PCI PAL : Trading Update & Notice of Results Jan 2019

PCI-PAL PLC
('PCI Pal' or 'the Group')

Trading Update & Notice of Results

PCI-PAL PLC (AIM: PCIP), the customer engagement specialist that secures and protects payment card data for companies handling payments by phone, is pleased to announce a trading update for the six months to 31 December 2018.

Steady Progress in First Half

Key highlights for the first six months of the year include:

• The Group has signed new contracts worldwide with a Total Contract Value (TCV) of £3.41m (2017: £0.68m) which is 53% greater than the TCV of sales achieved for the full prior financial year. Within that, North American contract wins for the first six months were ahead of management expectations with a TCV of £0.95m (2017: nil).
• The recurring Annual Contract Value (ACV) of new contracts worldwide signed by the Group was £1.30m (2017: £0.17m) which is 136% greater than the ACV of sales achieved for the full prior financial year.
• Like-for-like indicative IFRS 15 revenue for the period is expected to have grown by at least 25%.
• The Group has a strong balance sheet position with net cash of £3.54m (30 June 2018: £3.75 million), boosted by the final payment of £1.34 million against the loan note which has now been fully repaid. Deferred revenue, and hence revenue visibility, increased to £2.33m (30 June 2018: £1.08m) reflecting the long-term recurring nature of the Group's business model.
• Continued execution of our channel-focused sales strategy to be the go-to provider of secure cloud payment solutions to contact centre telephony vendors. We have signed contracts with four of North America's leading VARs and Master Agents all of whom sell existing, and targeted, partner cloud and on-premise contact centre offerings.
• Added additional resource and skills to our engineering and customer deployment teams to increase operational efficiency, scalability and speed of customer deployments as sales growth continues.

The Board is pleased with the execution of its strategy and expects to maintain its positive sales growth for the full year.

Commenting on progress in the period, James Barham, Chief Executive Officer said:

'Over the last six months we have continued to develop a strong partner-led sales pipeline, closed major new enterprise customer accounts, and at the same time made solid progress with investments in our cloud technology and operational capabilities. Leveraging our secure cloud payments technology with select and global leading partners is helping us to build our brand, reputation and growth rate internationally. I am excited for the second half of this fiscal year and the year that follows.'

Notice of Results:

PCI Pal will announce its Interim Results in the week commencing 18 February 2019.

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

For further information and notes to editors please view the full London Stock Exchange RNS.