Business
Trading Update & Repayment of Debt Facility
Trading Update & Repayment of Debt Facility.
About this update from Pci-pal Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0826B\n PCI-PAL PLC\n 08 June 2021\n \n \n \n \n \n PCI-PAL PLC\n \n \n (\"PCI Pal\", \"the Company\" or \"the Group\")\n \n \n Trading Update\n \n \n & Repayment of Debt Facility\n \n \n \n \n \n PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, announces a trading update for the year ending 30 June 2021 (the \"Period\") and repayment of its outstanding debt facilities. \n \n \n \n \n \n The Board is pleased to announce that the positive trading momentum since the end of Q3 has continued, such that revenues for the full year are expected to be at least 5% ahead of current market expectations1, which will result in an increase year on year of approximately 60%. As a result, the Adjusted Loss before Tax2 for the Period is expected to be approximately 5% less than market expectations. The Group's new sales bookings continue to be in line with management expectations for the year, even after the adverse movement of the US dollar exchange rate, thereby maintaining the Company's strong momentum going into FY22.\n \n \n \n \n \n The Company has continued to generate cash from its trading activities ahead of management expectations. As a result, and following the recent placing, the Board has taken the decision to accelerate the repayment schedule of its outstanding debt of £1.7 million prior to the end of the current financial year. There is no early settlement penalty for early repayment, and it will result in an interest saving of approximately £0.1 million in FY22. Under the original repayment terms of the loan, the debt would have been repaid in full by September 2022 and therefore this action will have no impact of the Company's planned international expansion which was outlined at the time of the successful equity raise in April 2021. \n \n \n \n \n \n The Group's channel-first sales approach continues to progress, and partners are expected to generate approximately 75% of new sales in the year. Q4 highlights to date include an expansion of our existing partner relationship with Genesys, one of the largest technology suppliers to contact centres worldwide. PCI Pal products are now available natively within Genesys Cloud products as a premium partner on the Genesys AppFoundry globally. ...