(Alliance News) - Pelatro PLC on Monday said it has "every confidence for the rest of 2022" after a strong year of growth in 2021.
Shares in the London-based marketing software specialist were 15% higher at 21.65 pence in London on Monday morning. However, its share price has fallen by 57% over the past 12 months.
Pelatro reported revenue of USD7.3 million for 2021, an increase of 83% compared to the 2020 figure of USD4.0 million. Pelatro put the rise in revenue partially down to new client wins, securing 3 last year, bringing its total to 23.
The company added that the "majority" of revenue growth is of a recurring nature. Recurring revenue increased by 66% to USD4.8 million from USD2.9 million.
Pretax loss narrowed by 68% to USD666,000, from USD2.1 million.
Looking forward, Pelatro is optimistic. It has a "substantial" order book and "good visibility" over revenue for 2022. Annual recurring revenue has been estimated to be 80% of expected 2022 revenue, the company said.
"We are delighted to be able to show in these results figures which are in line with expectations," Non-Executive Chair Richard Day said. "The group continues to trade in-line with expectations and our recurring revenue base gives us good visibility over the coming year and, together with our new business pipeline, gives us every confidence for the rest of 2022 and beyond."
By Sophie Rose; sophierose@alliancenews.com
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