PCI-PAL (PCIP) H1 2026 earnings summary

Executive summary

• Achieved record new business and strong commercial momentum in H1 FY26, with ARR up 21% year-over-year to £20.3m and CARR up 18% to £24.0m, driven by partner-led sales and enterprise wins, especially in North America and the US.

• Revenue grew 7% year-over-year to £11.3m (14% on a normalised basis), with recurring revenue comprising 93% of total income.

• Platform uptime reached 100% in H1, with accelerated sales momentum from the partner ecosystem and increased deployment velocity.

• Strategic investments in leadership, engineering, and product development, including new CISO and US-based CMO, supported scaling and innovation.

• Employee retention at 97% and eNPS of 45, well above SaaS benchmarks.

Financial highlights

• ARR up 21% year-over-year to £20.3m; CARR up 18% to £24.0m.

• Revenue increased 7% to £11.3m; 14% increase on a normalised basis.

• Gross margin at 87% (down from 90% prior period) due to timing and revenue mix; expected to improve in H2.

• Adjusted EBITDA of £0.2m, reflecting reinvestment of growth into the business and down from £1.0m in H1 FY25.

• Cash balance of £2.6m with access to an undrawn £3m RCF facility.

Outlook and guidance

• Strong start to H2, with Q3 typically the strongest quarter due to partner year-ends and new enterprise wins.

• Focus remains on executing the plan, aiming to beat current year targets and maintain profitable growth.

• Revenue and adjusted EBITDA for FY26 remain in line with expectations; business expected to be cash generative in H2 and beyond.

• Targeting 18%-20% organic ARR growth and further margin expansion through operational improvements and standardisation.

• Board confident in delivering full-year expectations, supported by high demand and robust pipeline.