REG - Pelatro PLC - Final Results
23/05/2022 07:00
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RNS Number : 3488M Pelatro PLC 23 May 2022
23 May 2022
Pelatro Plc
("Pelatro" or the "Group")
Final Results
Pelatro Plc (AIM: PTRO), the precision marketing software specialist, is
pleased to announce today its audited results for the year ended 31 December
2021.
Financial highlights
· Significant increase in revenue to $7.3m (2020:
$4.0m)
· Recurring revenue of $4.8m (2020: $2.9m)
· Adjusted EBITDA(*) of $2.8m (2020: $0.4m)
· Adjusted loss per share of (0.4)¢ (2020:
(5.5)¢)
• Equity placing to raise $4.3m to invest in our
business and repay debt
· Gross cash as at 31 December 2021 $3.3m (2020:
$1.8m)
• Trade receivables of $5.0m (2020: $3.5m); c.
$1.9m received from debtors since year end
Operational highlights
• Three new customers bringing total to 23
• Now processing data of over one billion
subscribers every day
• With recent contracts a dominant presence in
Asia and increasingly in Africa
Outlook
· Substantial order book and good visibility over revenues for
the coming year - ARR now c.80% of expected FY22 revenue
• New business pipeline(#) of c. $17m
• Further drive into fast growing mobile
advertising space
Richard Day, non-executive Chairman of Pelatro commented:
"We are delighted to be able to show in these results figures which are in
line with expectations; with solid growth in the revenue line of over 80% to
$7.3m from $4.0m the previous year, with the majority being of a recurring
revenue nature. 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"
Presentation
A copy of the results presentation to be provided to investors and analysts
will be available on Pelatro's website in due course (www.pelatro.com
(http://www.pelatro.com) ).
For further information contact:
Pelatro Plc
Subash Menon, Managing Director c/o finnCap
Nic Hellyer, Chief Financial Officer
finnCap Limited (Nominated Adviser and broker) +44 (0)20 7220 0500
Carl Holmes/Kate Bannatyne/Milesh Hindocha (Corporate Finance)
* earnings before interest, tax, depreciation, amortisation, exceptional items
and share-based payments
** ARR is calculated by reference to the full annualised value of a contract;
the total ARR thus calculated may not all accrue in the 12 months following
due to (for example) implementation periods and other timing differences
between signing a contract and the "Go Live" or similar date
# Pipeline value is defined as expected license revenue or 3 x ARR, depending
on the nature of the contract
This announcement is released by Pelatro Plc and, prior to publication, the
information contained herein was deemed to constitute inside information under
the Market Abuse Regulations (EU) No. 596/2014. Such information is disclosed
in accordance with the Company's obligations under Article 17 of MAR. The
person who arranged for the release of this announcement on behalf of Pelatro
Plc was Nic Hellyer, CFO.
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
CHAIRMAN'S STATEMENT
Overview
The markets we serve have become increasingly sophisticated but the underlying
themes of providing good service with outstanding products and generating real
value for our customers continues to serve us and our customer base well. For
us this has resulted in a year of consolidating our position as a recurring
revenues service provider as well as winning new customers, ensuring we are
able to report healthy growth in our business. We will still provide our
software and services through a licence model if that is preferred by a
customer, but this is no longer the norm.
Operations
We started the year in January 2021 with our mViva platform being chosen by an
Asian telco for campaign management operations. This Asian telco is part of a
much larger international telco group and we have found this is an ideal way
to penetrate these larger diverse entities. We followed this with a Framework
Agreement later in the year with the parent company, so that its operating
companies in various jurisdictions can be serviced by Pelatro under one
agreement. Including these and despite the Covid situation, Pelatro won three
new telco customers in 2021, taking us to 23 customers in various countries
around the world. We have also been extending the breadth and quality of our
products and services we provide to our telco customers. Part of our growth
effort has been directed towards the non-telco space, where non-telco brand
campaigns and adverts can be sent to consumers via their mobile phones. We
have recruited a senior manager for this area and are building the team but
are proceeding cautiously in terms of new contracts to ensure that they are on
appropriate terms.
India has taken longer to emerge from the various Covid disruptions than the
UK and currently continues to remain cautious with regards to Covid. With our
main operations based in Bangalore, we have successfully managed home working
by our staff which has meant there has not been a significant effect on our
day-to day operations and we have been able to continue to provide excellent
levels of service to our customers. This included our five year Managed
Services contract which went live with our largest customer in India. The
implementation was smooth and successful, with over 400 million subscribers
being transferred over to the new system.
The numbers of staff attending our offices safely for work has been at the 30%
level for some time now and we expect this gradually to grow over the coming
months. Our executive team have also been prevented from travelling overseas,
but air travel has also opened up and they are now able to meet our
international customer base and pursue new opportunities in person.
Non telco operations
Pelatro has been working on entering non telco sectors for the past nine
months. We have initially focused on banks and fintech companies as sectors,
with over 50 potential customers being targeted in India, as a geographic
starting point. Through these extensive interactions over these months, it has
become amply clear that these enterprises are keen on customer journey
mapping, customer journey analytics and customer journey orchestration. This
is a very new product set to these businesses but a number have expressed
interest in exploring an engagement. Given our extensive experience in the
telco sector our product mViva has very strong capabilities with respect to
customer journey orchestration and on that basis we are confident of winning
our first customer in this space during 2022.
We expect to undertake further recruitment to service this space when our
initial customer engagements begin to mature and the business model develops
further. The extent of this recruitment will depend on the potential
geographic and sector breadth of the roll out.
Other developments
In June, we took the opportunity to raise approximately £3.3m through an
equity placing of new shares with new and existing shareholders to help grow
our sales and marketing as well as to repay debt and strengthen the Group's
balance sheet. In December, our CFO Nic Hellyer, who had been with Pelatro for
over four years on a part-time basis, moved to a full-time role with us.
We continue to closely monitor the situation in Ukraine, the response of
international governments and any potential impact on the Group. Pelatro has a
small development and support team in Russia, representing around 13% of the
Group's cash cost base. This team can and does operate remotely with no
requirement for travel, and is currently fully operational. The Group has no
revenue from Russia or any other related sanctioned jurisdiction.
