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Pin to quick picksPci-pal Regulatory News (PCIP)

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Detail on Patent Case Outcome & Trading Update

3 Oct 2023 07:00

RNS Number : 4454O
PCI-PAL PLC
03 October 2023
 

PCI-PAL PLC

("PCI Pal", "the Company" or "the Group")

 

Further Detail on High Court Patent Case Outcome and Trading Update

 

PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, is pleased to provide an update following the successful defence in the UK High Court of the unfounded patent claims being made against it.

 

Victory in UK High Court Patent Proceedings

Following the Company's announcement on 25 September 2023 that it had comprehensively defeated the unfounded patent infringement claims being brought against it by its competitor, Sycurio Limited, the Company advises investors that the ruling from Mrs Justice Bacon is now available at https://caselaw.nationalarchives.gov.uk/ewhc/pat/2023/2361.  The detail of the written ruling was resoundingly in PCI Pal's favour.

 

The Company understands that a Form of Order hearing will be heard in December, where a number of administrative and outstanding matters will be resolved by the Judge. Given the extent of PCI Pal's victory, the Company will be seeking the maximum recovery of costs. We will provide a further update once the Form of Order hearing has completed.

 

Appeals in patent cases are common, no matter the nature of the ruling, and therefore PCI Pal is ready for an appeal should it be filed. 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 Intellectual Property

As the first mover in our market to a public cloud solution we continue to protect our innovative ideas by securing patents for our technology (https://www.pcipal.com/technology/patented-and-protected/). These patents include protection for our key deployment models of our Agent Assist solution, and provide coverage across the key international regions we operate in today. We will defend our IP fully in the event we are aware of third parties copying our novel and innovative methods. 

 

Current Trading Update

FY23 was a further positive year for the Group and we delivered on key expectations even against global macro-economic headwinds. The business has continued its good momentum into FY24 signing 57 new contracts. The Group has a healthy near term sales pipeline which includes numerous opportunities exceeding $100k ACV 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 ("BPOs") in the United States.

 

Further, as anticipated, we are beginning to launch an array of new products and features. This has included the launch of our AI-powered, enhanced Automatic Speech Recognition ("ASR") feature for our Agent Assist and IVR products. There are also a number of POCs in progress with partners for our new user interface and digital payment capabilities that we have already announced would be launched fully later this year.

 

In FY23 we achieved revenue growth of 25%. Based on the trading year to date we now expect to see revenue growth in FY24 of between 28-30%. This is expected to allow the business to report the Company's first full year of adjusted pre-tax profit.

 

Timetable for results to 30 June 2023

The Company's annual accounts were delayed as a result of the proximity to the UK High Court's ruling in the patent case. The Company is now finalising the timetable for the completion of the annual audit for the 12 months to 30 June 2023 and is expecting to release its results in late October or early November. As soon as a date is finalised it will be announced to the market. 

 

Commenting, James Barham, Chief Executive Officer, said:

"After two years of disputing this unfounded and unwarranted action brought by a competitor in an attempt to disrupt our business, we are delighted by the ruling received from the UK High Court validating our position. 

 

"We believe that Sycurio might choose to appeal the ruling. The comprehensive nature of the judgement that both invalidated their patent due to obviousness of prior art, and confirming that our solutions do not infringe anyway, means that we remain very confident in our position if an appeal is lodged. The Board believes that the judgement supports the strength of PCI Pal's position and makes, in its opinion, any appeal unlikely to impact PCI-Pal's market position or the growth being seen in the business.

 

"The case has no doubt been a distraction to management of the Company but the momentum we have continued to build over the last two years is testament to the execution against our stated plans, the strength of our people and the ingenuity of our modern, cloud-based solutions. We have top quartile customer and employee retention rates, a strong and robust channel partner and cloud based strategy and we have the fastest growth rates of any established company in our space. Further, we have an exciting sales pipeline in front of us, and are looking forward to achieving key financial and product milestones this year."

