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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pci-pal Plc | LSE:PCIP | London | Ordinary Share | GB0009737155 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 62.50 | 61.00 | 64.00 | 62.50 | 62.50 | 62.50 | 1,000 | 07:47:54 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Services, Nec | 14.95M | -4.89M | -0.0747 | -8.37 | 40.92M |
From Apr 2019 to Apr 2024
TIDMPCIP
RNS Number : 4875X
PCI-PAL PLC
22 February 2017
PCI-PAL PLC
('PCI-PAL', the 'Company' and, together with its subsidiaries, the 'Group')
Interim results for the six months ended 31 December 2016
PCI-PAL PLC (AIM: 'PCIP'), the provider of products and services that enable organisations to take customer payments securely, de-risking their business from the threat of data loss and cybercrime, announces its unaudited interim results for the six months ended 31 December 2016.
The period being reported on includes the strategic sale of the call centre operations of the Group which completed on 30 September 2016 (the 'Disposal'). As such, the results being reported reflect both discontinued and continuing operations. Since the Disposal, PCI-PAL has focussed exclusively on its suite of secure payment products.
Financial Highlights
Hot Features
Premium
Restated
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Continuing activities 975 561 1,103
Discontinued activities 1,845 3,495 7,163
----- ----- -----
Revenue 2,820 4,056 8,266
----- ----- -----
Profit/(loss) after
taxation
Continuing activities (611) (370) (299)
Profit from Discontinued
activities, net of tax 6,331 586 456
----- ----- -----
Profit/(loss) after
taxation 5,720 216 157
----- ----- -----
Basic and diluted earnings per share (EPS)
(1.94) (1.17) (0.95)
From Continuing activities p p p
From Discontinued activities 20.06 p 1.86 p 1.45 p
----- ----- -----
Basic and diluted earnings
per share (EPS) 18.12 p 0.69p 0.50 p
----- ----- -----
-- Closing cash and cash equivalents as at 31 December 2016: GBP2.9m - following the proceeds from the Disposal, and the sale of the Ipswich office at Melford Court (31 December 2015: GBP0.8m; 30 June 2016: GBP0.9m).
-- GBP3.35m of the GBP6.70m consideration receivable by the Group from the Disposal was satisfied by the issue of secured loan notes by the buyer to the Group, which are redeemable within the 42-month period from completion.
-- Following the Disposal, GBP1.0m was returned to shareholders by way of an interim dividend paid on 9 December 2016.
-- Development costs associated with the cloud platform expensed - circa GBP100k in the period.
Operational highlights for continuing operations:
-- Transaction volumes through PCI-PAL services have increased 58% compared to July-December 2015, reflecting buoyant client activity.
-- Contracts signed with total initial value of GBP1.8m (2015: GBP0.5m), of which GBP0.4m recognised in the period (2015: GBP0.1m).
-- PCI-PAL revenue increased by GBP414k to GBP975k (+74%) (2015: GBP561k).
-- Recurring revenues increased to GBP595k representing 61% of total turnover (2015: GBP353k, 63%).
-- Continued strong customer commitment with complete client retention and excellent referrals from our existing blue chip client base.
-- Significant investment in expanding our cloud platform to enhance support for global clients.
-- In December 2016, the Group revealed its refreshed corporate branding and new website, reflecting the new focus and strategy, www.pcipal.com.
-- Following the Disposal and the sale of the Melford Court Ipswich office, the team relocated to new offices nearby at The Masterlord Estate, Ipswich, and maintains the sales suite at 1 Cornhill, London.
Post period events for continuing operations:
-- Since 31 December 2016, the Company has secured an international order for the supply of its services to the world's largest electrical heating business.
-- Recruitment of several key professional voice and software engineers.
Commenting on the results and prospects, William Catchpole, Chief Executive Officer, said:
"We are delighted with the trading performance of the new streamlined business with significant increases year-on-year in signed contract numbers and recurring revenue.
"Most of these deals were won against our main competitors. As these new contracts come on-line they will deliver revenue and enhanced customer value over the longer term.
"We 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 new strategy for the Group and in its delivery against ambitious growth plans over the next few years."
Interim Report - Copies of this interim report can be downloaded from the Company's website (https://www.pcipal.com/)
For further information, please contact:
PCI-PAL PLC Via Walbrook PR
William Catchpole, Chief
Executive Officer
N+1 Singer (Nominated
Adviser and Broker) +44 (0) 20 7496 3000
Aubrey Powell/James White
Walbrook PR +44 (0) 20 7933 8780
Tom Cooper/Paul Vann +44 (0) 797 122 1972
tom.cooper@walbrookpr.com
Notes to Editors:
PCI-PAL provides products and services enabling organisations to take customer payments securely, processing credit card data securely, and thereby de-risking their business from the threat of data loss and cybercrime. PCI-PAL solutions are currently used in more than 60 organisations, many of which are multi-national businesses in the retail, services, utilities and public sectors, utilising PCI-PAL technology to ensure they meet payment card industry rules and regulations governing customer data protection.
