14th Sep 2020 11:49
(Alliance News) - PCI-PAL on Monday posted an improvement in its performance for financial 2020 as it outlined a focus on working towards reporting a profit for financial 2022.
Shares in the secure payment solutions provider were untraded on Monday morning in London, last quoted at 41.40 pence each.
For its financial year that ended June, 30, PCI-PAL posted revenue of GBP4.4 million, up 57% year-on-year from GBP2.8 million. The company credited the increase to its Software-as a-Service-based revenue model, noting that total contracted recurring annual contract value increased 66% to GBP6.8 million.
The revenue growth however was offset by the company's investment in its growth plans, as its pretax loss narrowed only slightly to GBP4.4 million from GBP4.5 million. Total administrative expenses were GBP7.3 million, up 14% from GBP6.4 million.
Gross margin increased to 69% from 60%, which the company said reflected a continuing transition of its service delivery mix to the higher-margin Amazon Web Services platform.
No dividend was declared, unchanged from the year prior.
Looking ahead, Chief Executive James Barham said: "The start of the current financial year has started well, and we have strong revenue visibility which for the coming year is currently at over 80% of the market's revenue expectations for the year. We fully anticipate the cloud transformation of the communications industry to continue to increase pace with changing market conditions, and we look forward to another year of strong performance against our key metrics and significant revenue growth as we work towards our first months of cash generation and profit in financial 2022.
As at June 30, PCI-PAL had cash of GBP4.3 million.
By Ife Taiwo; [email protected]
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