 

For further information, please contact:

 

PCI-PAL PLC

Via Walbrook PR

James Barham - Chief Executive Officer

William Good - Chief Financial Officer

 

Cavendish Capital Markets Limited (Nominated Adviser and Broker)

+44 (0) 20 7227 0500

Marc Milmo/Simon Hicks/Fergus Sullivan (Corporate Finance)

Sunila de Silva (Corporate Broking)

 

Walbrook PR

+44 (0) 20 7933 8780

Tom Cooper/Nick Rome

+44 (0) 797 122 1972

PCIPAL@walbrookpr.com

 

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, some 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/

 

 

 

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MSCFZMGGLZVGFZM
Date   Source Headline
18th Sep 20134:08 pmRNSTransaction in Own Shares and Total Voting Rights
16th Sep 20134:01 pmRNSHolding(s) in Company
4th Sep 201312:07 pmRNSPosting of Annual Report and Notice of AGM
2nd Sep 20137:01 amRNSDividend Declaration
2nd Sep 20137:00 amRNSFinal Results
1st Jul 20133:30 pmRNSProperty Purchase
23rd May 20133:24 pmRNSDirector/PDMR Shareholding
13th May 20135:52 pmRNSTransaction in Own Shares and Total Voting Rights
30th Apr 20133:12 pmRNSNotifiable Interest
6th Mar 20137:00 amRNSDirector/PDMR Shareholdings
8th Feb 20137:00 amRNSInterim Results
28th Nov 20127:00 amRNSGrant of Options
29th Oct 20127:00 amRNSChange of name of Nominated Adviser and Broker
10th Oct 20121:52 pmRNSResult of AGM
5th Oct 20125:00 pmRNSDirector/PDMR Shareholding
2nd Oct 201212:40 pmRNSIP3 Telecom Concludes Contract
7th Sep 201210:20 amRNSNotice of AGM
7th Sep 201210:15 amRNSDirector/PDMR Shareholding
6th Sep 20127:00 amRNSDirector/PDMR Shareholding
5th Sep 20129:45 amRNSDirector/PDMR Shareholding
4th Sep 20129:40 amRNSDirector/PDMR Shareholding
3rd Sep 20127:00 amRNSFinal Results
2nd Jul 20123:45 pmRNSGrant of Options
13th Jun 201210:46 amRNSDirector/PDMR Shareholding
18th May 20123:26 pmRNSDirector/PDMR Shareholding
6th Mar 201210:44 amRNSDirector/PDMR Shareholding
24th Feb 201212:11 pmRNSDirector/PDMR Shareholdings
15th Feb 20127:00 amRNSInterim Results
1st Feb 20127:00 amRNSChange of Adviser
21st Nov 20115:20 pmRNSHolding(s) in Company
14th Oct 201112:50 pmRNSResult of AGM
2nd Sep 20114:17 pmRNSFinal Results
18th Apr 20119:37 amRNSHolding(s) in Company
8th Mar 20112:29 pmRNSDirector/PDMR Shareholding
21st Feb 20115:20 pmRNSHolding(s) in Company
15th Feb 20117:00 amRNSInterim Results
31st Jan 20118:27 amRNSDirector and Significant Shareholdings
21st Jan 20112:24 pmRNSAcquisition
31st Dec 201011:13 amRNSDirectorate Changes
22nd Oct 20104:11 pmRNSHolding(s) in Company
22nd Oct 20104:11 pmRNSHolding(s) in Company
29th Sep 20102:22 pmRNSResult of AGM
13th Aug 20107:00 amRNSFinal Results
7th Jun 20105:06 pmRNSDirector/PDMR Shareholding
22nd Mar 201012:25 pmRNSDirector/PDMR Shareholding
12th Feb 20108:38 amRNSInterim Results
12th Oct 20093:51 pmRNSDirectors' Shareholding and Notifiable Interest
29th Sep 20091:51 pmRNSResult of AGM
13th Aug 200912:03 pmRNSFinal Results
25th Mar 20097:00 amRNSDirector/PDMR Shareholding

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