Shares in PCI-PAL have experienced a decline after the company announced that the publication of its fiscal 2023 results is anticipated to take place in late October or early November.

At 0727 GMT, shares were down 7.50 pence, or 14%, at 47.50 pence.

The London-listed payment-services provider explained on Tuesday that the delay in releasing its annual accounts for the year ending June 30 was due to the proximity of a U.K. High Court ruling regarding a patent infringement case.

In light of its recent legal victory against competitor Sycurio Ltd., PCI-PAL stated its intention to seek maximum recovery of costs and expressed preparedness to face any potential appeal from Sycurio.

Furthermore, based on its performance to date, the company foresees revenue growth of approximately 28% to 30% for fiscal year 2024. This expected growth will enable PCI-PAL to report its first full year of adjusted pretax profit.

Previously, in August, PCI-PAL estimated revenue for fiscal 2023 to be around £14.9 million ($18 million).

PCI-PAL also reported that its business has maintained positive momentum into fiscal year 2024, having signed 57 new contracts.

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