LONDON (ShareCast) - (Sharecast News) - Payments firm PCI-PAL reported a surge in annual revenues on Tuesday but lowered its forecasts for 2020 due to the ongoing impact of the Covid-19 pandemic.

PCI-PAL said revenues for the year ended 30 June were projected to be up over 55% to around £4.4m but noted that ongoing delays in decision-making and contract signing had led to some uncertainty regarding the timing of both the signing of new deals as well as the implementation of new and recent contract wins.

While the AIM-listed group said it remained "confident" of delivering "significant year-on-year growth" in the 2021 financial year, given the current environment, PCI-PAL said it was "prudent" to adjust its market guidance downwards for the year.

PIC-PAL noted that the long-term strength of its market opportunities was also positive and stated it now expects to grow revenues by 50-60% in 2020.

As of 1330 BST, PCI-PAL shares were up 0.24% at 40.10p.

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