17th Mar 2020 11:55
(Alliance News) - PCI-PAL PLC on Tuesday said it has won a two-year contract for its PCI Pal Agent Assist solution with a UK government agency.
Agent Assist provides companies with a secure way of handling payments over the phone.
The secure payment solutions provider said the contract with the undisclosed agency has an annual value of GBP565,500 and includes an option to extend for a further two years. Licencing for the first year is expected to be invoiced in the first half of financial 2021.
"This latest win is a further endorsement of the demand from enterprise-size customers for our market-leading cloud services. It also gives us another significant boost in building our key leading indicator metric of TACV and to our steady progress towards reaching future profitability and positive cashflow," said Chief Executive James Barham.
For the six months to the end of December 2019, the company recorded revenue of GBP2.0 million with pretax loss narrowing to GBP2.3 million from GBP2.4 million.
TACV is the total annual recurring revenue of all signed contracts, whether invoiced and included in deferred revenue or still to be deployed and/or not yet invoiced.
PCI-PAL shares were trading 8.8% higher at 31.00 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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