PCI-PAL floated under the name of CountyWeb.com PLC on the AIM market of the London Stock Exchange in September 2000. The PCI-PAL product suite was launched in 2011 and since the disposal of its contact centre operations in September 2016, the Group has been solely focused on its PCI-PAL business.
JOINT REPORT FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER
In the reported period we completed the GBP6.70m disposal of the Ansaback call centre business and the CallScripter software business (the 'Disposal'), to focus all our efforts on our rapidly developing PCI-PAL secure payment business; PCI being the recognised market acronym for Payment Card Industry.
As part of the Disposal, the freehold Ipswich office was sold and leased back and then transferred to the new acquirer, generating further cash of GBP0.8m for the Group. The PCI-PAL business relocated to a new office in Ipswich which is also the new registered office.
Reflecting this change, we renamed the holding company PCI-PAL PLC on 3 October 2016.
Following the Disposal, James Barham joined the PLC Board as Commercial Director and Sadie Ahier was appointed Operational Director for the PCI-PAL (UK) Ltd operating company. Andy Francombe, having supported the Company through the Disposal and its initial transition to a secure payment solutions provider, is stepping down from the Board. The search for his successor is well under way. The existing PCI-PAL technical team were relocated from the freehold offices at Melford Court, Ipswich, to a modern 1,500 square feet office on the Masterlord Business Park less than quarter of a mile away. The Sales and Marketing suite at Cornhill, London was retained.
Strategy
The Board continues to execute on its growth strategy, at the core of which is a solid commercial, operational and financial platform. The initial steps were taken several years ago to create a stable platform which could support a large number of simultaneous transactions and had sufficient redundancy and back-up to give clients unparalleled transactional uptime.
The Group's growth strategy is as follows:
- Attraction and retention of new clients through the delivery of best-in-class, secure payment solutions;
- Retention and broadening of relationships with existing and new customers through high levels of support and service offerings and a proactive approach to upselling the PCI-PAL range of solutions;
- Recruitment and retention of a high calibre, highly skilled workforce; and - Targeted investment in the technology platform and product suite.
As an example of the security challenges facing those in business, the most recently publicised data loss concerned the Royal & Sun Alliance Insurance PLC, following the loss of the personal information of nearly 60,000 customers. Such breaches create a significant opportunity for PCI-PAL.
The planned implementation of the General Data Protection Regulation (GDPR) in May 2018 and the higher potential financial penalties for non-compliance that the regulation entails will increase the focus businesses place on data security, making PCI-PAL products even more attractive to potential customers.
The Board is not proposing an interim dividend for the period, prioritising investment in the growth of the business.
Performance overview
PCI-PAL had an excellent six months, securing new contracts across a range of industry verticals including retail, services, leisure, public and the charity sector. Transaction volumes through PCI-PAL services for the period July-December 2016 were 58% higher compared to 2015, with a valuable stream of referrals from our existing client base providing quality leads in addition to our own sales initiatives. The continued evolution of the PCI-PAL product suite to provide a wide range of payment security solutions has allowed us to broaden and extend the value proposition to both existing clients and new business prospects.
Investment in expansion of the cloud platform continues to ensure that PCI-PAL's clients can be confident of best in class products and services.
Recurring revenues have grown 69% year-on-year, with an additional healthy pipeline of contracted business yet to go live. The increase in administration expenses reflects the additional personnel costs of building the team required to execute the growth strategy, in addition to the central PLC costs which include the Board and AIM costs.
Platform availability remains the cornerstone of our product suite. Uptime and availability is continually monitored and has remained exceptional.
Outlook
Cybersecurity and data protection remain high on boardroom agendas and, with the market fuelled by well publicised data breaches across multiple vertical industries, more and more companies are looking to find cost effective, outsourced technical solutions to protect customer data and de-risk their businesses from the threat of data loss. We anticipate this focus will continue for years to come, and we are well placed to capitalise on the growth opportunity, with a broad and scalable product set which meets clients' needs and a strong, growing base of reference clients.
Whilst the volume and value of new business are good indicators of market traction and performance, the continuation of licences sold in prior years is of critical importance to the Group's strategy. It is therefore very encouraging that all customers who have used the PCI-PAL platform remain users.