Outlook
Against this backdrop, we are delighted to be able to show in these results
figures which are in line with expectations; with solid growth in the revenue
line of over 80% to $7.3m from $4.0m the previous year, with the majority
being of a recurring revenue nature. The Group also 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.
Richard Day
Chairman
MANAGING DIRECTOR'S STATEMENT
Change, as they say, is the only constant phenomenon. Does this mean change
can only be involuntary and accidental? Absolutely not. The type of change
that people and organisations benefit from are those that are brought about by
design. Those that involve strategizing and meticulous execution -
particularly when it comes to a company. Your company went through a
well-orchestrated change during 2019 and 2020 and the results came in during
2021.
The Orchestrated Change
When we started the process in 2019, we had clearly articulated both the goal
and the path to it. The objective was to shift our revenue model from a
one-time license fee model to recurring and/or repeating revenue, with an
emphasis on recurring. Given that recurring revenue is now a sustainable 70%
or so of revenue we believe we have achieved that goal. Furthermore, from a
low of 20% at the time of the IPO in 2017, recurring and repeating business
has gone up to around 90%, thereby significantly increasing the predictability
and stability of the revenue stream, with the visibility quite high at the
start of the year itself, with a key element of this being the quantum of
annual recurring revenue ("ARR") as we win new contracts. We believe that we
have now reached a stable level with respect to the share of these revenue
streams and that augurs well for the business going forward.
Growing Customer Base
Over the years, we have been successful in adding customers. While this was
impacted by Covid-19, we added three new customers in 2021 taking our tally to
23 customers in 20 countries. Some of the key statistics are given below.
• Processing data of over one billion subscribers
every day
• Processing over 60 billion transactions per day,
in real time, in one customer site alone
• Executing over 15,000 campaigns every day
• Present in 20 countries
Scale is a critical element for any enterprise software and for us that has
now been well established. From a geographical perspective, we now have a
dominant presence in Asia and Africa. Leveraging these achievements, we are
now spreading into Europe.
Going Above and Beyond
Our customers are operating in a highly competitive market wherein they are
being squeezed by two strong forces - reducing revenue per customer and
increasing churn. Between these two debilitating factors, the telcos are
finding it extremely difficult to increase revenue and margin. In this tough
situation, vendors need to shoulder more responsibilities and become true
partners. Pelatro is committed to this vision. Over the past few years, we
have built extensive capabilities in the following areas.
• Development of campaign strategy
• Campaign consultancy
• Campaign execution
• Platform operation
• Reporting
With these enhanced capabilities, we help our customers to effectively use our
solution to increase revenue and reduce churn. In many instances some of
Pelatro's revenue is linked to performance thereby ensuring that interests are
aligned with our customers. Thus, we share the risk perceived by our customers
while helping them to meet their objectives to the fullest extent possible.
We have been on this specific journey for the past three years and are
convinced that this is the way forward. Our customers are increasingly seeing
us as partners and not mere vendors. They are highly appreciative of the value
added by Pelatro with respect to both the software solution and the overall
operations. Such engagements are flourishing on the basis of actual
incremental revenue generated by Pelatro over the past few years and a
comparison of the same with the status within the telcos prior to that period,
and the uplift brought about by Pelatro is compelling enough for the telcos to
increasingly rely on us for operations in the form of managed services.
As noted in the Chairman's statement we have also begun the journey similarly
to add value to non-telco customers. We will invest in this side of the
business prudently and, while it is early days, we expect these engagements to
further increase our revenue in the years to come.
I take this opportunity to thank all of you and look forward to your continued
support in our effort to go above and beyond.
Subash Menon
Managing Director, CEO and Co-Founder
FINANCIAL REVIEW
Income Statement
Revenue
Out of our total revenue of $7.27m, approximately $4.79m (66%) arose from
recurring revenue (2020: $2.85m), comprising some $3.46m from managed service
and gain share contracts and the balance from post-contract support. A further
$1.96m came from change requests (2020: $0.43m) which are not contractually
"recurring" but tend to provide "repeat" income as our customers' usage of the
product evolves. Accordingly, over 90% of revenue was "repeating" in nature,
compared to just over 80% in 2020.
This increase reflects the push by the Group over the last few years into
recurring revenue contracts which initially resulted in a fall in revenue as
"one off" license revenues were replaced by sustainable longer-term contracts.
Whilst the coronavirus pandemic over the last two years had a relatively
limited impact on high-level decision making at our customers, it did
nonetheless slow our marketing efforts which, for high-level enterprise
software such as ours, do require some level of face-to-face contact. Despite
this, three new customers were added during the year; this, together with the
number of recurring revenue customers, further reduced customer concentration
with now only two customers accounting for more than 10% of revenue.
Cost of sales and overheads
Cost of sales increased by 29% to $2.2m (2020: $1.7m). These costs comprise
principally (i) the direct salary costs of providing software support and
maintenance, professional services and consultancy; (ii) expensed customer
implementation; (iii) third-party software maintenance and licensing costs;
and (iv) sales commissions. The increase in 2021 results almost entirely from
the full year effect of staff taken on to service managed service and similar
contracts commenced in 2020.
Pre-exceptional overheads (excluding depreciation and amortisation) increased
to $2.3m (2020: $1.9m), reflecting the increase in business activity and hence
people costs, plus additional efforts in sales and marketing, notably
establishing the Group presence via social media. Travel costs were maintained
at a relatively low level given the ongoing restrictions on international
travel and the Group's success in enabling support and implementation
functions remotely.
Profitability
Adjusted EBITDA (earnings before interest, tax, depreciation, amortisation and
exceptional items, as adjusted for the effect of certain non-recurring or
exceptional items) rose strongly by over 6x in the year to $2.81m (2020:
$0.44m). After taking into account net finance costs and depreciation and
amortisation (including c. $0.7m of acquisition-related amortisation) loss
before tax was $(0.67)m (2020: loss of $(2.22)m before exceptional items).
Adjusted loss per share was (0.4)¢ (2020: loss of (5.5)¢), and reported loss
per share was (2.1)¢ (2020: loss (7.2)¢).
