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    Half-year Report

    Picture of Pelatro logoPelatro
    28/09/2021 06:59
    RNS Number : 1139N

Pelatro PLC

28 September 2021

 

28 September 2021

Pelatro Plc

 

("Pelatro" or the "Group")

 

Interim results

 

 

Pelatro Plc (AIM: PTRO), the precision marketing software specialist, is pleased to announce today its results for the 6 months ended 30 June 2021.

 

Financial highlights

 

•              Revenue $3.46m (H1 2020: $2.29m)

•              Recurring revenue $2.43m (H1 2020: $1.54m), 70% of revenue

•              Adjusted EBITDA* $1.61m (H1 2020: $0.66m)

•              Adjusted EBITDA* margin 47% (H1 2020 29%)

•              Adjusted earnings per share 1.6¢ (H1 2020: (0.6)¢)

 

 

Operational highlights

 

•              Transition to recurring revenue model almost complete

•              New Framework Agreement signed with major telco group

•              Older contracts now being renewed, demonstrating "stickiness" and continuity of Pelatro products

 

 

Post period end highlights

 

•              Completed placing of 8.38m shares to raise £3.35m (pre expenses)

•              Gross cash at 31 August $3.8m, net cash $2.8m after debt repayments of c. $0.6m

 

 

Outlook

 

Management expectations for the year underpinned by:

 

•              revenue visibility of c. $7.2m for full year (including $3.5m H1 2021)

•              current pipeline** of c. $18m, of which c. $5m is from existing customers

 

Richard Day, Non-executive Chairman of Pelatro commented:

 

"The momentum we have seen in the first half of the year is being maintained, with the Group being able to sell an expanded suite of products across our customer base. Our planned move into the mobile advertising space has started well and is throwing up some exciting prospects in non-telco areas as well. We very much appreciate the support we received from our shareholders with our £3.35m equity fund raising. With a sound business base, a wide range of quality products, excellent prospects  and current visibility of c. $7.2m for this year as a whole, we have every confidence as we look forward to the end of the year and beyond to the longer term."

 

 

For further information contact:

 


    Pelatro Plc
    Subash Menon, Managing Directorc/o Cenkos
    Nic Hellyer, Finance Director
    Cenkos Securities plc (Nominated Adviser and Broker)+44 (0)20 7397 8900
    Stephen Keys / Mark Connelly (corporate finance)
    Michael Johnson (sales)
    

 

 

* earnings before interest, tax, depreciation, amortisation, exceptional items and share-based payments

 

** "pipeline" is defined as opportunities where an RFI or RFP has been received and recurring revenue contracts are included as the sum of the likely revenue over 3 years in order to provide comparability with one-off license fee income

 

 

Notes to editors

 

The Pelatro Group was founded in March 2013 by Subash Menon and Sudeesh Yezhuvath with the objective of offering specialised, enterprise class software solutions for customer engagement principally to telcos who face a series of challenges including market maturity, saturation and customer churn.

 

Pelatro provides its "mViva" platform for use by customers in B2C and B2B applications, and is well positioned in the Customer Engagement space. Our technology orchestrates the digital journey of the customers of the telcos through contextual, relevant and real time offers and loyalty programs across multiple channels including websites, social media, apps and others.

 

For more information about Pelatro, visit www.pelatro.com

 

 

Managing Director's statement

 

Despite the continuing restriction on overseas air travel due to COVID-19 and hence the lack of face-to-face meetings we have continued to win new business throughout the first half of the year. Early in the period we won a recurring revenue contract for campaign management operations from an Asian telco (part of a large global group), which contract, with a number of additional services now taken on, is likely to produce revenue of around $1.5m over its life. In May, another existing customer group of Pelatro in Asia (with about 230 million subscribers) entered into a Framework Agreement ("FWA") with Pelatro for three years, which brought annual maintenance, support and previously ad hoc change requests under this group purchasing arrangement with a fixed amount to be paid quarterly for all base products and services. The FWA thus converted our entire product suite with the customer to recurring revenue and the contract will produce revenue of around $0.5m per year from 2022 onwards.

