PCI-PAL PLC – Final Results

PCI-PAL PLC – Final 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 full year results for the year ended 30 June 2019 (the “Period”).

Financial Highlights

·     Revenue increase of 40% to £2.82 million (2018: £2.01 million)

·     Gross margin increased to 60.2% (2018: 42.6%) reflecting the transition of our service delivery to AWS

·     Substantial increase in sales leading to:

o  Signed Annual Contract Value (“ACV”) increasing by 290% to £1.91 million (2018: £0.49 million); and

o  Total Contract Value (“TCV”) increasing by 223% to £5.66 million (2018: £1.75 million)

·     Total contracted recurring ACV1 now stands at £4.06 million (2018: £2.17 million)

·     Deferred income increased 117% to £2.45 million (2018: £1.13 million) as a result of new business sales growth

·     Loss before Tax in line with expectations at £4.50 million (2018: £3.78 million) following significant investment in the North American operations

·     Cash balances at year end of £1.49 million (2018: £3.75 million)

·     New £2.75 million debt facility entered into in October 2019 to provide additional working capital to support continued growth


Strategic Highlights

·     Strong performance against all key metrics across EMEA and North America businesses

·     Established as the only partner-first, pureplay organisation operating in the PCI phone payment space with a truly cloud delivery model with availability zones across multiple continents

·     Partner-first strategy proven with 84%2 of all new business sold via partners (2018: 40%)

·     Signed and delivered largest contract in Company’s history in UK

·     Signed second largest contract in Company’s history in North America

·     Established global, integrated reseller partnerships with two more global leading CCaaS vendors

·     Established reseller partnership and delivered first customer with largest telco in Canada

·     Services and customers live across five Amazon Web Services (“AWS”) regions of the PCI Pal cloud platform globally

·     Maintained customer retention at over 95%


Current Trading

·     Successful start to FY 2020 with new business sales levels tracking to management expectations

·     New business sold through channel partners has continued at a high rate of >85%

·     Announced as EMEA Partner of the Year for the Genesys Partner Community, “AppFoundry”

·     Total Contracted ACV as at 30 June 2019 providing over 80% revenue visibility against management expectations for FY 2020

·     Appointment of US-based software executive, Simon Wilson, to the board in the role of Non-Executive Director, effective from 1st November 2019


1 Contracted ACV 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

2 Percentage of new business by signed ACV

Commenting on results and prospects, James Barham, Chief Executive Officer said:

“I am pleased to report that we have continued our momentum from the first half of FY 2019, showing continued strong growth in all our key metrics, in particular signed new business ACV.

“As the only partner-first, globally available cloud provider in our space, we continue to see increases in sales opportunities as we successfully on-board and enable these partner relationships.  As a result the business is developing strong revenue visibility, and I can report that the new financial year has started well and in line with management expectations.”

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