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Pelatro swings to loss amid focus on recurring revenue
StockMarketWire.com
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Marketing software group Pelatro swung to a full-year loss, which it pinned on a switch of focus to recurring revenue.
Pre-tax losses for the year through December amounted to $2.08 million, compared to a year-on-year profit of £1.01 million.
Revenue fell 40% to £4.02 million, though recurring revenue increased to 71% of the whole, up from 44% in 2019.
Pelatro said it had a 'substantial order book and good visibility over revenues' for the coming year.
Current contracted revenue visibility was $6.0 million, of which $5.2 million was recurring.
'We ended 2020 in a much stronger position, with a substantial order book and good visibility over revenues for the coming year,' chairman Richard Day said.
'The start of the second phase of our journey into the mobile advertising space is particularly exciting as an area complementary to our existing operations.'
'We have every confidence in meeting our customers' requirements, growing our business and meeting financial expectations for the year.'
Story provided by StockMarketWire.com
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