 

With these contracts and those from previous years our planned move into managed services business or other recurring revenue contracts in place of up-front licence arrangements is largely complete. We already have encouraging visibility for FY22 and the new business pipeline also reflects this move, with the majority of contracts signed in future expected to be of a recurring revenue nature.

 

Customers continue to be active with change requests, and overall some $1.3m of change requests have been contracted for execution this year. Likewise existing customers have been active in purchasing additional "modules" (such as Enterprise CLM, Analytics Workbench), which will contribute around $0.2m to revenue. Additionally, some of the Group's existing managed services contracts contain provisions for gain share revenue for Pelatro over and above the minimum contractual payments, which to date have produced revenue of around $0.25m but have the potential to produce revenue of around $0.5m during the year.

 

We have also now begun our move into mobile advertising, adding a new business stream to our existing operations in the mobile customer engagement space. We see this as a fast growing area and one which is highly complementary to our existing business. After the period end we raised £3.35m (gross) in new equity funding to invest in this new business area (as well as for general working capital for our overall business): since that time we have hired a senior manager to head the team and further recruitment is underway. Discussions are going on with prospective customers and we are seeing further opportunities to expand our offering to non-telco customers in multiple verticals. We are very encouraged at the level of interest we are seeing in this area from various brands including banks, retail and others.

 

Financial review

 

Revenue and profitability

 

In the six months to 30 June 2021 revenue increased by some 50% over the comparable period to $3.46m (H1 2020: $2.29m). Of the total revenue, approximately $2.43m (H1 2020: $1.54m) was recurring revenue, comprising managed services, post contract support and gain share revenue. Taking change requests of $1.01m into account virtually all H1 revenue was repeating revenue, though for the full year we expect to recognise some license-related revenue, for example from implementation of prior year contracts.

 

Underlying operating profit (excluding the impact of non-cash share-based payments, amortisation of customer-related intangible assets and exceptional items in H1 2020) was $0.76m (H1 2020: $0.11m loss).

 

Net cash and trade receivables

 

Cash generated from operating activities was approximately $0.70m after working capital movements (H1 2020: $1.18m); however,  this is net of a payment of c. $0.7m relating to sales commissions due on a prior year contract. The financing requirements of the business were relatively modest; however the Group did take advantage of an Indian government COVID-related loan which was fully repaid after the period end along with a further $0.6m of debt out of the proceeds of the equity fund-raising of £3.35m.

 

Short-term trade receivables (including unbilled revenue but excluding contract assets) as at 30 June 2021 were $3.72m (31 December 2020 $3.34m).

 

Expenditure on non-current assets

 

Capitalised development expenditure was $1.39m (H1 2020: $1.21m); Group expenditure on fixed assets was a more normal $42,000 compared to the $0.79m in the comparative period which related to IT infrastructure for the Group's major managed services contract.

 

 

Current trading and outlook

 

Our strategy to focus more on recurring revenue has started to yield results. One obvious shift is in the weighting of expected revenue in the two halves of the year which has become more even. Another notable change is the reduction of "debtor days" which, whilst still an over-broad measure of trade receivables, does give a more meaningful figure when applied to debtors arising from recurring revenue contracts.

 

We are experiencing good momentum in our telco-facing business with existing customers increasing their investment in our solutions. Further, we are working on a strong pipeline with an expectation of winning a few more new customers in 2021 and securing recurring revenue contracts which should lead to attractive growth in 2022. We have made progress on the non-telco front, with one key hire and a number of engagements with non-telco corporates to help them with their marketing (advertising and campaigning) activities. In particular we have engaged with one corporate in the financial services sector and hope to provide our software to analyse its proprietary data. We expect to see further progress with non telco customers in the coming months and look to the future with confidence.

