19 September 2024
PCI-PAL
PLC
("PCI
Pal", the "Company" or "the Group")
Audit
Update & Timing of Results
PCI-PAL plc (AIM: PCIP), the global
cloud provider of secure payment solutions for business
communications, provides a further update on the timing of its
results and completion of its audit process for FY24.
Timing of FY24 results
Further to the Company's update on
28 August 2024, advising that the audit process was taking longer
than expected, the Company has subsequently agreed with its
auditors that the release of its audited results will be further
delayed until on or around 22 October 2024.
While the audit work to date is
advanced, the audit has not been concluded within the original
timetable due to additional work required since the update on 28
August 2024. As a result, the remaining audit work has now
had to be rescheduled by the auditor.
FY24 Guidance
The Company reiterates the guidance
given for FY24 in its trading update of 28 August 2024, being
revenues of approximately £18 million, an adjusted
EBITDA1 profit of approximately £0.9 million, an
adjusted loss before tax of approximately £0.6 million2,
and net cash at 30 June 2024 of £4.3 million.
The Company expects to report year
on year increase in exit ARR3 for FY24 of ~23% to
approximately £15.5 million (2023: £12.6 million) and an increase
in TACV4 of ~17% to approximately £19.2 million (2023:
£16.4 million).
Customer retention across FY24
remained strong and increased 2bps year on year to 97%
GRR5 (2023: 95%).
Current Trading Update
FY25
The Company has started the new
financial year well. To the end of August 2024 trading was in line
with management expectations with new business sales ahead of the
full prior year first quarter.
1Adjusted EBITDA is the
profit on operating activities before depreciation and
amortisation, exchange rate movements charged to the profit and
loss account, exceptional items and expenses relating to share
options
2 Adjusted profit/loss before
tax is stated before exchange movements charged to the profit and
loss account, exceptional items and expenses relating to share
option charges.
3ARR
is the Annual
Recurring Revenue of all deployed contracts at the period end
expressed in GBP.
4TACV
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.
5GRR
is calculated
using the formula: 100% 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 expressed as a
percentage).
For
further information, please contact:
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PCI-PAL PLC
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Via Walbrook PR
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James Barham - Chief Executive
Officer
Angus Reger - Interim Chief
Financial Officer
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Cavendish Capital Market Limited (Nominated Adviser and Broker)
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+44 (0) 20 7227 0500
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Marc Milmo//Fergus Sullivan
(Corporate Finance)
Sunila De
Silva (Corporate Broking)
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|
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Walbrook PR
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+44 (0) 20 7933 8780
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Tom Cooper/Nick Rome
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+44 (0) 797 122 1972
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tom.cooper@walbrookpr.com
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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, many 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/