PCI-PAL Interim Loss Widens As Continues To Grow Payments Business

19th Mar 2018 13:44

LONDON (Alliance News) - PCI-PAL PLC said on Monday its pretax loss widened in the first half of its financial year, as it continues to invest in the development of its cloud platform and expands its global employee base.

The payment processing company reported a pretax loss of GBP1.6 million for the six months to the end of December, widened from GBP611,000 in the same period the prior year. This was after administrative expenses doubled to GBP2.0 million from GBP1.0 million, reflecting its scale-up investment in operating expenditure to grow its secure payment solutions business.

PCI-PAL increased its global employee base to 36 from 27 and said it will continue to invest in expanding the group internationally.

The company also invested GBP250,000 in expanding its second-generation, Amazon Web Services-based cloud platform, launched in October, to enhance support for global clients.

Revenue from continuing activities grew to GBP1.0 million from GBP975,000 million the prior year, driven by the company's first-generation payment processing platform.

PCI-PAL Chief Executive Officer William Catchpole said: "I am pleased to report the business has made solid progress in the first six months of the new financial year. We have continued to deliver on our strategic promises of building a group that can expand internationally, and rapidly."

In the second half of the year, the group plans to expand the existing North American operations, by activating new Amazon Web Services instances in the US and Canada as well as hiring new specialists for its business in Charlotte, North Carolina. The company will fund the expansion using GBP3.9 million from the GBP4.6 million raised in January.

"We will continue to invest in the security of our services and the development of our global cloud platform to support multi-national brands. We remain confident in our strategy for the Group and in its delivery against our ambitious growth plans over the next few years," Catchpole added.

Shares in PCI-PAL were down 9.3% at 44.00 pence per share on Monday.

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