Group statement of comprehensive income


    6 months to
    30 June 2021    		6 months to
    30 June 2020    		Year to
    December 2020
    Note$'000$'000$'000
    (unaudited)(unaudited)(audited)
    Revenue23,4602,2914,020
    Cost of sales and provision of services(968)(667)(1,710)
    _____________________
    Gross profit2,4921,6242,310
    Adjusted administrative expenses(1,735)(1,738)(3,647)
    _____________________
    Adjusted operating profit/(loss)757(114)(1,337)
    Exceptional items-149149
    Amortisation of acquisition-related intangibles(342)(342)(686)
    Share-based payments(15)(27)(32)
    _____________________
    Operating profit/(loss)400(334)(1,906)
    Finance income4233764
    Finance expense5(110)(106)(240)
    _____________________
    Profit/(loss) before taxation313(403)(2,082)
    Income tax credit/(expense)(42)(36)(375)
    _____________________
    PROFIT/(LOSS) FOR THE PERIOD271(439)(2,457)
    Other comprehensive income/(expense):
    Items that may be reclassified subsequently to profit or loss:
    Exchange differences(26)2125
    _____________________
    Other comprehensive income, net of tax(26)2125
    TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD245(418)(2,432)
    Earnings/(loss) per share
    Reported
    Basic and diluted60.7¢(1.3)¢(7.2)¢
    Adjusted
    Basic and diluted61.6¢(0.6)¢(7.2)¢
    

 

 

Group statement of financial position


    As at
    30 June 2021    		As at
    30 June 2020    		As at 31 December 2020
    Note$'000$'000$'000
    (unaudited)(unaudited)(audited)
    Assets
    Non-current assets
    Intangible assets712,05211,13211,649
    Property, plant and equipment1,0951,2201,218
    Right-of-use assets238240308
    Deferred tax assets169216
    Contract assets8461446751
    Trade and other receivables91238149
    _____________________
    13,95313,36814,091
    Current assets
    Contract assets8733246609
    Trade receivables3,7164,8003,335
    Other assets387576485
    Cash and cash equivalents7847491,805
    _____________________
    5,6206,3716,234
    Total assets19,57319,73920,325
    Liabilities
    Non-current liabilities
    Borrowings91,0311,1451,196
    Lease liabilities117104172
    Contract liabilities139228207
    Long-term provisions11149113173
    _____________________
    1,4361,5901,748
    Current liabilities
    Borrowings9504148244
    Lease liabilities139171174
    Trade and other payables103568031,093
    Provisions1119889163
    Contract liabilities289337495
    Other financial liabilities-801-
    _____________________
    1,4862,3492,169
    Total liabilities2,9223,9393,917
    NET ASSETS16,65115,80016,408
    Issued share capital and reserves
    Share capital1,2121,0651,212
    Share premium14,04511,60314,045
    Other reserves(611)(606)(583)
    Retained earnings2,0053,7381,734
    _____________________
    TOTAL EQUITY16,65115,80016,408
    

 

 

Group statement of cash flows


    6 months to
    30 June 2021    		6 months to
    30 June 2020    		Year to
    December 2020
    $'000$'000$'000
    (unaudited)(unaudited)(audited)
    Cash flows from operating activities
    Profit/(loss) for the period271(439)(2,457)
    Adjustments for:
    Income tax expense/(credit) recognised in profit or loss4245375
    Finance income(4)(37)(20)
    Finance costs10787232
    Depreciation of tangible non-current assets210135366
    Profit on disposal of fixed assets--(10)
    Amortisation of intangible non-current assets9919932,122
    Fair value adjustment on contingent consideration-(149)(149)
    Share-based payments152732
    Foreign exchange (gains)/losses10625
    _____________________
    Operating cash flows before movements in working capital1,642668516
    (Increase)/decrease in trade and other receivables(199)4162,229
    (Increase)/decrease in contract assets173122(544)
    Increase/(decrease) in trade and other payables(623)386676
    Increase in contract liabilities(293)(413)(276)
    _____________________
    Cash generated from operating activities7001,1792,601
    Income tax paid(191)(110)(339)
    _____________________
    Net cash generated from operating activities5091,0692,262
    Cash flows from investing activities
    Development of intangible assets(1,354)(1,210)(2,807)
    Purchase of intangible assets(3)(3)(9)
    Acquisition of property, plant and equipment(42)(791)(902)
    Payment of earn out consideration relating to prior period acquisition--(851)
    _____________________
    Net cash used in investing activities(1,399)(2,004)(4,569)
    Cash flows from financing activities
    Proceeds from issue of ordinary shares, net of issue costs--2,589
    Proceeds from borrowings2261,1171,753
    Repayment of borrowings(81)(301)(919)
    Repayments of principal on lease liabilities(85)(93)(171)
    Interest received43720
    Interest paid(125)(61)(185)
    Less interest accrued but not paid-16-
    Interest expense on lease liabilities(9)(8)(16)
    _____________________
    Net cash generated by/(used in) financing activities(70)7073,071
    Net increase/(decrease) in cash and cash equivalents(960)(228)764
    Net foreign exchange differences(61)(43)(60)
    Cash and cash equivalents at beginning of period1,8059341,101
    _____________________
    Cash and cash equivalents at end of period7846631,805
    Comprising:
    Cash at bank and in hand9457491,805
    Overdraft(161)(86)-
    _____________________
    7846631,805
    