Following the disposal of non-core businesses, the Group remains in a strong financial position with a gross cash balance of GBP2.9m and GBP3.35m of deferred loan notes at the period end, which will enable us to invest in support of our growth plans.
PCI-PAL continues to perform well against its ambitious organic growth strategy. The recurring revenue base continues to grow and the contracted forward order book has also increased substantially.
The Board is confident in its strategy and believes that PCI-PAL continues to have exciting growth prospects over the next few years.
Chris Fielding William Catchpole Chairman Chief Executive Officer
22 February 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Restated
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2016 2015 2016
Note (unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Revenue 975 561 1,103
Cost of sales (557) (288) (534)
----- ----- -----
Gross profit 418 273 569
Administrative expenses (1,029) (661) (871)
----- ----- -----
Operating loss (611) (388) (302)
Finance income 5 18 33
Finance costs (5) - (30)
----- ----- -----
Loss before taxation (611) (370) (299)
Income tax credit/(charge) - - -
----- ----- -----
Loss for year from
Continuing activities (611) (370) (299)
Profit for the period
from Discontinued
activities 6,331 586 456
----- ----- -----
Profit and total comprehensive
income attributable
to equity holders
of the parent company 5,720 216 157
Basic and diluted
earnings/(losses)
per share
(1.17) (0.95)
From Continuing activities (1.94) p p p
From Discontinued 1.45
activities 20.06 p 1.86 p p
----- ----- -----
Basic and diluted 0.50
earnings per share 3 18.12 p 0.69 p p
----- ----- -----
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 31 December 30 June
2016 2015 2016
Note (unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Assets
Non-current assets
Land and buildings - 1,627 1,601
Plant and equipment 66 298 252
Deferred tax assets - - -
Non-current deferred
consideration 4 2,393 - -
----- ----- -----
Non-current assets 2,459 1,925 1,853
----- ----- -----
Current assets
Trade and other receivables 705 1,832 1,483
Other debtors 80 - -
Current deferred consideration 4 957 - -
Cash and cash equivalents 2,928 846 895
----- ----- -----
Current assets 4,670 2,678 2,378
----- ----- -----
Total assets 6 7,129 4,603 4,231
Liabilities
Current liabilities
Trade and other payables (403) (1,224) (1,000)
Current portion of
long-term borrowings - (79) (62)
----- ----- -----
Current liabilities (403) (1,303) (1,062)
Non-current liabilities
Long-term borrowings - (1,219) (1,147)
----- ----- -----
Non-current liabilities - (1,219) (1,147)
----- ----- -----
Total liabilities (403) (2,522) (2,209)
Net assets 6,726 2,081 2,022
Equity
Equity attributable
to shareholders of
the parent
Share capital 317 317 317
Share premium 89 89 89
Other reserves - 18 18
Profit and loss account 6,320 1,657 1,598
----- ----- -----
Total equity 6,726 2,081 2,022
CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit/(loss) after
taxation 5,720 216 157
Adjustments for:
Depreciation 7 99 207
Interest income (5) (2) (3)
Interest expense 5 16 29
Interest element of
finance leases - 1 4
Income taxes received (99)
Profit from Discontinued
activities (6,331) (586) (455)
Profit on sale of Ancora
Solutions - (86)
Decrease/(increase)
in trade and other
receivables (335) (46) (77)
(Decrease)/increase
in trade and other
payables 39 23 39
----- ----- -----
Cash used in operating
activities (900) (464) (99)
Dividend paid (997) (47) (47)
Income taxes received - 99 99
Interest paid (5) (16) (29)
Interest element of
finance leases - (1) (4)
----- ----- -----
Net cash used in Continuing
operating activities (1,902) (429) (80)
----- ----- -----
Net cash (used in)/generated
from Discontinued activities (632) 311 171
----- ----- -----
Net cash (used in)/generated
from operating activities (2,534) (118) 91
----- ----- -----
Cash flows from investing
activities
Consideration for sale
of Ansaback and CallScripter 3,773 - -
Divisions
Proceeds from disposal 1,950 - -
of property
Purchase of land, buildings,
plant and equipment (59) (52) (182)
Interest received 5 2 3
----- ----- -----
Net cash generated
from/(used in) investing
activities 5,669 (50) (179)
----- ----- -----
CONSOLIDATED STATEMENT OF CASH FLOWS (continued)
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Cash flows from financing
activities
Repayment of mortgage on
disposed property (1,102) (9) (22)
Capital element of finance
leases - (18) (36)
----- ----- -----
Net cash used in financing
activities (1,102) (27) (58)
----- ----- -----
Net increase/(decrease)
in cash and cash equivalents 2,033 (195) (146)
Cash and cash equivalents
at beginning of the period 895 1,041 1,041
Net increase/(decrease)
in cash and cash equivalents 2,033 (195) (146)
Cash and cash equivalents
at the end of the period 2,928 846 895
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Profit
And
Share Share Other Loss Total
Capital Premium Reserves Account Equity
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1 July
