StockMarketWire.com - Payments group PCI-PAL upgraded is annual guidance following a rise in revenue it said had eaten into expected losses.

Revenue for the year through June was now expected to rise about 60% year-on-year, or at least 5% of current market expectations.

Adjusted losses for the year were now expected to be about 5% narrower than market expectations.

'The board is pleased to announce that the positive trading momentum since the end of the third quarter has continued,' PCI-PAL said.

It added that new sales bookings continued as expected, even after an adverse movement of the US dollar exchange rate, thereby 'maintaining strong momentum' going into the 2022 financial year.

PCI-PAL also announced that, in light of strong cash generation, it had decided to accelerate the repayment schedule of its outstanding debt of £1.7 million prior to the end of the current financial year.

There was no early settlement penalty for early repayment, and it would result in an interest saving of about £0.1 million in the 2022 financial year.


Story provided by StockMarketWire.com