and feature enhancements, including
significant upgrades to our data analytics and reporting suite. In addition,
we introduced a new AI-powered fraud risk scoring capability for customer
engagements, delivered in partnership with Telesign. This solution provides
real-time fraud screening at the point of payment, reducing chargeback risk
for merchants and enhancing trust in any customer interaction.
The fraud screening capability is now being rolled out across key partners,
including technical enablement, commercial packaging, and pricing alignment to
provide customers and partners with broader access to the PCI Pal platform and
product allowing additional features and services to be readily activated when
required. This approach enhances our ability to scale new product adoption
while maintaining secure payment capabilities at the core of the platform.
In addition to proof-of-concept customers to date, we are completing our
first standalone sales of the fraud screen product currently and we will
provide an update later in the year.
With the maturity of our extensive cloud platform, our growing integrated
partner eco-system along with sustained high demand for our core secure
payment solutions, we believe the Group is exceptionally well positioned to
capitalise on the significant opportunities ahead.
James Barham
Chief Executive Officer
2 March 2026
Chief Financial Officer's Financial Review
The first half of FY26 represents a positive step forward in delivering our
strategic objectives set out last year as we continue to scale a high-quality
recurring revenue business. We delivered good revenue growth, a strong new
business performance, and sustained high levels of customer retention while
continuing to invest in our platform, partner eco-system and long-term
international opportunity.
Revenue and Gross Margin
Revenue for the six months ended 31 December 2025 increased to £11.3 million,
up 7% year-on-year (H1 FY25: £10.6 million). Normalised growth was 14%,
adjusting for the impact of a prior year revenue deferral into H1 FY25.
Recurring revenue represented 93% of total Group income (H1 FY25: 91%),
contributing to strong visibility and reinforcing the durability of our
revenue base.
Gross margin in the Period was impacted by revenue mix and the timing of
licence deployments impacting associated revenue recognition. As a result,
gross margin was 87% for H1 (H1 FY25: 90%). We expect gross margin to
increase in the second half as license revenues catch up and a greater
proportion of contracted licence value is recognised in revenue.
Customer retention remains one of the Group's core strengths. GRR for the
Period was 95% (H1 FY25: 95%), demonstrating the ongoing stability of our
customer base. NRR improved to 105% (H1 FY25: 102%), supported by continued
expansion activity into existing customers. This reflects the increasing
strategic importance of the Group's platform within customer environments and
provides confidence in long-term customer value.
Profitability and Underlying Trading Progress
To enable a meaningful comparison between periods, the Group reports adjusted
EBITDA, adjusted operating profit and adjusted operating cash flow. These
measures exclude items that may distort underlying performance and improve
comparability across reporting periods.
On a statutory basis, the Group reported a loss from operating activities of
£0.8 million (H1 FY25: £0.3 million loss). The reconciliation from statutory
operating loss to Adjusted EBITDA is set out below:
H1 FY26 H1 FY25
£m
Loss from operating activities (0.81) (0.31)
Non-operational costs 0.10 0.35
Exchange movements (0.03) 0.01
Share Option charge 0.10 0.13
Adjusted operating (loss)/profit (0.65) 0.18
Depreciation and amortisation 0.85 0.77
Adjusted EBITDA 0.20 0.95
Administrative expenses for the Period were £10.7 million (H1 FY25: £9.8
million), reflecting the strategic decision to increase investment to support
the scale and growth of the business. This cost base includes the operating
expenditure required to run PCI Pal's global AWS cloud platform, alongside
engineering, sales and marketing and partner enablement costs.
£m H1 FY26 H1 FY25
Loss before tax (0.82) (0.29)
Non-operational costs 0.10 0.35
Exchange movements (0.03) 0.01
Share Option charge 0.10 0.13
Adjusted (loss)/profit before tax (0.65) 0.20
The Group delivered an adjusted loss before tax of £0.65 million in the
Period, compared to an adjusted profit before tax in the prior year. This
performance reflects the increased investment being made by the Group across
marketing, product marketing, and engineering and is consistent with our
investment strategy as we continue to prioritise long-term ARR growth.
Cash flow and financial position
Cash flow in the Period reflects this investment in the platform alongside
normal working capital movements.
Net cash used in operating activities was £0.5 million primarily reflecting
ongoing investment in go-to-market capability (including marketing) and
product development. The Group also invested £0.9 million in capitalised
development expenditure, supporting continued platform and product
enhancement, and innovation.
After lease payments, net cash outflow was £1.5 million for the half, with
closing cash of £2.6 million at 31 December 2025.
The Group retains access to an undrawn £3.0 million HSBC facility, providing
additional flexibility to support continued investment in growth.
ARR Growth and Contract Momentum
The Group's core growth metric, ARR, continued to expand strongly. Exit ARR at
31 December 2025 increased organically by 21% to £20.3 million (25% CC) (31
December 2024: £16.8m), reflecting strong new business wins and improving
deployment throughput.
CARR increased by 18% to £24.0 million (21% CC) at the end of H1 FY26 (H1
FY25: £20.3m), demonstrating continued commercial momentum across both direct
and partner channels.
