(Alliance News) - 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 USD13.9 million from USD666,000 a year prior. This was attributed to an impairment of non-current assets of USD9.3 million.
In addition, operating costs grew by 23% to USD2.7 million from USD2.2 million the year before, while depreciation and amortisation costs were USD3.1 million, up 24% from USD2.5 million in 2022.
Revenue fell by 26% to USD5.4 million from USD7.3 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 USD8 million. Annual recurring revenue is expected around USD7 million. The company also said its new business pipeline is worth around USD23 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.
By Sabrina Penty, Alliance News reporter
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