Shares of London-based payment services provider PCI-PAL plunged 14% on Tuesday due to a delay in the release of its fiscal 2023 results. The delay is linked to an ongoing patent infringement case in the U.K. High Court.
According to InvestingPro data, the company's market capitalization, adjusted, stands at 185.97M USD. The company's stock has experienced a 3.69% return in the past week, but its one-month and three-month returns have been in the negative territory, at -3.73% and -4.42% respectively.
The company is maintaining its momentum despite the setback, announcing 57 new contracts and projecting a robust revenue growth of between 28% to 30% for fiscal 2024. This would mark its first full year of adjusted pretax profit. This aligns well with InvestingPro Tips, which suggests that analysts anticipate sales growth in the current year and that the company's net income is expected to grow this year.
Following a recent legal victory against Sycurio Ltd., PCI-PAL has prepared for an appeal and plans to recover maximum costs. The company's revenue forecast for fiscal 2023 stands at around £14.9 million ($18 million), with the results expected to be released in late October or early November.
The patent infringement case ruling is eagerly awaited, as it could potentially impact the company's fiscal results and future projections. Despite the current challenges, PCI-PAL remains optimistic about its growth trajectory and profitability in the coming year. As per InvestingPro Tips, analysts predict that the company will be profitable this year, further bolstering the company's positive outlook.
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