Pelatro PLC AGM Statement
RNS Number : 2524D
25 June 2019
("Pelatro", the "Company" or the "Group")
Pelatro Plc (AIM: PTRO), the global telecom Multichannel
Marketing Hub software specialist, will hold its Annual General
Meeting at the offices of finnCap at 60 New Broad Street, London
EC2M 1JJ at 12 noon today.
At the meeting, Richard Day, Non-Executive Chairman, will make
the following statement:
"Since last year's AGM, Pelatro has been firmly focused on its
key performance metrics, namely profitably growing our customer
base, cross-selling new products to existing customers, increasing
repeating revenue and entering new geographic territories.
I am therefore pleased to report we have made considerable
operational and financial progress and tripled the number of
customers to 18 since the beginning of 2018. This progress is in
line with management's expectations and will continue to be driven
by new contracts and cross-selling opportunities. Notable
cross-selling successes to date include Grameenphone in Bangladesh
and Tele2 in Kazakhstan, with Grameenphone now employing our
Loyalty Management Solution and Tele2 employing our Data
Monetisation Platform in addition to the Contextual Marketing
Solution. More recently we have been selected by a large telco in
Asia to implement our Contextual Marketing Platform.
The Company continues to focus on entering new geographies and
has recently employed an experienced sales person dedicated to
Latin America, which the Company views as a key geographic focus
and substantial opportunity. In addition, we have continued to
build both repeating and recurring revenue, comprising gain share
income, change requests, support and managed services, which from
the start of the year to the end of May was approximately $2.0m
The integration of certain assets of Danateq acquired in August
2018, is now complete, with considerable progress being made
selling the acquired products to both new and existing customers.
Importantly, due to the revenue recognition of certain acquired
pipeline contracts falling towards the end of 2019, it is unlikely
that the earn out payment will be due or payable for this first
year. In addition, our working capital continues to improve with
trade receivables at the end of May at $2.98m and cash of $1.53m as
at 31st May 2019, in-line with management's expectations.
The Company has a strong pipeline of new business opportunities
which we are well placed to win. Current revenue visibility for
2019 stands at $6.3m and the pipeline of medium-term opportunities
is at around $16m. Given our growing revenues and profitability,
the Board remains confident in its high growth strategy and that
the Company continues to trade in-line with expectations."
For further information contact:
Subash Menon, Managing Director & CEO c/o Walbrook PR
Nic Hellyer, Finance Director
finnCap Limited (Nominated Adviser and
Broker) +44 (0)20 7220 0500
Carl Holmes/Kate Bannatyne/Matthew Radley
Walbrook PR Advisors +44 (0)20 7933 8780
Paul Cornelius/Nick Rome
This announcement is released by Pelatro Plc and, prior to
publication, the information contained herein was deemed to
constitute inside information under the Market Abuse Regulations
(EU) No. 596/2014. Such information is disclosed in accordance with
the Company's obligations under Article 17 of MAR. The person who
arranged for the release of this announcement on behalf of Pelatro
Plc was Nic Hellyer, Finance Director.
Notes to editors
The Pelatro Group was founded in March 2013 by Subash Menon and
Sudeesh Yezhuvath with the objective of offering specialised,
enterprise class software solutions for customer engagement
principally to telcos who face a series of challenges including
market maturity, saturation and customer churn.
Pelatro provides its "mViva" platform for use by customers in
B2C applications, and is well positioned in the Multichannel
Marketing Hub space (MMH) - this is technology that orchestrates a
customer's communications and offers to customer segments across
multiple channels to include websites, social media, apps, SMS,
USSD and others.
For more information about Pelatro, visit www.pelatro.com
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(END) Dow Jones Newswires
June 25, 2019 02:00 ET (06:00 GMT)