Statement of Financial Position
Intangible assets
Capitalised development costs and patents
Capitalised development costs reduced slightly to $2.6m (2020: $2.9m)
reflecting a reduction in direct costs attributable to software development,
particularly in Nizhny Novgorod. Amounts capitalised during the year included
investments in the mViva Contextual Marketing Platform ("CMP") which was
developed from v.6.1 to v.6.2, the Unified Communication management
("UCM")/Link product from 12.1 to 13.0 and various new modules which add to
and enhance the core product suite. The carrying value of these software
assets together with the carrying value of software assets capitalised in
previous periods was reviewed for impairment at the balance sheet date and no
impairment was required.
The Group continues to protect its IP by registering patents when relevant and
spent a further $30,000 on patent development over the year. Net of
amortisation, the net book value of intangible assets relating to development
costs and patents in the statement of financial position is approximately
$6.4m (2020: $5.9m).
Property, plant and equipment
Expenditure on property, plant and equipment was minimal at $88,000,
principally relating to IT and peripheral equipment. This compares to $0.9m in
2020 which related mainly to IT equipment placed on site at a customer's
premises to implement the related managed services contract.
Depreciation in the year amounted to $0.30m (excluding amounts relating to
Right-to-Use assets now recognised under IFRS 16, and gross of amounts
capitalised as intangible assets) (2020: $0.20m). The increase largely
reflects depreciation now charged on the customer site IT assets referred to
above. The aggregate net book value of property, plant and equipment fell
accordingly from $1.22m to $0.98m.
Right of use assets
The Group recognises certain long-term leases under IFRS 16 as "right of use"
assets. The reduction in the overall value of the right of use assets from
$0.31m in 2020 to $0.24m in 2021, is net of depreciation of $0.17m and capital
additions of $0.1m. These additions do not reflect new leases but instead the
capitalised value of expected extensions to current leases. The Group has had
its office accommodation requirements (principally in Bangalore) under review
for some time, however, the COVID pandemic and associated uncertainty had put
such considerations on hold, but the Group now believes that a significant
office consolidation will take place by the beginning of 2023.
Trade receivables and contract assets
Trade receivables
At 31 December 2021 total trade receivables (i.e. including long-term
receivables) stood at $4.96m (2020: $3.48m). This figure includes:
(a) a receivable of $0.64m the payment of which is subject to a government
approval process in the customer's jurisdiction. This process generally leads
to a substantial delay to the payment of the amount outstanding - the payment
concerned was originally expected in Q4 2021; however, the delay was
compounded by a change to the underlying procedure which has resulted in the
payment now being expected in Q2 2022. This delay is purely procedural and no
impairment of the underlying amount is expected; and
(b) a receivable of $1.14m relating to an entire license contract which,
though live with the customer, was pending final approval. This has taken
place post the year end and $0.46m of the debt has been received to date.
In addition to the $0.46m, just under $1.5m has been received since the year
end to date, i.e. a total of $1.9m.
Contract assets
Contract assets are recognised relating to support and maintenance revenue and
license fees as invoices are raised in arrears of the revenue recognition
relating to the services being provided. In addition, contract assets include
contract fulfilment assets relating to sales commission provisions, the cost
of which is amortised over the life of the corresponding contract.
Short-term contract assets deriving from revenue (i.e. those which are
expected to reverse in less than one year) decreased to $0.38m (2020: $0.46m),
arising from one license contract signed in the year which had invoicing terms
which differed significantly from the underlying performance obligations.
Long-term contract assets deriving from revenue (i.e. those which are expected
to reverse after more than one year) decreased to $0.23m (2020: $0.31m),
reflecting the invoicing profile of various products and services, principally
on PCS.
Fulfilment assets included in contract assets total $0.18m (2020: $0.15m) in
respect of short-term assets (representing costs directly relating to certain
contracts to be recognised in profit and loss in the next 12 months); and
$0.38m (2020: $0.44m) in respect of long-term assets (representing costs
directly relating to certain contracts to be recognised in profit and loss
after one year). These assets largely reflect sales commissions first
contracted in 2020.
Trade and other payables, provisions and contract liabilities
Trade and other payables
At the year end, short-term trade payables stood at $0.15m (2020: $0.81m), the
reduction being due entirely to an exceptional amount due in respect of sales
commissions payable at the end of 2020 which were paid in 2021. Other
short-term payables of $0.45m (2020: $0.28m), were due principally to amounts
due in respect of staff bonuses and the balance for sundry creditors.
Provisions
Under the Indian Payment of Gratuity Act 1972, employees in the Group's Indian
subsidiary with more than 5 years' service are eligible for the payment of a
"gratuity" upon certain end of employment events - short-term provisions
include amounts estimated in respect of such gratuity payments, as well as
carried over leave payments and sundry expense provisions, in total $37,000
(2020: $79,000). The tax provision fell from $84,000 to $35,000 mainly due to
an increase in the amount of tax deducted at source from our Indian subsidiary
which reduced the year end tax creditor.
Long-term provisions of $0.20m (2020: $0.17m) relate solely to amounts
estimated in respect of leave encashment and gratuity payments. Further
details of such provisions are given in Note 26.
Contract liabilities
Contract liabilities represent customer payments received in advance of
satisfying performance obligations, which are expected to be recognised as
revenue in 2022 and beyond. Short-term contract liabilities remained broadly
stable at $0.47m (2020: $0.50m) and long-term contract liabilities increased
slightly to $0.28m (2020: $0.21m).
Statement of Cash Flows
Cash flow and financing
Cash generated by operations before tax payments amounted to $1.27m (2020:
$2.60m), the reduction largely resulting from the effect of the trade
receivables which were still outstanding at the year end referred to above and
the payment of the commissions referred to in the note on creditors above.
In July we raised c. $4.3m net of expenses by way of an equity placing. This
has supported the Group's expansion, both in terms of recruitment (in
particular in sales), the repayment of debt (some $0.75m) and working capital
generally.
The Group had closing gross cash of $3.3m (2020: $1.8m). Borrowings amounted
to $0.75m (2020: $1.4m) excluding amounts relating to lease liabilities. These
borrowings are to be repaid on an Equal Monthly Instalment ("EMI") basis over
the next 2-5 years.
