PCI-PAL makes 'significant' progress with contract wins

Payment card data protection company PCI-PAL on Tuesday said it had made significant full year progress as it forecast its annual loss would be in line with expectations.

The company said it made progress in new customer contract wins and developing partners as new contracts signed worldwide had a total contract value of £5.6m in the year to June 30, up from £1.8m the year before.

Contract value growth included £1.4m from North America, up from £0.3m in that region's first full year of trading, while recurring contract value increased to £4.0m from £2.2m. Closing net cash was £1.5m, down from £3.8m, and closing deferred revenue increased from £1.1m to £2.5m.

PCI-PAL's shares were down 1.49% at 33.00p at 1341 BST.