(Alliance News) - PCI-PAL PLC on Wednesday reported a good start to its recently commenced financial year following double-digit revenue growth in the year to the end of June.
The secure card payment solutions provider reported an annual pretax loss of GBP4.5 million compared to GBP3.8 million reported a year earlier, as administrative expenses rose by 37% to GBP6.4 million from GBP4.7 million due to investment in North America.
Revenue was up 40% during the period to GBP2.8 million from GBP2.0 million a year ago, thanks to strong performance against all key metrics across Europe, the Middle East and Africa and North America businesses.
"I am pleased to report that we have continued our momentum from the first half of fianncial 2019, showing continued strong growth in all our key metrics, in particular signed new business annual contract value," said Chief Executive James Barham.
PCI PAL said signed annual contract value almost quadrupled to GBP1.9 million from just GBP490,000 a year prior, while total contract value more than tripled to GBP5.7 million from GBP1.8 million.
"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," said Barham.
In addition, the company said it appointed US-based software executive Simon Wilson to the board as a non-executive director, effective from November 1.
PCI-PAL shares were trading 3.7% lower on Wednesday morning in London at 25.51 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Pci-pal (PCIP)