Summary
Our performance this year reflects the work done over the last few years in
transitioning the Group towards long-term managed service contracts
underpinned by a solid base of support revenue, and a more normal year of
change request income. The Group starts the year with a material proportion of
the expected total revenue for the year underpinned by recurring revenue
already contracted and repeating revenue (i.e. change requests) under purchase
orders. The Board therefore remains optimistic that the Group is on track to
deliver a strong year of growth.
Nic Hellyer
Chief Financial Officer
Group Statement of Comprehensive
Income
For the year ended 31 December 2021
2021 2020
Note $'000 $'000
(audited) (audited)
Revenue 5 7,266 4,020
Cost of sales and provision of services (2,206) (1,710)
_______ _______
Gross profit 5,060 2,310
Administrative expenses 6 (4,831) (3,647)
_______ _______
Adjusted operating profit/(loss) 229 (1,337)
Exceptional items 7 - 149
Amortisation of acquisition-related intangibles 18 (686) (686)
Share-based payments 11 (32) (32)
_______ _______
Operating (loss) (489) (1,906)
Finance income 12 44 64
Finance expense 13 (221) (240)
_______ _______
(Loss) before taxation (666) (2,082)
Income tax expense 14 (181) (375)
_______ _______
(LOSS) FOR THE YEAR ATTRIBUTABLE TO OWNERS OF THE PARENT (847) (2,457)
Other comprehensive income/(expense):
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (147) 31
Items that will not subsequently be reclassified to profit or loss:
Exchange differences on translation of equity balances 50 (55)
_______ _______
Other comprehensive income, net of tax (97) (24)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (944) (2,481)
Earnings per share
Attributable to the owners of the Pelatro Group (basic and diluted) 15 (2.1)¢ (7.2)¢
Group Statement of Financial
Position
For the year ended 31 December 2021
2021 2020
Note $'000 $'000
(audited) (audited)
Assets
Non-current assets
Intangible assets 18 11,453 11,649
Tangible assets 19 982 1,218
Right-of-use assets 20 240 308
Deferred tax assets 14 16
Contract assets 21 606 751
Trade receivables 21 163 149
_______ _______
13,458 14,091
Current assets
Contract assets 21 555 609
Trade receivables 21 4,793 3,335
Other assets 22 315 485
Cash and cash equivalents 3,331 1,805
_______ _______
8,994 6,234
TOTAL ASSETS 22,452 20,325
Liabilities
Non-current liabilities
Borrowings 23 608 1,196
Lease liabilities 24 80 172
Contract liabilities 25 278 207
Long-term provisions 26 202 173
_______ _______
1,168 1,748
Current liabilities
Short term borrowings 23 136 244
Lease liabilities 24 188 174
Trade and other payables 25 603 1,093
Contract liabilities 25 469 495
Provisions 26 72 163
_______ _______
1,468 2,169
TOTAL LIABILITIES 2,636 3,917
NET ASSETS 19,816 16,408
Issued share capital and reserves attributable to owners of the parent
Share capital 27 1,501 1,212
Share premium 27 18,046 14,045
Other reserves (639) (583)
Retained earnings 908 1,734
_______ _______
TOTAL EQUITY 19,816 16,408
Group Statement of Cash Flows
For the year ended 31 December 2021
2021 2020
$'000 $'000
(audited) (audited)
Cash flows from operating activities
Profit/(loss) for the year (847) (2,457)
Adjustments for:
Income tax expense recognised in profit or loss 181 375
Finance income (44) (20)
Finance costs 221 232
Depreciation of tangible non-current assets 467 366
Profit on disposal of fixed assets (10) (10)
Amortisation of intangible non-current assets 2,814 2,122
Fair value adjustment on contingent consideration - (149)
Share-based payments 32 32
Foreign exchange gains/(losses) 9 25
_______ _______
Operating cash flows before movements in working capital 2,823 516
(Increase)/decrease in trade and other receivables (1,271) 2,229
(Increase) in contract assets 206 (544)
Increase in trade and other payables (532) 676
Increase/(decrease) in contract liabilities 45 (276)
_______ _______
Cash generated from operating activities 1,271 2,601
Income tax paid (258) (339)
_______ _______
Net cash generated from operating activities 1,013 2,262
Cash flows from investing activities
Development of intangible assets (2,540) (2,807)
Purchase of intangible assets (42) (9)
Acquisition of property, plant and equipment (88) (902)
Payment of earn out consideration relating to prior period acquisition - (851)
_______ _______
Net cash used in investing activities (2,670) (4,569)
Cash flows from financing activities
Proceeds from issue of ordinary shares, net of issue costs 4,290 2,589
Proceeds from borrowings 70 1,753
Repayment of borrowings (748) (919)
Repayments of principal on lease liabilities (173) (171)
Interest received 44 20
Interest paid (203) (185)
Interest expense on lease liabilities (25) (16)
_______ _______
Net cash generated by/(used in) financing activities 3,255 3,071
Net increase/(decrease) in cash and cash equivalents 1,598 764
Foreign exchange differences (72) (60)
Cash and cash equivalents at beginning of period 1,805 1,101
_______ _______
Cash and cash equivalents at end of period 3,331 1,805
Group Statement of Changes in
Equity
For the year ended 31 December 2021
Share capital Share premium Exchange reserve Merger reserve Share-based payments reserve Retained profits Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2020 as previously reported 1,065 11,603 (216) (527) 100 4,177 16,202
(Loss) after taxation for the period - - - - - (2,457) (2,457)
Share-based payments - - - - 98 - 98
Transfer on lapse of share options (14) 14 -
Other comprehensive income:
Exchange differences - - (24) - - - (24)
Transactions with owners:
Shares issued by Pelatro Plc for cash 147 2,620 - - - - 2,767
Issue costs - (178) - - - - (178)
_____ _____ _____ _____ _____ _____ _____
Balance at 31 December 2020 1,212 14,045 (240) (527) 184 1,734 16,408
(Loss) after taxation for the period - - - - - (847) (847)
Share-based payments - - - - 62 - 62
Transfer on lapse of share options (21) 21 -
Other comprehensive income:
Exchange differences - - (97) - - - (97)
Transactions with owners:
Shares issued by Pelatro Plc for cash 289 4,334 - - - - 4,623
Issue costs - (333) - - - - (333)
_____ _____ _____ _____ _____ _____ _____
Balance at 31 December 2021 1,501 18,046 (337) (527) 225 908 19,816
Notes
For the year ended 31 December 2021
As this summary announcement is extracted from the full financial statements,
certain references may refer to notes which are not included herein, and the
Notes section is not reproduced in full.
