PCI-PAL PLC on Monday reported positive first-half trading as the firm said its ‘strong sales pipeline’ supported its confident outlook.

The London-based secure payment solutions provider said its first half ended December 31 delivered its best performance on record with regard to new business, as the annual contract value of deals rose by 19% to £1.9 million from £1.6 million the prior year.

The firm attributed this growth to a combination of large enterprise wins, strong run rate small to mid-size new business contracts as well as several competitor displacements.

PCI-PAL said revenue performed as expected, increasing on-year by 26% to £10.6 million from a restated £8.4 million.

Annual recurring revenue also picked up over the period, increasing by 22% to £16.8 million from £13.8 million the preceding year.

Shares in PCI-PAL rose 1.9% to 71.85 pence on Monday afternoon in London.

Chief Executive James Barham commented: ‘I’m very pleased with the operational performance of the company in the period, particularly with the demand we have seen for our services in this first half of the year which is typically the slower half in terms of new business.

‘Given the progress being seen in the business, supported by our strong sales pipeline, we are confident in the outlook of the group as we continue to deliver against our objectives.’

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