PCI-PAL PLC
PCI Pal develops cloud software that keeps payment-card details away from contact-centre agents.
Overview
Latest results
Jul–Dec 2025 · Reported in GBP
Latest financial publication
FY 2026 results timing update
Investment Thesis
Signed subscriptions need to become live, profitable revenue
European Tech Equities analysis ·
Payment security can travel through established partners
PCI-PAL PLC supplies secure-payment software for contact centres and related customer interactions. Its distribution partners can place the product alongside systems that customers already use. The case is that this route builds a recurring-revenue base without requiring an equally large direct sales operation, provided integrations and customer launches happen at a manageable cost.
BT broadens the route to customers
PCI Pal named BT as its new reseller partner in September, following a March agreement. The first customers had already been acquired through that relationship. This gives the secure-payments service another route into contact centres and business communications. It supports the partner-led growth case, although the announcement did not quantify revenue. Contracted customers still need to go live before their full subscription contribution becomes visible.
The relevant budget is secure customer interaction
Growing digital payments in the UK and euro area keep payment handling important, but the total value of card transactions is not PCI Pal’s market. It sells software around customer interactions rather than retaining a fee on every card payment. Its first-half sales included £7.3 million from the UK and £3.4 million from the US. International partner adoption is a more direct growth signal than a global payments forecast.
The annual accounts remain unfinished
On 16 September, PCI Pal delayed its FY2026 results while revenue recognition and related audit matters were reviewed. Management still expected revenue of at least £24.6 million and adjusted EBITDA of at least £1.1 million, subject to audit. These are preliminary minimum expectations, not completed accounts. The latest full statements remain the half-year to December 2025, which showed a £0.8 million operating loss and £2.6 million cash. The audit outcome is therefore an important part of the investment case.
Contracted ARR should not receive the same weight as cash
A recurring-revenue multiple needs to reflect implementation timing, retention, customer concentration and the cost of maintaining integrations. The largest customer represented 17% of half-year revenue. The case becomes stronger when the contracted backlog converts into live subscriptions and statutory profit, reducing the amount of future execution that a valuation must assume.
What would weaken the case
- Partner-sourced contracts take longer or cost more to activate than expected.
- A large customer reduces usage or a major partner favours another payment-security provider.
- Recurring revenue grows without covering the expanding operating cost base.
Sources
Financials
The business in numbers
Latest
Income statement
| For the periodGBP million | H1 FY 2025 | H1 FY 2026 |
|---|---|---|
| Revenue | 10.58 | 11.31 |
| Gross profit | 9.47 | 9.85 |
| Gross margin | 89.6% | 87.1% |
| Operating profit (EBIT) | -0.31 | -0.81 |
| Operating margin | -2.9% | -7.2% |
| Net income | -0.29 | -0.82 |
| Earnings per share (GBP) | -0.004 | -0.0113 |
Cash flow
| For the periodGBP million | H1 FY 2025 | H1 FY 2026 |
|---|---|---|
| Operating cash flow | 0.33 | -0.49 |
| Capital expenditure | 0.81 | 0.99 |
| Free cash flow | -0.48 | -1.48 |
Balance sheet
| At period endGBP million | H1 FY 2025 | H1 FY 2026 |
|---|---|---|
| Cash & cash equivalents | 4.00 | 2.61 |
| Total assets | 14.70 | 15.52 |
| Total liabilities | 16.74 | 17.50 |
| Total equity | -2.04 | -1.98 |
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Interim report, pp. 9–12. Fiscal year ends 30 June. EPS is shown in pounds, converted from the report’s pence. Deferred customer income is included in liabilities. Debt includes the lease liabilities disclosed in the annual accounts and retains their June balance-sheet date. FY2026 final results were delayed while revenue recognition and related audit matters were assessed; the figures here remain those already published.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Interim report, pp. 9–12. Fiscal year ends 30 June. EPS is shown in pounds, converted from the report’s pence. Deferred customer income is included in liabilities. Debt includes the lease liabilities disclosed in the annual accounts and retains their June balance-sheet date. FY2026 final results were delayed while revenue recognition and related audit matters were assessed; the figures here remain those already published.
Half-year
Income statement
| For the periodGBP million | H1 FY 2025 | H1 FY 2026 |
|---|---|---|
| Revenue | 10.58 | 11.31 |
| Gross profit | 9.47 | 9.85 |
| Gross margin | 89.6% | 87.1% |
| Operating profit (EBIT) | -0.31 | -0.81 |
| Operating margin | -2.9% | -7.2% |
| Net income | -0.29 | -0.82 |
| Earnings per share (GBP) | -0.004 | -0.0113 |
Cash flow
| For the periodGBP million | H1 FY 2025 | H1 FY 2026 |
|---|---|---|
| Operating cash flow | 0.33 | -0.49 |
| Capital expenditure | 0.81 | 0.99 |
| Free cash flow | -0.48 | -1.48 |
Balance sheet
| At period endGBP million | H1 FY 2025 | H1 FY 2026 |
|---|---|---|
| Cash & cash equivalents | 4.00 | 2.61 |
| Total assets | 14.70 | 15.52 |
| Total liabilities | 16.74 | 17.50 |
| Total equity | -2.04 | -1.98 |
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Interim report, pp. 9–12. Fiscal year ends 30 June. EPS is shown in pounds, converted from the report’s pence. Deferred customer income is included in liabilities. Debt includes the lease liabilities disclosed in the annual accounts and retains their June balance-sheet date. FY2026 final results were delayed while revenue recognition and related audit matters were assessed; the figures here remain those already published.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
Interviews are coming soon
No interviews with PCI-PAL PLC have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 FY 2026 · Published Mar 3, 2026 · Checked Sep 14, 2026
FY 2025 · Published Sep 9, 2025 · Checked Oct 27, 2026
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-10-23
Checked 2026-10-23
Checked 2026-09-14