5 Revenue and segmental analysis
Revenue by type
At 31 December 2021 2020
$'000 $'000
Recurring software sales and services 3,456 1,528
Maintenance and support 1,334 1,323
_______ _______
Total recurring revenues 4,790 2,851
Change requests 1,958 426
_______ _______
Total repeating revenues 6,748 3,277
Software - new licenses 498 698
Consulting 20 45
_______ _______
7,266 4,020
Revenue by geography
The Group recognises revenue in seven geographical regions based on the
location of customers, as set out in the following table:
At 31 December 2021 2020
$'000 $'000
Caribbean 130 145
Central Asia 443 175
Eastern Europe 426 168
North Africa 104 64
South Asia 2,656 1,096
South East Asia 3,407 2,372
Sub-Saharan Africa 100 -
_______ _______
7,266 4,020
Customer concentration
The Group has two customers representing individually over 10% of revenue each
and in aggregate approximately 38% of total revenue at $2.73m (2020: three
customers, approximately 53% of total revenue at $2.14m). The two customers
accounted for revenue of $1.63m and $1.10m (2020: $0.89m, $0.63m and $0.62m).
Remaining performance obligations
There are certain software support, professional service, maintenance and
licences contracts that have been entered into for which both:
• the original contract period was greater than 12
months; and
• the Group's right to consideration does not
correspond directly with performance.
The amount of revenue that will be recognised in future periods on these
contracts when those remaining performance obligations will be satisfied is
shown below.
Year to 31 December
2022 2023 2024-7
$'000 $'000 $'000
Revenue expected to be recognised on software and service contracts 449 314 320
Comparative figures for the year ended 31 December 2020 were as follows:
Year to 31 December
2021 2022 2023-6
$'000 $'000 $'000
Revenue expected to be recognised on software and service contracts 579 394 442
Costs of obtaining and fulfilling contracts of $0.12m have been capitalised in
2021 (net of amortisation against revenue recognised in respect of those
contracts) (2020: $0.59m).
6 Operating expenses
Profit for the year has been arrived at after charging:
2021 2020
$'000 $'000
Amortisation of intangible non-current assets 2,814 2,122
Depreciation of tangible non-current assets 413 298
(Profit)/loss on disposal of Right to Use assets (10) (10)
Staff costs (see note 9) 2,865 1,787
Auditor's remuneration (see note 8) 47 41
Short-term lease expenses 35 23
Realised foreign exchange (gains)/losses 17 3
7 Non-GAAP profit measures and exceptional items
Reconciliation of operating profit to adjusted earnings before interest,
taxation, depreciation and amortisation ("EBITDA")
Year to 31 December 2021 2020
$'000 $'000
Operating profit/(loss) (489) (1,906)
Adjusted for:
Amortisation and depreciation 3,227 2,420
_______ _______
EBITDA 2,738 514
Revenue recognised as interest under IFRS 15 38 44
Expensed share-based payments 32 32
Exceptional items:
- gain on adjustment of contingent liability - (149)
_______ _______
Adjusted EBITDA 2,808 441
The calculation of adjusted earnings per share is shown in Note 15.
8 Auditor's remuneration
Year to 31 December 2021 2020
$'000 $'000
Audit of the financial statements of Pelatro Plc 47 41
Amounts receivable by auditor in respect of:
Tax compliance 1 4
_______ _______
48 45
9 Staff costs
Year to 31 December 2021 2020
$'000 $'000
Wages and salaries 5,256 4,410
Social security contributions 80 83
Less: amounts capitalised as intangible assets (2,471) (2,706)
_______ _______
2,865 1,787
The average number of persons employed by the Company during the period was:
Year to 31 December 2021 2020
Sales 3 4
Software development 98 96
Support 113 48
Marketing 3 3
Administration 18 15
_______ _______
235 166
10 Directors' remuneration and transactions
The Directors' emoluments in the year ended 31 December 2021 were:
Basic Bonus Benefits Share-based payments Pension
salary in kind Total Total
2021 2021 2021 2021 2021 2021 2020
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Executive Directors
N. Hellyer 87 21 10 1 3 122 137
S. Menon 201 57 21 - - 279 220
S. Yezhuvath 201 57 14 - - 272 207
Non-Executive Directors
R. Day 66 - - - 2 68 72
P. Verkade 41 - - - - 41 39
_______ ______ ______ ______ _______ _______ _______
596 135 45 1 5 782 675
The remuneration of the executive Directors is decided by the Remuneration
Committee. Save as disclosed above no Director had a material interest in any
contract of significance with the Group in either year.
11 Share-based payments
A charge of $32,000 (net of amounts capitalised of $30,000) (2020: $32,000)
has been recognised during the year for share-based payments over the vesting
period. This share-based payment expense comprises the charge in the current
period relating to the expensing of the fair value of (a) 1,323,500 options
granted under the Plan (net of lapsed or forfeited options) and (b) the 33,000
options (net of lapses) issued at the time of the Company' IPO.
Movements in the number of share options outstanding and their related
weighted average exercise prices are as follows:
No. of options Weighted average exercise price
2021 2020 2021 2020
Outstanding at the beginning of the year 1,505,500 1,631,500 72.7p 72.7p
Granted during the year - - - -
Forfeited/cancelled during the year (149,000) (126,000) 73.0p 73.0p
_______ _______
Outstanding at the end of the year 1,356,500 1,505,500 72.7p 72.7p
Outstanding options are exercisable at prices between 62.5p and 73p and have a
weighted average remaining contractual life of 6.8 years.
12 Finance income
2021 2020
$'000 $'000
Interest receivable on interest-bearing deposits 6 20
Notional interest accruing on contracts with a significant financing component 38 44
_______ _______
Total finance income 44 64
13 Finance expense
2021 2020
$'000 $'000
Interest and finance charges paid or payable on borrowings 202 198
Interest on lease liabilities under IFRS 16 25 31
Less: amounts capitalised as intangible assets (6) (14)
Acquisition-related financing expense (unwinding of discount on financial - 25
liabilities)
_______ _______
Total finance expense 221 240
An element of interest on lease liabilities is deemed to be directly
attributable overheads for the purposes of capitalising relevant expenditure
on developing intangible assets (see Note 18).
