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 2022.
These results are available to
view and download in PDF format
Financial highlights for the period
|H1 FY23 ending 31 December 2022||H1 FY22 ending 31 December 2021|| |
|Gross Margin %||87%||81%|
|% of revenues from recurring contracts||85%||90%|
|Adjusted EBITDA1 loss||(£0.57m)||(£0.58m)||+2%|
|Loss from operating activities||(£1.88m)||(£1.10m)||-71%|
|New ACV2 contract sales in period||£1.47m||£1.76m||-16%|
Operating highlights in the period
- On-going accumulation of TACV driving continued strong increase in revenue
- Successfully balancing drive to near-term profitability whilst investing in continued strong growth
- Further increase in gross margin to 87% driven by customer demand for true cloud services
- Partner eco-system performing well with 87% of contracts in period signed through resellers
- 77 new logo customers signed in the period, a record. 39 upsell contracts were also signed.
- Launched Open Banking product, the first in series of new features adding to the existing value proposition of the Group’s cloud platform
- Strong customer retention of 95% including positive net retention of 106%
- The Board is confident of making further strong progress in the second half as PCI Pal continues to execute against its near-term plans. Trading in the first two months of H2 is in line with management’s expectations and revenue momentum continues with strong visibility of the full year number.
- Given the trading momentum being demonstrated by the Group, the Board reiterates the outlook set out in its trading update on 2 February 2023 and that it remains firmly on track to deliver monthly cashflow breakeven in this financial year, in line with the Board’s expectations.
1 Adjusted EBITDA is the loss on Operating Activities before depreciation and amortisation, exchange movements charged to the profit and loss, exceptional items and expenses relating to share option charges
2 ACV is the annual recurring revenue generated from a contract.
3 TACV 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.
4 ARR is the Annual Recurring Revenue of all the deployed contracts.
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 Customer retention is calculated using the formula 1 minus (the ACV of lost deployed contracts on the AWS platform in the last 12 months divided by the opening total value of deployed contracts 12 months ago).
Commenting on the results for the period, James Barham, Chief Executive Officer said:
“We have delivered another strong period of growth at PCI Pal. It’s been a period that has emphasised the strength of our business model given the backdrop of increased global economic challenges. As the market-leaders in cloud solutions in our space, with our patented cloud capabilities, we continue to see the benefits of the focus on our partner eco-system and our capability to deliver our services in a light-touch way, anywhere in the world.
“As previously announced, we enter H2 confident of delivering monthly cashflow breakeven in the current financial year. This financial progress is balanced with the investment required to continue to realise the opportunities in front of us; further growing our addressable market through the expansion of our product suite; which in turn will not only drive sales, but also support us to maintain high levels of customer retention.”
Analyst Briefing: 9.30am today, Tuesday 14 March 2023
An online briefing for Analysts will be hosted by James Barham, Chief Executive, and William Good, Chief Financial Officer, at 9.30am today Tuesday 14 March 2023 to review the results and prospects. Analysts wishing to attend should contact Walbrook PR on [email protected] or 020 7933 8780.
Investor Presentation: 3.00pm on Thursday 16 March 2023 (UK time)
The Directors will hold an investor presentation to cover the results and prospects at 3.00pm on Thursday 16 March 2023 (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. 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 [email protected] or in real time during the presentation via the "Ask a Question" function.
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)|
Sunila De Silva (Corporate Broking)
|Walbrook PR||+44 (0) 20 7933 8780|
|Tom Cooper/Nick Rome/Joe Walker||+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.