PTRO.L Share News (PTRO)

(Sharecast News) - Customer engagement and software specialist Pelatro said in an update on Friday that it has secured several new contracts with large customers recently, further bolstering its recurring revenue base.

The AIM-traded firm, which was holding its annual general meeting, said recent contract wins underscored its continued success in attracting high-profile clients.

As a result, Pelatro now boasted a portfolio of 28 customers, representing a diverse range of industries, contributing to annual recurring revenue (ARR) of more than $7m.

The company added that it had seen strong demand for change requests from its current client base, resulting in contracted revenues of around $1.7m already this year.

"Our pipeline remains strong at around $23m, including some $5m of non-telco prospects - its highest ever level and which we are confident will produce results in the coming months and years," said non-executive chairman Harry Berry.

At 1423 BST, shares in Pelatro were up 3.83% at 8.05p.

Reporting by Josh White for Sharecast.com.