PCI-PAL - Record H1 new business

PCI Pal's H126 trading update confirmed strong growth in both annual recurring revenue (ARR) and contracted ARR (CARR) after winning record new business for a first half. Revenue increased 7% y-o-y, or 14% on a normalised basis. Management commented that it was seeing the highest levels of demand for its core secure payments products and a highly encouraging sales pipeline entering H2, giving it confidence that the group can meet the board's expectations for FY26. We maintain our forecasts.

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