Audit Update & Timing of Results

PCI-PAL plc (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, provides a further update on the timing of its results and completion of its audit process for FY24.

Timing of FY24 results

Further to the Company's update on 28 August 2024, advising that the audit process was taking longer than expected, the Company has subsequently agreed with its auditors that the release of its audited results will be further delayed until on or around 22 October 2024.

While the audit work to date is advanced, the audit has not been concluded within the original timetable due to additional work required since the update on 28 August 2024. As a result, the remaining audit work has now had to be rescheduled by the auditor.

FY24 Guidance

The Company reiterates the guidance given for FY24 in its trading update of 28 August 2024, being revenues of approximately £18 million, an adjusted EBITDA1 profit of approximately £0.9 million, an adjusted loss before tax of approximately £0.6 million2, and net cash at 30 June 2024 of £4.3 million.

The Company expects to report year on year increase in exit ARR3 for FY24 of ~23% to approximately £15.5 million (2023: £12.6 million) and an increase in TACV4 of ~17% to approximately £19.2 million (2023: £16.4 million).

Customer retention across FY24 remained strong and increased 2bps year on year to 97% GRR5 (2023: 95%).

Current Trading Update FY25

The Company has started the new financial year well. To the end of August 2024 trading was in line with management expectations with new business sales ahead of the full prior year first quarter.

1Adjusted EBITDA is the profit on operating activities before depreciation and amortisation, exchange rate movements charged to the profit and loss account, exceptional items and expenses relating to share options

2 Adjusted profit/loss before tax is stated before exchange movements charged to the profit and loss account, exceptional items and expenses relating to share option charges.

3ARR is the Annual Recurring Revenue of all deployed contracts at the period end expressed in GBP.

5GRR is calculated using the formula: 100% minus (the ACV of lost deployed contracts on the AWS platform in the last 12 months divided by the opening total value of deployed contracts 12 months ago expressed as a percentage).