Growth continues into PCI-PAL's new financial year

27th Oct 2022 14:14

(Sharecast News) - Communications payment technology company PCI-PAL said in an update on Thursday that its growth had continued into the new financial year, in line with management expectations.

The AIM-traded firm, which was holding its annual general meeting, said first quarter revenue was up 29% on the equivalent prior-year period, with a "strong pipeline" of opportunities.

As a result, the board said it was "pleased" with the group's performance, with trading in line with expectations for the year ending 30 June 2023.

"In addition to this continued strong financial performance, the group's product roadmap progress year to date has included the launch of its open banking payment offering, the first of its type in the business communications space," the directors said in their statement.

"And with further payment products to be launched across the year, adding to PCI-PAL's existing, market-leading, cloud-based solutions, the board continues to be confident in the prospects for the group."

At 1414 BST, shares in PCI-PAL were up 2.46% at 58.4p.

Reporting by Josh White for Sharecast.com.