PCI-PAL reports solid trading momentum

(Sharecast News) - Cloud payment specialist PCI-PAL reported strong trading momentum for the current financial year in an update on Wednesday. The AIM-traded company, which was holding its annual general meeting, highlighted robust demand for its services, a growing sales pipeline, and an expanding network of global partners.

New business secured by the end of November was reportedly ahead of the same period last year, and aligned with the board's expectations for the financial year.

Notable sales achievements included displacing a competitor to secure a contract with a FTSE 250 utility provider.

It also successfully re-tendered its contract with the UK Department for Work and Pensions, one of its largest customers.

The company said its strong balance sheet, high customer retention rates, and increasing global partnerships positioned it to capitalise on growing market opportunities.

With demand for secure payment solutions continuing to rise, the board said it remained confident in its outlook for the rest of the financial year.

At 1016 GMT, shares in PCI-PAL were flat at 63p.

Reporting by Josh White for Sharecast.com.