2015 317 89 18 1,487 1,911
Dividend paid - - - (47) (47)
---- ---- ---- ---- ----
Transactions with
owners - - - (47) (47)
Loss and total recognised
income
and expense for
the period - - - 216 216
---- ---- ---- ---- ----
Balance at 31 December
2015 317 89 18 1,656 2,080
---- ---- ---- ---- ----
Loss and total recognised
income
and expense for
the period - - - (58) (58)
---- ---- ---- ---- ----
Balance at 30 June
2016 317 89 18 1,598 2,022
Dividend paid - - - (998) (998)
---- ---- ---- ---- ----
Transactions with
owners - - - (998) (998)
Merger reserve written
off (18) (18)
Profit and total
recognised income
and expense for
the period - - - 5,720 5,720
---- ---- ---- ---- ----
Balance at 31 December
2016 317 89 - 6,320 6,726
Notes to the Interim Financial Statements
1. Nature of activities and general information
PCI-PAL PLC is the Group's ultimate parent company and is a public limited company domiciled in England and Wales (registration number 3869545). The company's registered office, which is also its principal place of business, is Unit 7, Gamma Terrace, Masterlord Estate, Ipswich, IP3 9FF. The Company's ordinary shares are traded on the AIM Market of the London Stock Exchange. The Group's consolidated interim financial statements (the "interim financial statements") for the period ended 31 December 2016 comprise the Company and its subsidiaries (the "Group").
The Company operates principally as a holding company. The main subsidiary is engaged in the provision of products and services that enable customers to securely take card payments, safely store customer data, card data, and to de-risk their business activities from the threat of data loss and cyber crime. PCI PAL is a cloud based solution.
The interim financial statements are presented in pounds sterling (GBP000), which is also the functional currency of the parent company.
2. Basis of preparation of financial information
These interim financial statements are for the six months ended 31 December 2016. They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 June 2016.
The financial information for the year ended 30 June 2016 set out in these interim financial statements does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 30 June 2016 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Section 498(2) or Section 498(3) of the Companies Act 2006.
These interim financial statements are based on the recognition and measurement principles of applicable International Financial Reporting Standards in issue as adopted by the European Union and have been prepared under the historical cost convention.
The accounting policies adopted are consistent with those utilised in the financial statements for the year ended 30 June 2016 and have been applied consistently throughout the Group for the purposes of preparation of these interim financial statements.
These interim financial statements have been restated to reflect the disposal of the Ansaback and CallScripter businesses. The Income Statement has been adjusted to extract the Discontinued element of the Ansaback and CallScripter disposals and the profit from Discontinued activities is included as a single line. The other statements and notes have also been adjusted to reflect this policy.
The principal risks and uncertainties associated with the Group's continuing business are described in the circular to shareholders dated 12 September 2016 issued in connection with the Disposal.
3. Earnings per share
The calculation of the earnings per share is based on the profit after taxation attributable to equity holders of the parent company divided by the weighted average number of ordinary shares in issue during the relevant period. No diluted profit per share is shown because all options are non-dilutive.
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Profit/(loss) after
taxation
From Continuing activities (611) (370) (299)
From Discontinued activities 6,331 586 456
----- ----- -----
Profit/(loss) after
taxation 5,720 216 157
Weighted average number
of ordinary shares in
issue during the period
(000) 31,554 31,554 31,554
Basic and diluted earnings/(loss)
per share
From Continuing activities (1.94) p (1.17) p (0.95) p
From Discontinued activities 20.06 p 1.86 p 1.45 p
----- ----- -----
Basic and diluted earnings/(loss)
per share 18.12 p 0.69 p 0.50 p
----- ----- -----
4. Deferred Consideration
Part of the consideration receivable by The Group on the sale of the Ansaback and CallScripter Divisions on 30 September 2016 was satisfied by the issue of secured loan notes by the buyer, The Yonder Digital Group Limited (formerly Direct Response Contact Centres Group Limited), which are receivable as follows:
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP000 GBP000 GBP000
Receivable within one 957 - -
year
Receivable after one 2,393 - -
year and within four
years
---- ---- ----
3,350 - -
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FMGZZGMDGNZZ
(END) Dow Jones Newswires
February 22, 2017 02:00 ET (07:00 GMT)
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