PCI-PAL plc
PCI-PAL PLC (AIM: PCIP), formerly IPPLUS PLC, is a global provider of secure cloud-based payment solutions for business communications (voice, chat, social, email, contact centre), enabling organisations to take card payments securely while removing their business from PCI DSS compliance and data security risk. The Group operates a multi-tenanted SaaS platform hosted on AWS, sold predominantly through a partner ecosystem (CCaaS/UCaaS vendors, payment providers and BPOs) to contact centres globally, with core products Click to Pay, Key to Pay and Speak to Pay.
9 annual reports read, FY2017 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (9)
FY2026Next report expected 16 Sept 2026
- Open the reportJSONComing soonSixty seconds on the FY2025 report
PCI-PAL PLC sells cloud software that lets contact centres take card payments securely by phone, chat or email. In the year to 30 June 2025 revenue rose 25.2% to £22.5m from £18.0m. It made a profit after tax of £41k, against a loss of £1.2m the year before. The report credits growing subscription income, mostly won through partner companies, in every region. Before tax there was still a small loss, which a tax credit turned into a profit. This year carried £514,000 of one-off costs, mainly a software project and work on corporate opportunities. The year before included patent-case costs and an award. Cash at the year end was £3.9m, down from £4.3m. There are no borrowings and an unused £3m bank facility. Shareholders put in £119k for new shares, and there is no dividend. Management said the new year had started in line with expectations. The auditor gave a clean opinion with no going-concern doubt, though the report rates economic risks as increasing.
From the reportevery line sits on the page it namesWhat drove revenueAnnual Recurring Revenue (ARR) growth from new and existing contracts
ARR up 25% to £19.26m (FY24: £15.45m), record £3.8m absolute increase
page 3AndPartner-led channel sales model
82% of contracts and 68% of value signed via partners in FY25; over 50 partners actively contributing to sales pipelines
page 9What moved the margintailwindHigh gross margin subscription-based SaaS model
Gross margin 89.5% (FY24: 89.2%), reflecting high proportion of recurring licence fees
page 14AndtailwindOperating leverage from revenue growth and efficiency gains
Adjusted EBITDA rose to £2.32m (FY24: £0.87m); underlying admin expenses as % of revenue fell from 92% to 86%
page 14One-offs in the year£514k charge: Non-operational costs: software implementation expenditure (per IFRIC cloud implementation cost guidance) and costs of evaluating corporate opportunities
page 64What management saidCEO James Barham: 'Looking ahead to FY26, the momentum in the business is hugely exciting... we fully intend to invest and execute at pace to maximise the significant growth opportunity ahead.'
page 4After the year endRevolving Credit Facility with HSBC extended for a further 12 months to 31 July 2027, signed 5 September 2025
page 78The dividendDirectors are not recommending payment of a final dividend for FY25 (FY24: nil pence per share)
page 41Going concern and the auditAuditor BDO LLP issued an unqualified (unmodified) opinion that the financial statements give a true and fair view; two key audit matters identified (revenue recognition; intangible assets - capitalised development costs); Group materiality £393,000 (1.75% of revenue). Going concern basis adopted; Board reviewed forecasts to 30 September 2026 (at least 12 months from approval), reverse stress tested cash flows against the £3m HSBC revolving credit facility (undrawn, extended to 31 July 2027); no material uncertainties identified.
page 46The risks it names first- Information security and cyber risk — breach or failure of Group systems could cause financial loss, loss of customers/revenue and reputational harm (risk unchanged)p.16
- Infringement of IPR — third-party IP claims embedded in core systems could result in damages or loss of customers/revenue (risk unchanged)p.16
- Business interruption — loss, failure or unavailability of Group systems impacting service delivery (risk unchanged)p.16
- Recruitment and retention — continued success dependent on recruiting/retaining skilled technical, commercial and leadership talent (risk unchanged)p.16
Read from C000981-AR-2025-ch.
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