PCI-PAL PLC Trading Update & Notice of Results (1183N)
28 January 2021 - 6:00PM
UK Regulatory
TIDMPCIP
RNS Number : 1183N
PCI-PAL PLC
28 January 2021
PCI-PAL PLC
("PCI Pal", "the Company" or "the Group")
Trading Update & Notice of Results
Strong New Business Sales and Revenue Growth Continue
PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure
payment solutions for business communications, announces a trading
update for the six months to 31 December 2020.
The Board is pleased to report a further period of significant
progress against the Group's key growth metrics. Revenue for the
first half increased 56% year on year to GBP3.19 million (2019:
GBP2.04 million), further illustrating the benefits of our
subscription based revenue model as we recognise revenue from the
accumulating Total Annual Contract Value (TACV(1) ) of contracts
signed to date. Our key metric of TACV has increased by 59% year on
year to GBP8.28 million (2019: GBP5.20 million) at the period
end.
In the period, the Group signed 93 customer contracts (2019: 51)
with a recurring Annual Contact Value (ACV(2) ) of GBP1.68 million,
40% greater than the prior year (2019: GBP1.20 million). 75% of
these new contracts were won through reseller partners. Sales
highlights included a number of new UK government contracts,
including one of the largest local authorities in England; as well
as contracts with two major North American headquartered
retailers.
The Group finished the period with gross cash of GBP4.22 million
(30 June 2020: GBP4.30 million) and net cash of GBP2.1 million (30
June 2020: GBP3.03 million).
Commenting on progress in the period, James Barham, Chief
Executive Officer of PCI Pal, said:
"Despite the uncertainties caused by the pandemic, we have taken
another strong step forward in the first half of the year as we
continue to see the benefits of our high retention SaaS-revenue
model. Our market leading, global-cloud technology, alongside our
partner-first sales model, is allowing us to access the breadth of
the contact centre market across all our focus territories,
resulting in the significant increase in new customer numbers
signed.
"Furthermore, we have been able to maintain the pace of customer
implementations in the period. This is testament, not only to our
easy-to-use technology, but also our continual focus on excellence
of delivery processes and capabilities that enable us to deploy
customers entirely remotely.
"With a strong pipeline and growing ecosystem of partners, we
are now growing this business at pace and we can look forward with
confidence to the second half of the year, with strong revenue
visibility against market forecasts for the full year."
Notice of Results:
PCI Pal expects to announce its Interim Results in the week
commencing 8 March 2021.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014 .
(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.
(2) ACV is the contracted annual recurring licence revenue
component of the contract.
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/Paul Vann +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 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. PCI Pal products can
be used by any size organisation globally, and we are proud to work
with some of the largest and most respected brands in the
world.
For more information visit www.pcipal.com or follow the team on
Linkedin: https://www.linkedin.com/company/pci-pal/
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END
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