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PCI-PAL PLC on Wednesday lamented that it does not expect to swing to an adjusted profit due to the timing of revenue recognition from a customer. The London-based cloud payment and data protection solutions provider said it expects adjusted pretax loss to narrow to £600,000 in the financial year ended June 30, from £1.1 million a year ago. PCI-PAL noted that the current market consensus was an adjusted pretax profit of £100,000. Chair Simon Wilson said: ‘The board and audit committee is disappointed that the company now does not expect to report a full year group adjusted profit before tax, contrary to management expectations, due to the timing of revenue recognition relating to a specific customer. The fact that this revenue is now expected to be recognised in FY25 instead of FY24 does not detract from the successful operating outcome that the team has achieved this year, and the consequent substantial swing from negative to positive adjusted free cash flow.’ Revenue is expected to be 20% higher at £18.0 million compared to £14.9 million in financial 2023, but 5.8% lower than the current company-cited market consensus of £19.1 million. New business license sales declined 9.5% to £3.8 million annual recurring revenue via contracts from £4.2 million, with PCI-PAL highlighting that financial 2023 is a very strong comparator which included the signing of one of its largest single contracts to date. PCI-PAL expects to release its annual results in mid-September. PCI-PAL shares fell 2.3% to 56.16 pence each on Wednesday afternoon in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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