 

 

 

Group statement of changes in equity

 


    Share capitalShare premiumExchange reserveMerger reserveShare-based payments reserveRetained profitsTotal
    $'000$'000$'000$'000$'000$'000$'000
    Balance at 1 January 20201,06511,603(216)(527)1004,17716,202
    (Loss) after taxation for the period-----(439)(439)
    Share-based payments----50-50
    Other comprehensive income:
    Exchange differences--(13)---(13)
    ___________________________________
    Balance at 30 June 20201,06511,603(229)(527)1503,73815,800
    (Loss) after taxation for the period-----(2,018)(2,018)
    Share-based payments----48-48
    Transfer on lapse of share options(14)14-
    Other comprehensive income:
    Exchange differences--(11)---(11)
    Transactions with owners:
    Shares issued by Pelatro Plc for cash1472,620----2,767
    Issue costs-(178)----(178)
    ___________________________________
    Balance at 31 December 20201,21214,045(240)(527)1841,73416,408
    Profit after taxation for the period-----271271
    Share-based payments----51-51
    Other comprehensive income:
    Exchange differences--(79)---(79)
    ___________________________________
    Balance at 30 June 20211,21214,045(319)(527)2352,00516,651
    

 

Notes to the Group financial statements

 

 

1              Basis of preparation

 

The Group has prepared its interim financial statements (the "statements") for the 6 months ended 30 June 2021 (the "interim results") in accordance with the AIM Rules of the London Stock Exchange and not in accordance with IAS34 Interim Financial Reporting; the statements are prepared in accordance with the recognition and measurement principles of International Accounting Standards in conformity with the requirements of the Companies Act 2006, but do not include all the disclosures that would otherwise be required

 

The statements have been prepared under the historical cost convention. The accounting policies adopted in the statements are consistent with those adopted in the Group's Annual Report and Financial Statements for the year ended 31 December 2020 and those which will be adopted in the preparation of the annual report for the year ending 31 December 2021. The statements do not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006 and are unaudited.

 

Going concern

 

A gradual "return to normal" on the part of our customers, our successful adaptation to new working methods and the global rollout of vaccination programmes means that the Directors consider that coronavirus no longer presents a material downside risk to the Group. The Directors have considered trading and cash flow forecasts prepared for the Group, and based on these, and confirmed banking facilities, are satisfied that the Group will continue to be able to meet its liabilities as they fall due for at least one year from the date of these results. On this basis, they consider it appropriate to have adopted the going concern basis in the preparation of the interim results, which were approved by the Board of Directors on 27 September 2021.

 

Comparative financial information

 

The comparative financial information presented herein for the year ended 31 December 2020 does not constitute full statutory accounts for that period. Statutory accounts for the year ended 31 December 2020 have been filed with the Registrar of Companies. These statutory accounts carried an unqualified Auditor's Report, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006.

