1st May 2018 09:31
LONDON (Alliance News) - Marketing software firm Pelatro PLC's shares rose Tuesday as it reported significant growth for 2017 in both profit and revenue.
Pelatro's shares were trading 11% higher on Tuesday morning at 86.90 pence each.
Pelatro posted statutory pretax profit of USD1.1 million for the year, compared to USD360,000 the year before. On an adjusted basis, which strips out various items such as listing costs, the figure jumped to USD1.8 million from USD360,000.
The company's revenue more than doubled to USD3.2 million from USD1.2 million.
The results come not long after Pelatro's listing on the AIM market in December, with the company raising USD5.1 million gross in its initial public offering.
Revenue growth was mainly driven by an increase in licence fees, Pelatro said, as well as the benefit of continued research & development investment.
Since the end of 2017, activity levels have been "positive" and the pipeline remains strong. In mid-April, the company won a USD1.7 million contract with the central Asian subsidiary of a European telecoms firm, its largest win ever.
It is in talks with 20 further companies, it said, and Pelatro is expecting further progress in 2018 with revenue weighted more towards the second half.
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