PCI-PAL PLC on Tuesday said it remained on track to ‘deliver monthly cashflow breakeven in this financial year’ as it reported a 33% increase in half-year revenue.

The Suffolk, England-based global cloud provider of secure payment solutions for business communications posted revenue of £7.3 million in the six months to December 31 compared to £5.5 million a year ago.

Good progress was made in increasing its enterprise customer-base, particularly in the US where the company achieved strong pipeline momentum in the period.

Operating loss widened to £1.9 million from £1.1 million in the same period a year ago but gross margins improved to 87% from 81% reflecting continued license based income generated by its Amazon Web Services-hosted secure payments platform.

Pci-Pal reported trading in the first two months of the second half was in line with expectations and revenue momentum continued.

Given this momentum the company reiterated the outlook set out in February that it remains firmly on track to deliver monthly cashflow breakeven in this financial year.

Chief Executive James Barham said the ‘financial progress is balanced with the investment required to continue to realise the opportunities in front of us.’

Shares in PCI-PAL fell 1.1% to 45.50 pence in London on Tuesday afternoon.

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