14 Taxation
Tax on profit on ordinary activities
Year to 31 December 2021 2020
$'000 $'000
Current tax
UK corporation tax charge/(credit) on profit for the current year - -
Overseas income tax charge/(credit) 232 321
Adjustments in respect of prior periods (42) (18)
_______ _______
Total current income tax 190 303
Deferred tax
Reversal/(recognition) of deferred tax asset (9) 72
_______ _______
Total deferred income tax (9) 72
Total income tax expense recognised in the year 181 375
Deferred tax
Recognised deferred tax asset
2021 2020
$'000 $'000
At 1 January 2021 16 63
Recognised in profit and loss (2) (47)
_______ _______
At 31 December 2021 14 16
Comprising:
Tax losses 14 16
_______ _______
14 16
Deferred income tax assets have only been recognised to the extent that it is
considered probable that they can be recovered against future taxable profits
based on profit forecasts for the foreseeable future. The deferred income tax
assets at 31 December 2021 above are expected to be utilised in the next two
years.
Recognised deferred tax liability
2021 2020
$'000 $'000
At 1 January 2021 24 -
Recognised in profit and loss (11) 24
_______ _______
At 31 December 2021 13 24
Comprising:
Timing differences 13 24
_______ _______
13 24
15 Earnings
Reported earnings per share
Basic earnings per share ("EPS") amounts are calculated by dividing net profit
or loss for the year attributable to owners of the Company by the weighted
average number of ordinary shares outstanding during the year.
The Group has one category of security potentially dilutive to ordinary shares
in issue, 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 in issue.
No dilution arose in the year as the exercise price was above the average
share price for the year.
The following reflects the earnings and share data used in the basic earnings
per share computations:
Year to 31 December 2021 2020
$'000 $'000
Profit/(loss) attributable to equity holders of the parent:
Profit/(loss) attributable to ordinary equity holders of the parent for basic (847) (2,457)
earnings
Weighted average number of ordinary shares in issue 41,153,537 34,136,617
Basic earnings/(loss) per share attributable to shareholders (2.1)¢ (7.2)¢
Adjusted earnings per share
Adjusted earnings per share is calculated as follows:
2021 2020
$'000 $'000
Profit/(loss) attributable to ordinary equity holders of the parent for basic (847) (2,457)
earnings
Adjusting items:
- exceptional items (see note 7} - (149)
- share-based payments 32 32
- finance expense on liabilities relating to contingent consideration - 25
- amortisation of acquisition-related intangibles 686 686
- prior year adjustments to tax charge (42) (18)
_______ _______
Adjusted earnings attributable to owners of the Parent (171) (1,881)
Weighted number of ordinary shares in issue 41,153,537 34,136,617
Adjusted earnings/(loss) per share attributable to shareholders (0.4)¢ (5.5)¢
18 Intangible assets
Intangible assets comprise capitalised development costs (in relation to
internally generated software and software acquired through business
combinations), software acquired from third parties for use in the business,
patents, customer relationships and goodwill.
An analysis of goodwill and other intangible assets is as follows:
2021 Development costs Third party software Patents Customer relationships Goodwill Total
$'000 $'000 $'000 $'000 $'000 $'000
Cost
At 1 January 2021 9,263 110 27 6,862 470 16,732
Additions 2,576 12 30 - - 2,618
Foreign exchange - (2) - - - (2)
_______ _______ _______ _______ _______ _______
At 31 December 2021 11,839 120 57 6,862 470 19,348
Amortisation
At 1 January 2021 (3,373) (52) - (1,658) - (5,083)
Charge for the year (2,105) (21) (2) (686) - (2,814)
Foreign exchange - 2 - - - 2
_______ _______ _______ _______ _______ _______
At 31 December 2021 (5,478) (71) (2) (2,344) - (7,895)
Net carrying amount
At 31 December 2021 6,361 49 55 4,518 470 11,453
At 31 December 2020 5,890 58 27 5,204 470 11,649
2020 Development costs Third party software Patents Customer relationships Goodwill Total
$'000 $'000 $'000 $'000 $'000 $'000
Cost
At 1 January 2020 6,391 108 23 6,862 470 13,854
Additions 2,872 4 4 - - 2,880
Foreign exchange - (2) - - - (2)
_______ _______ _______ _______ _______ _______
At 31 December 2020 9,263 110 27 6,862 470 16,732
Amortisation
At 1 January 2020 (1,957) (34) - (972) - (2,963)
Charge for the year (1,416) (20) - (686) - (2,122)
Foreign exchange - 2 - - - 2
_______ _______ _______ _______ _______ _______
At 31 December 2020 (3,373) (52) - (1,658) - (5,083)
Net carrying amount
At 31 December 2020 5,890 58 27 5,204 470 11,649
At 31 December 2019 4,434 74 23 5,890 470 10,891
19 Tangible assets
2021 Leasehold improvements Computer equipment Office equipment Vehicles Total
$'000 $'000 $'000 $'000 $'000
Cost
At 1 January 2021 131 1,084 59 305 1,579
Additions - 88 - - 88
Foreign exchange differences (2) (21) (1) (6) (30)
_______ _______ _______ _______ _______
At 31 December 2021 129 1,151 58 299 1,637
Depreciation
At 1 January 2021 (24) (222) (20) (95) (361)
Charge for the year (18) (238) (11) (36) (303)
Foreign exchange differences 1 6 - 2 9
_______ _______ _______ _______ _______
At 31 December 2021 (41) (454) (31) (129) (655)
Net carrying amount
At 31 December 2021 88 697 27 170 982
At 31 December 2020 107 862 39 210 1,218
2020 Leasehold improvements Computer equipment Office equipment Vehicles Total
$'000 $'000 $'000 $'000 $'000
Cost
At 1 January 2020 109 197 59 312 677
Additions 24 877 1 - 902
Foreign exchange differences (2) 10 (1) (7) -
