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(Alliance News) - PCI-PAL PLC announced on Wednesday that it expects its full-year revenue and pretax loss to be better than market expectations following "excellent" first-half trading.
Shares in PCI-PAL were up 9.9% at 63.75 pence on Wednesday afternoon in London.
For the six months that ended December 31, the company's first half, PCI-PAL reported that revenue had increased 72% to GBP5.4 million. In the same period of 2020, PCI-PAL booked revenue of GBP3.2 million.
The London-based call centre software provider said the increase reflected the strength of its subscription-based revenue model.
PCI-PAL's total annual contract value rose by 37% to GBP11.4 million from GBP8.3 million in 2020.
The company continued that is positive net revenue retention for its Amazon Web Services cloud platform, rose to 120% - meaning it increased billing from existing customers upon contract renewal - from 111% at June 30. PCI-PAL said this improvement included a number of expansion sales to several enterprise-sized customers which it did not name.
PCI-PAL said its strong trading performance has enabled the group to maintain a cash balance of GBP5.5 million on December 31. At June 30 its cash balance stood at GBP7.5 million.
PCI-PAL added that the patent infringement claim being made against it continues. It is continuing to work towards an outcome that it believes will best benefit the business.
In September, Surrey, England-based software provider Semafone Ltd commenced court proceedings against PCI-PAL in the UK and the US for alleged patent infringement relating to how one of PCI-PAL's products functions. PCI-PAL continues to refute the claims.
PCI-PAL expects to announce its interim results on March 1.
By Heather Rydings; heatherrydings@alliancenews.com
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