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PCI-PAL PLC - Suffolk, England-based provider of software-as-a-service allowing companies to take payments from customers - Releases trading update for its financial year ending June 2022. Expects better annual results than previously anticipated due to continued strong performance since the half year. Says all key business metrics are ahead of management expectations. Net revenue retention stands at 118%, while customer churn rate is less than 3%. Cash increases to £6.4 million, up from £5.5 million at the end of December 2021.
Regarding an ongoing patent infringement claim by industry rival Semafone, which changed its name to Sycurio in mid-April, PCI-PAL says it is ‘very confident in the company's position on both the defence of the claims made and on the counterclaims made against Semafone’.
Current stock price: 72.33 pence, up 5.6% on Tuesday
12-month change: down 33%
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