_______ _______ _______ _______ _______
At 31 December 2020 131 1,084 59 305 1,579
Depreciation
At 1 January 2020 (7) (87) (9) (59) (162)
Charge for the year (17) (134) (11) (36) (198)
Foreign exchange differences - (1) - - (1)
_______ _______ _______ _______ _______
At 31 December 2020 (24) (222) (20) (95) (361)
Net carrying amount
At 31 December 2020 107 862 39 210 1,218
At 31 December 2019 102 110 50 253 515
20 Right-of-use assets
Right-of-use assets comprise leases over office buildings and vehicles as
follows:
2021 Office Vehicles Total
buildings
$'000 $'000 $'000
Cost
At 1 January 2021 661 32 693
Additions in respect of new leases 112 - 112
Disposals in respect of leases terminated (10) (32) (42)
Effects of foreign exchange movements (13) - (13)
_______ _______ _______
At 31 December 2021 750 - 750
Depreciation
At 1 January 2021 (355) (30) (385)
Charge for the period (164) (2) (166)
Eliminated on leases terminated - 32 32
Effects of foreign exchange movements 9 - 9
_______ _______ _______
At 31 December 2021 (510) - (510)
Net carrying amount
At 31 December 2021 240 - 240
At 31 December 2020 306 2 308
2020 Office Vehicles Total
buildings
$'000 $'000 $'000
Cost
At 1 January 2020 690 31 721
Additions in respect of new leases 227 - 227
Disposals in respect of leases terminated (231) - (231)
Effects of foreign exchange movements (25) 1 (24)
_______ _______ _______
At 31 December 2020 661 32 693
Depreciation
At 1 January 2020 (368) (14) (382)
Charge for the period (153) (14) (167)
Eliminated on leases terminated 157 - 157
Effects of foreign exchange movements 9 (2) 7
_______ _______ _______
At 31 December 2020 (355) (30) (385)
Net carrying amount
At 31 December 2020 306 2 308
At 31 December 2019 322 17 339
21 Trade and other receivables and contract assets
Contract assets
Due after one year 2021 2020
$'000 $'000
At 1 January 751 519
Contract assets recognised in the period 195 441
Transfer to current contract assets (340) (209)
_______ _______
At 31 December 606 751
Due within one year 2021 2020
$'000 $'000
At 1 January 609 293
Contract assets recognised in the period, net of releases to receivables or (394) 107
cash, or amortisation to profit or loss
Transfer from non-current contract assets 340 209
_______ _______
At 31 December 555 609
Contract assets are comprised as follows:
Due after one year 2021 2020
$'000 $'000
Contract assets relating to revenue 227 311
Contract fulfilment assets 379 440
_______ _______
606 751
Due within one year 2021 2020
$'000 $'000
Contract assets relating to revenue 375 457
Contract fulfilment assets 180 152
_______ _______
555 609
The Group recognises impairments under IFRS 9 for relevant classes of assets.
The Group thus reviews the amount of expected credit loss associated with its
trade receivables based on forward looking estimates that take into account
current and forecast credit conditions as opposed to relying on past
historical default rates. In the absence of any historic credit losses and the
expectation of no specific losses in the foreseeable future, the Directors
assess a hypothetical likely default amount by applying a percentage
"probability of default" to the receivables balance, such probability being
related to the underlying credit rating of the customer or country of origin.
Furthermore, taking into account the time value of money when applied to
contracts assets (which may unwind over a period of years following their
initial recognition), a loss allowance for expected credit losses has been
recorded as follows:
2021 2020
$'000 $'000
Loss allowance at 1 January 37 29
Increase in loss allowance 52 8
_______ _______
Loss allowance at 31 December 89 37
The loss allowance is comprised as follows:
2021 2020
$'000 $'000
On trade receivables 75 30
On contract assets 14 7
_______ _______
Loss allowance at 31 December 89 37
The largest individual counterparty to a receivable included in trade and
other receivables at 31 December 2021 was $1.14m (of which some $0.68m related
to unbilled revenue) (2020: $0.56m). Based on invoiced receivables, the
largest individual counterparty owed the Group $0.52m (2020: $0.20m). The
increase in loss allowance is due almost entirely to two individually
significant receivables balances (other than the largest) from customers
located in a jurisdiction with a notionally higher risk of default, and the
weighting of the largest within the loss allowance calculation. Other than
these, the Group's customers are spread across a broad range of geographies,
and approximately $1.5m has been received from customers since the reporting
date.
22 Other assets
At 31 December 2021 2020
$'000 $'000
Prepayments 146 130
Deposits 77 80
Other assets (including withholding tax, GST and VAT refunds) 92 275
_______ _______
Total other assets 315 485
23 Loans and borrowings
Loans and borrowings comprise:
At 31 December 2021 2020
$'000 $'000
Non-current liabilities
Secured term loans 23 277
Unsecured borrowings 585 919
_______ _______
608 1,196
Current liabilities
Current portion of term loans 11 99
Unsecured borrowings 125 145
_______ _______
136 244
Total loans and borrowings 744 1,440
The Group has two term loans, in its operating subsidiary in India and
denominated in INR, with interest rates between 10% and 15.5% (in INR),
repayable between 5 and 6 years from their inception, between June 2023 and
September 2024.
24 Lease liabilities
Lease liabilities comprise liabilities arising from the committed and expected
payments on leases over office buildings and vehicles.