The conversion of signed contracts into recognised revenue maintains a key
operational focus. While sales performance in H1 was strong, the timing of
revenue recognition depends on customer timelines. At the end of the Period,
the Group had substantial pipeline of contracted customer progressing towards
deployment. Providing good visibility into H2 revenue progression.
Financial outlook
We enter the second half with strong revenue visibility as a result of
contracted customers not yet fully deployed, giving confidence in expected
revenue recognition and margin improvement in the year. ARR is scaling,
retention remains strong and execution in bringing new contracts into revenue
continues to improve.
Overall, the Group remains well positioned to deliver continued progress
through the second half and beyond, supported by a growing recurring revenue
base and an expanding partner eco-system. The business remains focused on
disciplined cash management and ensuring the balance sheet is appropriately
positioned to support organic expansion.
Ryan Murray
Chief Financial Officer
2 March 2026
Consolidated statement of comprehensive income
for the six months ended 31 December 2025
Twelve months ended 30 June
Six months ended Six months ended 2025
31 December 31 December
2025 2024
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Revenue 11,308 10,575 22,477
Cost of sales (1,454) (1,105) (2,371)
Gross profit 9,854 9,470 20,106
Administrative expenses (10,666) (9,779) (20,313)
Loss from operating activities (812) (309) (207)
Finance income 38 58 107
Finance expenditure (45) (33) (72)
Loss before taxation (819) (286) (172)
Taxation (1) (2) 213
(Loss) / profit for the period (820) (288) 41
Other comprehensive expense: Items that will be classified subsequently to
profit and loss
Foreign exchange translation differences (91) (24) 360
Total comprehensive (loss) / income for the period (911) (312) 401
Loss per share expressed in pence
Basic (loss) / earnings per share (1.13) (0.40) 0.06
Diluted (loss) / earnings per share (1.13) (0.40) 0.05
Consolidated statement of financial position
as at 31 December 2025
31 December 2025 31 December 2024 30 June
2025
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Assets
Non-current assets
Intangible assets 4,580 4,179 4.405
Plant and equipment 385 110 121
Trade & other receivables 1,368 1,266 1,170
Deferred tax asset 225 - 225
Non-current assets 6,558 5,555 5,921
Current assets
Trade and other receivables 6,352 5,142 6,003
Cash and cash equivalents 2,614 4,003 3,923
Current assets 8,966 9,145 9,926
15,847
Total assets 15,524 14,700
Liabilities
Current liabilities
Trade and other payables (2,866) (2,951) (3,513)
Deferred Income (12,442) (12,232) (12,168)
Current liabilities (15,308) (15,183) (15,681)
Non-current liabilities
Other payables (131) (114) (23)
Deferred Income (2,065) (1,442) (1,311)
Non-current liabilities (2,196) (1,556) (1,334)
Total liabilities (17,504) (16,739) (17,015)
Net assets/(liabilities) (1,980) (2,039) (1,168)
Shareholders' equity
Share capital 726 726 726
Share premium 17,740 17,737 17,740
Other reserve 1,604 1,350 1,505
Currency reserve (5) (298) 86
Profit and loss account (22,045) (21,554) (21,225)
Total shareholders' equity (1,980) (2,039) (1,168)
Deferred income has been disclosed separately in these interim unaudited
statements. This disclosure treatment differs from that in the audited
accounts for the year ending 30 June 2025.
Consolidated interim statement of changes in equity
as at 31 December 2025 (unaudited)
Share capital Share premium Other reserve Profit and loss account Currency reserve Total shareholders equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 July 2024 723 17,624 1,223 (21,266) (274) (1,970)
Share based payment charge - - 127 - - 127
New shares issued net of costs 3 113 - - - 116
Transactions with owners 3 113 127 - - 243
Foreign exchange translation differences - - - - (24) (24)
Loss for the period - - - (288) - (288)
Total comprehensive loss - - - (288) (24) (312)
Balance at 31 December 2024 726 17,737 1,350 (21,554) (298) (2,039)
Balance as at 1 January 2025 726 17,737 1,350 (21,554) (298) (2,039)
Share based payment charge - - 155 - - 155
New shares issued net of costs - 3 - - - 3
Transactions with owners - 3 155 - - 158
Foreign exchange translation differences - - - - 384 384
Profit for the period - - - 329 - 329
Total comprehensive profit - - - 329 384 713
Balance at 30 June 2025 726 17,740 1,505 (21,225) 86 (1,168)
Balance at 1 July 2025 726 17,740 1,505 (21,225) 86 (1,168)
Share based payment charge - - 99 - - 99
New shares issued net of costs - - - - - -
Transactions with owners - - 99 - - 99
Foreign exchange translation differences - - - - (91) (91)
Loss for the period - - - (820) - (820)
Total comprehensive loss - - - (820) (91) (911)
Balance at 31 December 2025 726 17,740 1,604 (22,045) (5) (1,980)
Consolidated statement of cash flows
for the six months ended 31 December 2025
Twelve months ended 30 June
Six months ended 31 December Six months ended 31 December 2025
2025 2024
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Cash flows from operating activities
(Loss)/Profit after taxation (820) (288) 41
Adjustments for:
Depreciation of equipment and fixtures 85 56 91
Amortisation of intangible assets 763 718 1,460
Interest income (38) (58) (107)
Interest expense 36 25 53
Foreign currency difference (111) (24) (46)
Income taxes 1 2 (213)
Share based payments 99 127 282
(Increase) / decrease in trade & other receivables (609) 562 91
Increase / (decrease) in trade & other payables 157 (767) (439)
Cash (used)/generated in operating activities (437) 353 1,213
Income taxes (paid) / received (14) (2) (4)
Interest paid (36) (25) (53)
Net cash (used)/generated in operating activities (487) 326 1,156
Cash flows from investing activities
Purchase of property, plant and equipment (50) (5) (50)
Purchase of intangible assets (38) - -
Development expenditure capitalised (900) (801) (1,768)
Interest received 38 58 107
Net cash used in investing activities (950) (748) (1,711)
Cash flows from financing activities
Principal element of lease payments (29) (23) (30)
Issue of shares - 116 119
Net cash (used)/generated in financing activities (29) 93 89
Net decrease in cash (1,466) (329) (466)
Cash and cash equivalents at the start of the period 3,923 4,332 4,332
Foreign currency difference 157 - 57
Net decrease in cash (1,466) (329) (466)
Cash and cash equivalents at the end of the period 2,614 4,003 3,923
Notes to the interim financial statements for the six months ended 31 December 2025
1. Nature of activities and general information
PCI-PAL PLC is the Group's ultimate parent company. It is a public limited
company incorporated and domiciled in England and Wales (registration number
3869545). The company's registered office is Unit 7, Gamma Terrace, Ransomes
Europark, Ipswich, Suffolk, IP3 9FF. The Company's ordinary shares are quoted
and publicly traded on the AIM division of the London Stock Exchange. The
Group's consolidated interim financial statements (the "interim financial
statements") for the period ended 31 December 2025 comprise the Company and
its subsidiaries (the "Group").
The Company operates principally as a holding company. The main subsidiaries
provide organisations globally with secure cloud payment and data protection
solutions for any business communications environment.
The interim financial statements are presented in pounds sterling (£000),
which is also the functional currency of the parent company.
2. Basis of preparation
These consolidated interim financial statements have been prepared on a going
concern basis in conformity with the UK adopted international accounting
standards "IFRS's" and the requirements of the Companies Act 2006, using the
accounting policies which are consistent with those set out in the Group's
annual report and accounts for the year ended 30 June 2025.
The unaudited interim financial information for the period ended 31 December
2025 does not constitute statutory accounts within the meaning of Section 434
of the Companies Act 2006. The comparative figures for the year ended 30 June
2025 are extracted from the statutory financial statements which have been
filed with the Registrar of Companies and contain an unqualified audit report
and did not contain statements under Section 498 to 502 of the Companies Act
2006.
3. Dividends
The directors do not propose to declare a dividend for the Period.
4. 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 Asset
Six months ended 31 December 2025 Six months ended 31 December 2024 Twelve months ended 30 June 2025 As at 31 December 2025 As at 31 December 2024 As at
£000s £000s £000s £000s £000s 30 June 2025
£000s
EMEA 7,155 6,195 13,940 5,805 4,848 5,918
North America 3,892 4,144 8,011 736 673 1
ANZ 261 236 526 17 34 2
Total 11,308 10,575 22,477 6,558 5,555 5,921
Revenue can be split by location of customers as follows:
Six months ended 31 December 2025 Six months ended 31 December 2024 Twelve months ended 30 June 2025
Customer location
£000s £000s £000s
United Kingdom 7,284 6,289 13,921
United States of America 3,398 3,776 7,480
Canada 328 237 480
Rest of Europe 36 35 38
Asia Pacific 262 238 558
Total 11,308 10,575 22,477
89% (H1 FY25: 87%) of all non-current assets are located in the United Kingdom
and the largest customer accounted for 17% (H1 FY25: 17%) of the revenue of
the Group.
5. (Loss) / earnings per share
The basic and diluted earnings per share are calculated on the following
profit or loss and number of shares. Earnings for the calculation of earnings
per share is the net profit or loss attributable to equity holders of the
parent.
Six months ended 31 December Six months ended 31 December Twelve months ended 30 June
2025 2024 2025
£000 £000 £000
Earnings for the purposes of basic and diluted earnings per share
Profit / (loss) after taxation (820) (288) 41
Denominator '000 '000 '000
Weighted average number of shares in issue in the period 72,453 72,422 72,433
Dilutive effect of potential shares and share options 9,233 8,592 8,695
Number of shares used in calculating diluted earnings per share 81,686 81,014 81,128
Basic earnings per share expressed in pence (1.13) (0.40) 0.06
Diluted earnings per share expressed in pence (1.13) (0.40) 0.05
6. Subsequent events to 31 December 2025
There have been no subsequent events since the balance sheet date.
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