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(Alliance News) - PCI-PAL PLC on Tuesday said that it is seeking maximum recovery of costs regarding a lawsuit by Sycurio Ltd which PCI-PAL won last week in UK High Court, with Sycurio having announced its intention to appeal.
PCI-PAL shares fell 12% to 48.41 pence each on Tuesday morning in London.
The Suffolk, England-based global cloud provider of secure payment solutions for business communications on Tuesday said: "Given how comprehensive the ruling was in PCI Pal's favour, we remain confident in the High Court judge's judgement that Sycurio's patent is invalid due to prior art and that, even if the patent were valid, our solutions would not infringe."
PCI-PAL last week Monday hailed that it defeated a patent infringement suit brought by its competitor Sycurio at the UK High Court.
Sycurio a day later announced that it intended to seek permission to appeal the decision. It said that it invented the technology helping contact centres ensure PCI compliant telephone payments, and holds patents in the UK and US in respect of these technologies.
Sycurio is suing PCI Pal for infringement of several US patents and a trial is expected to take place in late 2024 or early 2025. An attempt by PCI Pal to have the case dismissed was rejected by the Court in June 2022.
Meanwhile, PCI-PAL gave a trading update, noting that the financial year that ended on June 30 was positive despite global macro-economic headwinds, with annual revenue growth of 25%. It added that its current financial year 2024 continued good momentum, as the company signed 57 new contracts so far in financial 2024. PCI-PAL expects revenue growth of 28% to 30% for financial 2024.
"The group has a healthy near term sales pipeline which includes numerous opportunities exceeding USD100,000 annual contract value in value at a mature stage of sales progression. Additionally, we continue to grow our partner eco-system, which has included the signing of a major new reseller, one of the largest business process outsourcers in the US," PCI-PAL said.
The company expects to release its financial 2023 results in late October or early November.
By Tom Budszus, Alliance News reporter
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