(Alliance News) - Shares in Pelatro PLC surged 11% on Tuesday morning after the company revealed revenue had risen substantially in half-year results.
The stock was trading at 40.50 pence in London following the announcement, up 8.4% for the year-to-date.
The London-based marketing software specialist posted revenue for the six months ended June 30 of USD3.5 million, up 51% from USD2.3 million a year before. Pelatro highlighted that 70% of interim revenue was recurring, though for the full year it expects some additional license-related revenue.
Pretax earnings swung to a profit of USD313,000, compared to a USD403,000 loss a year previously.
Looking to the second half, Non-executive Chair Richard Day struck an upbeat tone: "The momentum we have seen in the first half of the year is being maintained. Our planned move into the mobile advertising space has started well and is throwing up some exciting prospects in non-telco areas as well."
Day highlighted revenue visibility of around USD7.2 million for the full-year in giving the business confidence in short and longer term growth. Pelatro has a current pipeline of about USD18 million, of which USD5 million is from existing customers, the company noted.
Pelatro said it expected to win more new customers in the year and secure recurring revenue contracts which would lead to "attractive growth in 2022".
By Will Paige; willpaige@alliancenews.com
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