2021
Amounts due in more than one year Office Vehicles Total
buildings
$'000 $'000 $'000
At 1 January 2021 172 - 172
Liabilities taken on in the period 24 - 24
Liabilities (disposed of) in the period (10) - (10)
Transfer from long-term to short-term (103) - (103)
Effects of foreign exchange movements (3) - (3)
_______ _______ _______
At 31 December 2021 80 - 80
Amounts due in less than one year Office Vehicles Total
buildings
$'000 $'000 $'000
At 1 January 2021 174 - 174
Liabilities taken on in the period 89 - 89
Liabilities (disposed of) in the period (1) - (1)
Repayments of principal (171) - (171)
Transfer to short-term from long-term 103 - 103
Effects of foreign exchange movements (6) - (6)
_______ _______ _______
At 31 December 2021 188 - 188
2020
Amounts due in more than one year Office Vehicles Total
buildings
$'000 $'000 $'000
At 1 January 2020 186 1 187
Liabilities taken on in the period 163 - 163
Liabilities (disposed of) in the period (28) - (28)
Transfer from long-term to short-term (140) (1) (141)
Effects of foreign exchange movements (9) - (9)
_______ _______ _______
At 31 December 2020 172 - 172
Amounts due in less than one year Office Vehicles Total
buildings
$'000 $'000 $'000
At 1 January 2020 193 12 205
Liabilities taken on in the period 69 - 69
Liabilities (disposed of) in the period (56) - (56)
Repayments of principal (164) (12) (176)
Transfer to short-term from long-term 140 1 141
Effects of foreign exchange movements (8) (1) (9)
_______ _______ _______
At 31 December 2020 174 - 174
PSPL, the Group's main operating subsidiary, has entered into various leases
over office space in Bangalore and Mumbai, which are now all out of their
initial commitment terms on notice periods of typically 2-3 months with
rollover options. The Group also has a lease on office space in Nizhny
Novgorod in Russia. Now the impact of COVID-19 is diminishing and working
from home flexibility is becoming more defined, the Group intends to review
its office accommodation with a view to consolidating its principal office
accommodation from the beginning of 2023.
25 Trade and other payables and contract liabilities
At 31 December 2021 2020
$'000 $'000
Due within one year
Trade payables 152 810
Other payables 451 283
_______ _______
Total trade and other payables 603 1,093
Trade payables include amounts due in respect of sales commissions due to
sales agents which is payable in less than one year. Other payables comprise
principally amounts due in respect of staff bonuses declared for December and
paid in January.
Contract liabilities
Contract liabilities represent consideration received in respect of
unsatisfied performance obligations. Changes to the Group's contract
liabilities are attributable solely to the satisfaction of performance
obligations.
At 31 December 2021 2020
$'000 $'000
Due after one year
Contract liabilities at 1 January 207 274
Contract liabilities recognised in the period 152 20
Transfers to short-term liabilities (81) (87)
_______ _______
Contract liabilities at 31 December 278 207
At 31 December 2021 2020
$'000 $'000
Due within one year
Contract liabilities at 1 January 495 665
Contract liabilities recognised/(released to revenue) in the period (107) (257)
Transfers from long-term liabilities 81 87
_______ _______
Contract liabilities at 31 December 469 495
26 Provisions
At 31 December 2021 2020
$'000 $'000
Due after one year
Employee gratuities 141 116
Leave encashment 61 57
_______ _______
202 173
At 31 December 2021 2020
$'000 $'000
Due within one year
Employee gratuities 7 13
Leave encashment 30 24
Other provisions (including tax) 35 126
_______ _______
72 163
Other provisions comprise tax and other expenses.
Under the Indian Payment of Gratuity Act 1972, employees with more than 5
years' service are eligible for the payment of a "gratuity" upon certain end
of employment events, including retirement, resignation, death and termination
or redundancy. The calculation of the gratuity due is based on the last drawn
salary and number of years of service. The potential liability arising from
these requirements is calculated by third party actuaries based on employee
profiles, their completed number of years in the organization, their age,
salary and also on the probability of termination of employment, and a
provision made accordingly.
Under the terms of their employment, employees are eligible to carry forward
30 "earned leaves" (EL) to the next calendar year. Any EL balance over and
above this is paid in cash by March the following year, hence resulting in a
long-term provision.
27 Share capital and reserves
Share capital and share premium
Ordinary shares of 2.5p each (issued and fully paid) $'000 Number
At 1 January 2020 1,065 32,532,431
Issued for cash during the year 147 4,500,000
_______ _______
At 31 December 2020 1,212 37,032,431
Issued for cash during the year 289 8,375,000
_______ _______
At 31 December 2021 1,501 45,407,431
On 2 and 5 July the Company issued a further 8,375,000 2.5 pence Ordinary
shares at a price of 40.0 pence per share by way of a placing to institutional
and other investors. The Company incurred incremental costs totalling $333,000
in respect of the Placing. IAS 32 Financial Instruments: Presentation requires
the costs of issuing new shares to be charged against the share premium
account. Management reviewed the incremental costs to identify those solely
incurred in issuing new shares, those incurred in connection with the entire
share capital, and those not associated with issuing new shares. All of the
costs relating to the Placing were deemed to relate directly to the issue of
new shares and thus resulted in a debit to share premium of $333,000.
30 Capital commitments and contingent liabilities
Other than as disclosed above, as at 31 December 2021 the Group had no
material capital commitments (2020: nil) nor any contingent liabilities (2020:
nil).
31 Events after the reporting date
There have been no events subsequent to the reporting date which would have a
material impact on the financial statements.
General
Audited accounts
The financial information set out above does not comprise the Group or the
Company's statutory accounts. The Annual Report and Financial Statements for
the year ended 31 December 2020 have been filed with the Registrar of
Companies. The Independent Auditors' Report on the Annual Report and Financial
Statements ("Annual Report") for the year ended 31 December 2020 was
unqualified, did not draw attention to any matters by way of emphasis, and did
not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The Independent Auditors' Report on the Annual Report for the year ended 31
December 2021 is unqualified, does not draw attention to any matters by way of
emphasis, and does not contain a statement under 498(2) or 498(3) of the
Companies Act 2006. The Annual Report will be filed with the Registrar of
Companies following the annual general meeting.
The Annual Report, together with a notice of the annual general meeting, are
expected to be made available to shareholders in June 2021. Copies will also
be available on the Company's website (www.pelatro.com) and from the Company's
registered office at 49 Queen Victoria Street, London EC4N 4SA from that date.
As this summary announcement is extracted from the full financial statements,
certain references may refer to notes which are not included herein, and the
Notes section is not reproduced in full.
Principal risks and uncertainties
The principal risks and uncertainties facing the Group together with actions
being taken to mitigate them and future potential items for consideration will
be set out in the Strategic Report section of the Annual Financial Report
2021.
Presentation of figures
Figures are rounded to the nearest $0.1m, $0.01m or $'000 as the case may be.
Percentage increases or decreases stated above are based on the figures as
rounded. Minor differences may arise in tabulation and figures presented
elsewhere due to rounding differences.
This announcement was approved by the Board of Directors on 20 May 2022.
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