 

 

 

2              Segmental analysis

 

Revenue by type


    6 months to
    30 June 2021    		6 months to
    30 June 2020    		Year to
    31 December 2020
    $'000$'000$'000
    Recurring software sales and services1,9228171,528
    Maintenance and support5067191,323
    _____________________
    Total recurring revenues2,4281,5362,851
    Change requests1,009331426
    _____________________
    Total repeating revenues3,4371,8673,277
    Licence related income23424698
    Consulting--45
    _____________________
    3,4602,2914,020
    

 

 

Revenue by geography

 

The Group recognises revenue in seven geographical regions based on the location of customers, as set out in the following table:


    6 months to
    30 June 2021    		6 months to
    30 June 2020    		Year to
    31 December 2020
    $'000$'000$'000
    Caribbean6460145
    Central Asia28732175
    Eastern Europe7574168
    Africa1524264
    South Asia1,1029231,096
    South East Asia1,7801,1602,372
    _____________________
    3,4602,2914,020
    

 

 

3              Non-GAAP profit measures and exceptional items

 

Reconciliation of operating profit to earnings before interest, taxation, depreciation and amortisation ("EBITDA"):


    6 months to
    30 June 2021    		6 months to
    30 June 2020    		Year to
    31 December 2020
    $'000$'000$'000
    Operating profit/(loss)400(334)(1,906)
    Adjusted for:
    - amortisation and depreciation1,1751,0912,420
    _____________________
    EBITDA1,575757514
    Other adjustments:
    - revenue recognised as interest under IFRS 15192244
    Expensed share-based payments152732
    Exceptional items:
    - gain on adjustment of deferred consideration liability-(149)(149)
    _____________________
    Adjusted EBITDA1,609657441
    

 

The criteria for adjusting operating income or expenses in the calculation of adjusted EBITDA are that they are material and either (i) arise from an irregular and significant event or (ii) are such that the income/cost is recognised in a pattern that is unrelated to the resulting operational performance. Materiality is defined as an amount which, to a user, would influence decision-making based on, and understandability of, the financial statements.

 

Exceptional items are treated as exceptional by reason of their nature and are excluded from the calculation of adjusted EBITDA (and adjusted earnings per share below) to allow a better understanding of comparable year-on-year trading and thereby an assessment of the underlying trends in the Group's financial performance. These measures also provide consistency with the Group's internal management reporting.

 

Adjustment for share-based payment expense is made because, once the cost has been calculated for a given grant of options, the Directors cannot influence the share-based payment charge incurred in subsequent years relating to that grant; also the value of the share option to the employee differs considerably in value and timing from the actual cash cost to the Group.

 

Elements of depreciation on right-to-use assets recognised under IFRS 16 and share-based payment expense are deemed to be directly attributable overheads for the purposes of capitalising relevant expenditure on developing intangible assets (see Note 7). The figures above are shown net of amounts so capitalised.

 

 

4              Finance income


    6 months to
    30 June 2021    		6 months to
    30 June 2020    		Year to
    31 December 2020
    $'000$'000$'000
    (unaudited)(unaudited)(audited)
    Interest receivable on interest-bearing deposits41520
    Notional interest accruing on contracts with a significant financing component192244
    _____________________
    Total finance income233764
    

 

 

5              Finance expense

 


    6 months to
    30 June 2021    		6 months to
    30 June 2020    		Year to
    31 December 2020
    $'000$'000$'000
    (unaudited)(unaudited)(audited)
    Interest and finance charges paid or payable on borrowings10179198
    Interest on lease liabilities under IFRS 16131531
    Less: amounts capitalised as intangible assets(4)(7)(14)
    Acquisition-related financing expense - unwinding of discount on financial liabilities-1925
    _____________________
    Total finance expense110106240
    

 

 

6              Earnings per share

 

Earnings per share - reported ("EPS")

 

The calculation of the basic and diluted EPS is based on the following data:

 


    6 months to
    30 June 2021    		6 months to
    30 June 2020    		Year to
    31 December 2020
    $'000$'000$'000
    Earnings
    Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent271(439)(2,457)
    Number of shares
    Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share37,032,43132,532,43134,136,617
    

 

The weighted average number of shares and the loss for the year for the purposes of calculating the fully diluted earnings per share are the same as for the basic loss per share calculation. This is because the outstanding share options would have the effect of reducing the loss per ordinary share and would therefore not be dilutive under IAS33.

