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Pelatro PLC on Friday said revenue in 2023 is set to be higher, following ‘disappointing’ annual results. The London-based marketing software specialist said pretax loss widened in 2022 to $13.9 million from $666,000 a year prior. This was attributed to an impairment of non-current assets of $9.3 million. In addition, operating costs grew by 23% to $2.7 million from $2.2 million the year before, while depreciation and amortisation costs were $3.1 million, up 24% from $2.5 million in 2022. Revenue fell by 26% to $5.4 million from $7.3 million the year before. Pelatro did not declare a dividend for the year, unchanged from 2022. Looking ahead, Pelatro expects double-digit growth in new customers, and noted ‘excellent visibility’ over revenue for the current year, expected at around $8 million. Annual recurring revenue is expected around $7 million. The company also said its new business pipeline is worth around $23 million. Non-Executive Chair Harry Berry said: ‘Despite a disappointing 2022, I look forward with cautious optimism to 2023 as the efforts put in to date, particularly our diversification into non-telco customers, begin to pay off. Our new business pipeline is at its highest-ever level and I am confident that this will produce results in the coming months and years.’ Shares in Pelatro were down 5.2% at 5.45 pence each in London on Friday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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