Last checked at 
LONDON (Alliance News) - PCI-PAL PLC on Thursday posted a widened interim loss but said it was "optimistic" for the business's future outlook.
PCI-PAL is a provider of secure payments for companies handling transactions by phone. Shares were trading down 8.0% at 23.00 pence each.
For the six months to the end of 2018, the company's loss came in at GBP2.4 million, compared to GBP1.7 million in the comparative half a year ago.
The greater loss was mainly due to higher administrative expenses which rose to GBP3.1 million from GBP2.0 million a year ago.
Revenue meanwhile jumped 28% to GBP1.2 million from GBP919,000 a year ago.
Furthermore, reflecting the "long-term recurring nature of the business", deferred revenue increased to a total of GBP2.33 million, versus GBP1.1 million at June 2018.
"PCI-PAL has reached a key point in its development. The management team has made positive progress against our principal strategic and operational objectives to be able to scale the business in line with our growth ambitions," Chair Chris Fielding said.
He added: "We are all genuinely excited that we have the right strategy and team in place to take advantage of the significant market opportunities ahead and look forward to reporting to our shareholders further progress over the coming months."
The company described itself as "optimistic" for the future as it looks to expand its targeted channel partnerships and continue to rapidly grow sales in North America.