 

Adjusted earnings per share

 

Adjusted EPS is calculated as follows:


    6 months to
    30 June 2021    		6 months to
    30 June 2020    		Year to
    31 December 2020
    $'000$'000$'000
    Earnings attributable to owners of the Parent271(439)(2,457)
    Adjusting items:
    - exceptional items-(149)(149)
    - expensed share-based payments152732
    - finance charge on liabilities relating to
    contingent consideration    		-1925
    - amortisation of acquisition-related intangibles342342686
    - prior year adjustments to tax charge(18)-(18)
    _____________________
    Adjusted earnings attributable to owners of the Parent610(200)(1,881)
    Weighted number of ordinary shares in issue37,032,43132,532,43134,136,617
    Adjusted earnings per share attributable to shareholders (basic and diluted)1.6¢(0.6)¢(5.5)¢
    

 

The criteria for inclusion of adjusting items in the calculation of adjusted EPS are the same as those relating to the calculation of adjusted EBITDA as set out in Note 3. Additionally, amortisation of acquisition-related intangibles relates to the amortisation of intangible assets in respect of customer relationships which are recognised on a business combination and are non-cash in nature.

 

The Group has one category of potentially dilutive ordinary share, being those share options granted to employees where the exercise price (plus the remaining expected charge to profit under IFRS 2) is less than the average price of the Company's ordinary shares during the period.

 

 

7              Intangible assets

 

Intangible assets comprise capitalised development costs, acquired software, customer relationships and goodwill.

 


    Development costsThird party
    software    		PatentsCustomer relationshipsGoodwillTotal
    $'000$'000$'000$'000$'000$'000
    Cost
    At 1 January 20219,263110276,86247016,732
    Additions1,3906---1,396
    Foreign exchange-(1)---(1)
    __________________________________________
    At 30 June 202110,653115276,86247018,127
    Amortisation or impairment
    At 1 January 2021(3,373)(52)-(1,658)-(5,083)
    Charge for the period(639)(10)-(343)-(992)
    __________________________________________
    At 30 June 2021(4,012)(62)-(2,001)-(6,075)
    Net carrying amount
    At 30 June 20216,64153274,86147012,052
    At 1 January 20215,89058275,20447011,649
    

 

 

8              Contract assets

 

Contract assets are comprised as follows:

 


    As at
    30 June 2021    		As at
    30 June 2020    		As at 31 December 2020
    $'000$'000$'000
    Due after one year
    Contract assets relating to revenue98446311
    Contract fulfilment assets363-440
    _____________________
    461446751
    Due within one year
    Contract assets relating to revenue581246457
    Contract fulfilment assets152-152
    _____________________
    733246609
    

 

 

9              Loans and borrowings


    As at
    30 June 2021    		As at
    30 June 2020    		As at 31 December 2020
    $'000$'000$'000
    Non-current liabilities
    Secured term loans237-277
    Unsecured borrowings7941,145919
    _____________________
    1,0311,1451,196
    Current liabilities
    Current portion of term loans1386299
    Unsecured borrowings36686145
    _____________________
    504148244
    Total loans and borrowings1,5351,2931,440
    

 

 

10           Trade and other payables

 


    As at
    30 June 2021    		As at
    30 June 2020    		As at 31 December 2020
    $'000$'000$'000
    Due within a year
    Trade payables3040810
    Other payables326763283
    _____________________
    Total trade and other payables3568031,093
    

 

 

11           Provisions

 


    Long-termAs at
    30 June 2021    		As at
    30 June 2020    		As at 31 December 2020
    $'000$'000$'000
    Employee gratuities10876116
    Leave encashment413757
    _____________________
    149113173
    

 

 


    Short-termAs at
    30 June 2021    		As at
    30 June 2020    		As at 31 December 2020
    $'000$'000$'000
    Employee gratuities12913
    Leave encashment171524
    Other provisions (including tax)16965126
    _____________________
    19889163
    

 

 

12           Post balance sheet events

 

Other than disclosed above there have been no events subsequent to the reporting date which would have a material impact on these interim financial results.

 

 

 

 [END]

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