TIDMPCIP
RNS Number : 4235A
PCI-PAL PLC
24 May 2023
PCI-PAL PLC
("PCI Pal", "the Company" or "the Group")
Trading and Patent Case Updates
PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure
payment solutions for business communications, is pleased to
provide a trading update for the current financial year ending 30
June 2023 ("FY23"), and an update regarding the ongoing patent case
with one of its competitors.
Trading Update
Since the half year, PCI Pal has achieved continued strong
momentum with excellent performance across its key metrics. The
Board is particularly pleased with the strength of its global sales
pipeline which is driving an acceleration in new business sales in
the second half of the year. New ACV for the Group year to date is
now at GBP3.4 million, with a strong outlook to the financial year
end which will help to further underpin revenue growth in FY24.
The strength of the Company's channel partner strategy is
reflected in 86% of these new contracts having come through PCI
Pal's market leading partner eco-system. Additionally of note is
that GBP3.0 million (87%) of the new business signed is from new
customers to the Group which is a pleasing 34% increase compared to
the same period last year.
Highlight new customer contracts won in the second half include
a number of enterprise deals in the US where the Group has
experienced accelerated growth of its sales pipeline throughout
FY23. These wins include a major contract with a Fortune 50
healthcare provider, as well as another new enterprise contract
with one of the largest electronics companies in the world. Further
to the US progress, the Board is pleased to report that the Company
has also signed its largest contract to date in Australia, with a
well-known global insurer.
Patent Case Update
PCI Pal disrupted the secure payments market for contact centres
by bringing true public cloud capabilities to the space. PCI Pal's
patented cloud deployment methods have empowered light-touch, cost
effective access to its products and services, which was something
not seen before in a market historically burdened by legacy
hardware solutions.
Today PCI Pal has the most mature global cloud offering in the
market and has delivered the strongest growth momentum of any
company in the space for a number of years. It has long been the
opinion of the Board that Sycurio Limited (formerly Semafone
Limited) ("Sycurio") brought its opportunistic patent infringement
claim to try to disrupt PCI Pal's growth and momentum.
The Board continues to strongly refute these unfounded patent
infringement claims.
Investors are referred to the Company's patent case update
included in its interim report released on 14 March 2023. Since
then, the parties have exchanged expert witness reports and
subsequently reviewed mutual responses to these reports. The Board
continues to be confident in being successful in both the Company's
defence for non-infringement, as well as its counter claims of
invalidity of the Sycurio patents in question.
The Company confirms that there have been discussions with
Sycurio regarding the case. To date these discussions have not
produced any sensible settlement options that the Board believes
are in the best interests of the business. The Board continues to
seek the best outcome for the business and is entirely prepared for
trial on that basis.
The UK Trial is scheduled for eight days from 12 June 2023. A
ruling is expected up to four months from that time.
Commenting, James Barham, Chief Executive Officer, said:
"It is exciting to see the continued progress of the Group this
year, especially during times when there have been a number of
economic headwinds across our main customer regions.
"The momentum in the US is particularly encouraging and
evidences the successful execution of our strategy since launch in
the region. With the majority of our global partners headquartered
in the US, progress in the region also supports our sales
progression globally as many of these partners have businesses
across Europe, APAC, and ANZ. As a result of this momentum, the
Board is confident that results for FY23 will be in line with
management expectations.
"In terms of the patent case, whilst we will continue to
consider all sensible settlement options to resolve the case, we
are entirely prepared for trial. We have built a strong case and
during this period of preparation our confidence has only grown for
both the defence of the unfounded infringement claims, as well as
our own counter claims of invalidity."
(1) ACV is the annual recurring revenue generated from a new
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/Fergus Sullivan
(Corporate Finance)
Sunila de Silva (Corporate Broking)
Walbrook PR +44 (0) 20 7933 8780
Tom Cooper/Nick Rome +44 (0) 797 122 1972
P CIPAL@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 or follow the team on
Linkedin: 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 or visit 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.
END
TSTNKNBQKBKBDPB
(END) Dow Jones Newswires
May 24, 2023 02:00 ET (06:00 GMT)
Pci-pal (LSE:PCIP)
Historical Stock Chart
From Apr 2024 to May 2024
Pci-pal (LSE:PCIP)
Historical Stock Chart
From May 2023 to May 2024