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RNS Number : 2811H
24 March 2020
24 March 2020
("Pelatro", the "Company" or the "Group")
Postponement of audited results for full year to 31 December 2019
Update and COVID-19 impact
Pelatro Plc (AIM: PTRO), the Multichannel Marketing Hub software specialist, announces that following discussions with its auditors, recent regulatory guidance and in accordance with the announcement by the Financial Reporting Council ("FRC") of 23 March in which it encouraged listed companies to delay corporate reports (including final audited statements), the announcement of the Group's results for the year to 31 December 2019 will be postponed.
The Company was in a position to meet its previously announced reporting timetable and reiterates that the Board expects to report revenue and adjusted EBITDA for the year in line with its expectations. Further information on a revised timetable for publication of the results will follow when appropriate guidance from the Company's auditors is available.
The Company also takes this opportunity to update the market for the current situation with regard to the impact of COVID-19 on the Group:
As a software business, we can continue to function efficiently even if most of the employees are working from home. The Group has no supply chain dependencies and Pelatro's software products continue to be available without interruption. With regard to travel restrictions, whilst traveling is generally helpful to progress sales opportunities, video conferencing is effective as a tool to replace physical meetings and customers are of course understanding of the current situation. With respect to implementation and support, the Group has always been keen to minimise the need for on-site activity to minimise costs, hence implementation and support processes lend themselves very well to remote handling. The only special requirement is additional VPNs which are easily provided by customers. Accordingly, current COVID-19 related travel restrictions are having a relatively limited effect on our business.
It is not yet clear how widespread the virus will be, how long the pandemic will last and what the short to medium term effects of this pandemic will be on the behaviour of our customers; however, the Directors believe that the telecommunications industry is likely to be less affected by any economic downturn, whether local or global, than most, particularly as certain telecoms activities tend to increase in "stay at home" periods such as end of year holidays and festivals such as Christmas and Ramadan, generating more user spending and more targeted marketing. At present the message we are getting from our telco customers is very much "business as usual".
The Directors are constantly monitoring the situation and local developments to manage this risk; we consider that Pelatro is well placed to deal with the evolving situation and will provide updates in due course should the Group be materially impacted.
For further information contact:
Subash Menon, Managing Director c/o finnCap
Nic Hellyer, Finance Director
finnCap Limited (Nominated Adviser and
broker) +44 (0)20 7220 0500
Carl Holmes/Kate Bannatyne/Matthew Radley
Tim Redfern / Camille Gochez - ECM
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
March 24, 2020 03:00 ET (07:00 GMT)