Member Info for NoCheddar

Thanks for clarifying 2022!

Have they got some upsells coming in H2? They originally thought they'd get to £20m but lopped off a million in October. If they were nervous they could have chopped off a bit more or cut it at the Interims. They don't seem like reckless gamblers.

I am reassured by what the CEO said at the Interims.

Here's another one to ponder from page:

-12/22: TACV = £14.74m

-06/23 ACV = £2.69m

-06/23 TACV = £16.43m

Shouldn't the total be around £17.43m if you are adding the new ACV to the previous TACV?

They keep pointing out that they are ahead of FY23 in sales revenue. 20% ahead at the Interims.

It would be a wise hedge not to include the DWP contract.

James Barham on IMC - 29/2/24:

"In terms of the outlook, what am I focused on right now, accelerating our revenue growth into the second half. We're not there yet, we need to work on getting revenue to where we need it to. There's less that can impact our revenue this year now, as a result of how the revenue model works and revenue recognition rules work, but you know getting deployments through is very very important."

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If there was an issue the company has had four additional broker notes since the Interims, 27/2/24.

Good Morning Lucretius,

In FY 22 turnover was £11.9m.

At the half year:

-T/O = £5.47m

-TACV = £11.34m

Based on those figures they came in 600K ahead of the TACV at the HY for the FY.

What do make of that?

Fair points!!

On the 2025 forecast, I don't expect them to change it unless they renew the DWP contract. Hopefully, they've given enough cushion that if it's lost they still hit £22m.

Originally they were aiming for £20m. Thanks for pointing out page eight. I presume they expect to do the £17.46m in H2 and deploy H1's ACV of £1.6m which equals £19.1m.

James Barham stated in the last IMC that he was focused on delivering on the deployments.

They are also improving time to go live, is it possible that orders received in Jan & Feb could be deployed before y/e 24?

They've had numerous opportunities since the warning in October to ratchet back £19.1m, so he must be confident of hitting it. Otherwise, he will trash his credibility.

TACV deployed H1 FY24 ending 31 December 2023 is £17.64m.

£14.74 was for H1 FY23 ending 31 December 2022

After the October 2023 profit warning, I believe the company decided to underpromise future forecasts after seeing the share price fall from 60p to 40p.

I think that episode taught them that eternal lesson: underpromise, overdeliver.

Hello oogleflugal,

Could you post a link to where John Lee discusses CNC in the way you describe?

Thanks!!

Good point leycrjb - could be the reason this client is coming back!

Cavendish 9th November - page six:

We note the group has only lost 2 mid-sized customers (with less than £100k of ACV) since 2018, with one implementing their own solution and now being in talks to re-implement PCI Pal, and NHS Test & Trace when the service closed in 2023.

Thanks for that Victor.

What are the ethical considerations of leaving Hogarth (PCIP) to join 11 South Sq (Sycurio) when the court case is still ongoing.

I'm left wondering what Sycurio's intentions were / are:

1. Make PCIP burn cash.

2. Consume PCIP's management in a legal swamp.

3. Take a look at PCIP's engineering for Agent Assist.

Hi Victor,

Thought this was an interesting little snippet in yesterday's Prelims:

"Sycurio also accepted that the variants submitted by PCI Pal, which were changes it could make to its solution, would also not have infringed."

Bit odd that, because they are hiring for a Marketing Manager, though UK based.

You will be responsible for driving global demand generation activities, and working with internal team and external agencies to develop integrated digital campaigns including paid social, paid search, content and nurture activities. The successful candidate will work with our sales team to grow the pipeline through generating great content, new communication channels and smart nurture activity.

https://www.pcipal.com/why-us/careers/marketing-manager-uk-based/

Hello All,

I've heard back from PCIP and their lawyers have said that the ruling could be between two and three weeks from the hearing, though that's not set in stone.

On the DWP tender, PCIP can handle the outbound calls part of the tender.

Victor,

I've emailed James, got an automatic reply that he's on paid leave. Will post if I hear back from him next week.

On the Gov.UK tender site it states that the contract notice will be 2/1/24.

Hi Victor,

Thanks for that update on the DWP contract. Looks like PCIP keep the contract until August then whoever wins the tender takes over.

I'm just wondering if the likes of PCIP and ECK can offer what the DWP require in the new tender.

"The new SCPS Contract is required to ensure continuing capability for DWP to receive customer payments in a PCI DSS compliant manner and provide all Outbound Telephone calls for the department."

In particular the provision of outbound calls.

What do you reckon?

Certainly a nice contract!!

Adam,

4. Exactly, they mean nothing to clients. They are only tools to have a competitive advantage and a form to protect that advantage. Most clients won't know anything about the patent dispute, it is very niche. It could be used as a technique to cast doubt on your competitor but as we see it hasn't slowed down PCIP and it isn't slowing down Sycurio's business development.

It looks like they did this to slow down PCIP by it burning cash. £4m. Think how much more advanced PCIP would be with £4m. They've probably had to scrimp and save to keep developing. They don't want to do another equity raise when so close to profitability, it would be a sign of weakness. They've had to go into battle formation. They are under attack by an unethical opponent.

I have emailed the founder at Livingbridge to point out the unprofessional business practices at Sycurio. He didn't reply.

Sycurio are certainly not holding back on hiring staff at the moment. Look to be making a strong push in the healthcare segment in America. Three vacancies at the moment and six new employees in the past four weeks.