5th Sep 2018 11:05
LONDON (Alliance News) - PCI-PAL PLC on Wednesday reported a sharply widened annual pretax loss due to costs incurred in expanding the business in North America.
Shares in PCI-PAL were trading 16% lower on Wednesday at 26.00 pence each.
The card payment solutions provider said pretax loss for the year to the end of June widened to GBP3.7 million compared to GBP1.7 million reported for the same period a year ago.
Revenue for the financial year increased to GBP2.1 million from GBP1.9 million, driven by sales from both new and existing customers. PCI-PAL said it continues to have an extremely high customer retention rate, which builds strong foundation for the future.
The company said its loss came from continued investment in international expansion. Administrative expanses almost doubled to GBP4.8 million from GBP2.5 million the year before.
In February, PCI-PAL launched the business in North America and has signed five new customers by the financial year-end.
Meanwhile, in Europe, the Middle East & Africa, the company said it signed 43 new contracts, up from 19 contracts signed in the year prior.
Looking forward, the company said it raised GPB3.9 million from venture capital trusts to expand its North American business.
"As we move in to the new financial year, we will continue to focus on the many ways in which our commercial momentum is being driven. Our opportunities for geographic expansion continues to develop," said Chief Executive William Catchpole.
"This year is showing signs of being another exciting year for PCI-PAL," added Catchpole.
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