PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, is pleased to make the following update ahead of its Annual General Meeting being held at 11.00 a.m. today.
The Group has made an excellent start to FY22, performing very well across its key metrics. As a result, our revenues are continuing to grow strongly in EMEA and North America as expected. New contract sales have been particularly strong throughout the four-month period since the start of our financial year, with a number of exciting new deals and existing customer extensions signed. ACV signed in the year to date is currently £1.2 million, taking our key metric of TACV to £10.8 million as at 31 October 2021.
New sales included a number of new enterprise customers in both the UK and US, as well as a sizeable extension in October to one of our largest customers. New customers have come from a broad spectrum of sectors but most notably include healthcare, retail, and utilities. Customer retention rates remained very high as per the norm during the period.
New partners added include two new global resellers, both US headquartered, and with extensive international coverage. Additionally, we announced in October that we had finalised a full integration to Amazon Connect, Amazon's omnichannel cloud contact centre solution. Amazon customers can now access PCI Pal services across its global cloud platform from anywhere in the world via their existing AWS Marketplace agreements. PCI Pal is the first global vendor in the secure payments space to achieve this type of integration with Amazon Connect.
Early in FY21, we reorganised and strengthened our management structure, creating a new VP level management layer in support of the executives and department heads, which has allowed the existing teams to take on more day-to-day management of our business. This in turn has allowed the executive Board more time to focus on strategic development opportunities, as well as the initial intensive stages of defending and countering the patent infringement claim with minimal disruption to the underlying running of the business - which continues to perform excellently.
In April, we raised further funds to continue our expansion into Canada, Australia and mainland Europe, as well as continuing to strengthen our product, engineering and support functions. Despite the overall challenging hiring environment globally today, we have made solid progress in attracting new key talent to support our expansion plans. Our new Canadian entity is due to be incorporated this month and the first hires begin joining from December.
Commenting on progress, James Barham, CEO of PCI Pal, said:
"I am extremely pleased with the Company's strong sales performance in the first four months of the year in both the EMEA and North America. We are clearly benefitting from the longstanding commitment we have made to our technology approach, being the leader in cloud in our space, and our partner-first sales focus as we continue to build momentum through our expanding partner eco-system.
"The legal patent challenge has required time from the Board and senior management but we have the team in place to continue to allow us to grow and run the business as well as defend ourselves rigorously from the claims being made, which are strongly refuted. We have created substantial momentum in this fast-growing business in recent years, which is a result of our successful execution through a disruptive market strategy. We have invested, and will continue to invest in making our solutions the most attractive to our customers and partners across the globe and remain very confident in the outlook for the Company."
For further information, please contact:
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)
+44 (0) 20 7933 8780
Tom Cooper/Nick Rome
+44 (0) 797 122 1972
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.