- Payment card industry services provider PCI-PAL swung to a full-year net loss after higher investment costs, including in new staff, offset growth in revenue.

Net losses for the 12 months through June amounted to £3.7m, compared to a profit of £4.4m a year earlier, when the company also benefited from a one-off £6.1m asset-sale gain.

Revenue increased 11% to £2.1m, but expenses were pushed higher by planned further growth in headcount, investment in technology and expansion into North America.

'We are fast approaching the second anniversary of the re-organisation when the company decided to exclusively focus on secure payment solutions and the progress reported shows just how far we have come in a short period of time,' chief executive William Catchpole said.

'The sales momentum we have seen this year and the 48 new contracts we have signed underscore our confidence in our offering and the market's readiness to engage in meeting their PCI and data compliance obligations.'

'This year is showing signs of being another exciting year for PCI-PAL.'

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