Business
AGM Update
AGM Update.
About this update from Pci-pal Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3022E\n PCI-PAL PLC\n 05 November 2020\n \n \n \n \n \n PCI-PAL PLC\n \n \n (\"PCI Pal\", \"the Company\" or \"the Group\")\n \n \n AGM Update\n \n \n \n \n \n PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, is pleased to make the following update ahead of its Annual General Meeting being held at 11.00 a.m. today. \n \n \n \n \n \n As reported in our results for the year ended 30 June 2020, the Group has made a strong start to FY21. New customer momentum continues, signing 52 new customer logos year to date; the highlights of which include two sizeable deals of more than 500 agent seats each. Both customers are well-known brands in their respective North American and European markets, and one is now already live. \n \n \n \n \n \n As at 31 October 2020, the cash position of the Group remained robust at £5.04 million (30 June 2020: £4.30 million) boosted by the final draw down of our loan facility and receipt of $1.13 million in advanced payment of licences for years two and three from a large existing US customer, as detailed in the full year results. Net cash after debt at 31 October 2020 was £2.73 million (30 June 2020: £3.03 million).\n \n \n \n \n \n As a result of the strong start to the year in sales and customer deployments, first quarter revenues are 44% ahead of the comparative period last year, with revenue visibility against current market forecasts for the year ending 30 June 2021 now at 88%.\n \n \n \n \n \n During the period, we have continued to grow our partner-base. Highlights include a new reseller partnership with one of the largest IT Services providers to federal, state, and local government in the U.S., and pleasingly this new partnership has immediately resulted in our first contract with a U.S. State. Given our extensive experience in central and local government in the UK, penetration of similar end markets in North America is a key tactic for the Company going forward.\n \n \n \n \n \n In spite of the ongoing COVID pandemic and the economic uncertainty that it brings, we continue to see that we are well positioned to minimise most of the impacts from the pandemic through our channel sales model, market-leading cloud technology, and remote customer i...