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Payments company PCI-PAL reported a first-half loss and warned of a deeper-than-expected loss for the full year, as contract delays caused it to fall short of its revenue expectations
Pre-tax losses for the six months through December amounted to £2.3m, compared to losses of £2.4m on-year.
Revenue rose 74% to £2.0m, while gross margin improved to 67%, from 51%.
PCI-PAL, however, said the timing of large contract wins and delivery of contracts contributed to a delay in anticipated revenue against market expectations.
'I am pleased with the progress we have made in the first half of the financial year and can report continuing momentum in contracts being won as we enter the second half,' chief executive James Barham said.
'We are now seeing the benefits of our SaaS-based revenue model coming through, with revenue increasing significantly year-on-year.'
Still, Barham said timing delays would have an adverse impact on revenue and warned annual losses would be deeper than market expectations.
He added that, given the company's pipeline and continued optimism in delivering, it was confident that recurring revenue from signed contracts would put it in a strong position as it entered the following financial year.