REG - Pelatro PLC - Half-year Report
22/09/2022 07:01
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RNS Number : 2052A Pelatro PLC 22 September 2022
22 September 2022
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 2022.
Financial highlights
• Revenue $4.19m (H1 2021: $3.46m), an increase of
21%
• Recurring revenue $2.41m (H1 2021: $2.43m), 58%
of revenue
• Adjusted EBITDA(*) $1.87m (H1 2021: $1.61m)
• Adjusted EBITDA(*) margin 45% (FY 2021 39%)
• Adjusted earnings per share 0.2¢ (H1 2021:
0.9¢)
Operational highlights
• 3 new customers won this year to date
• Entry into financial services sector with a
significant win
Post period end highlights
• Further contract wins and change requests give
visibility over at least c. $8.5m revenue for the full year
• FY23 building steadily with over $6m of revenue
already visible
• Cash receipts in July and August of c. $1.6m
Outlook
Management expectations for the year underpinned by:
• Strong revenue visibility for full year and
diversification into non telco verticals
• Current pipeline** of c.$19m, of which c. $3m is
from existing customers
Richard Day, Non-executive Chairman of Pelatro commented:
"It is a measure of the progress we have made in implementing our strategy of
moving from a licence fee model to being more a recurring revenues service
provider that, with three months still to go this year, we already have
visibility over 95% of our expected full year revenue. We have already
announced the winning of two new telco customers plus one in financial
services, and our cost base is now increasingly stable. We are picking up new
business and are looking forward with every confidence."
For further information contact:
Pelatro Plc
Subash Menon, Managing Director c/o finnCap
Nic Hellyer, Chief Financial Officer
finnCap Limited (Nominated Adviser and joint broker) +44 (0)20 7220 0500
Carl Holmes/Milesh Hindocha (Corporate Finance)
Dowgate Capital Limited (joint broker) +44 (0)20 3903 7715
Stephen Norcross
* 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
The information communicated in this announcement is inside information for
the purposes of Article 7 of Regulation 596/2014.
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
Our results in the first half of 2022 and trading to date reflect both the
consolidation of our existing customer base as well as a healthy flow of new
business which will ensure growth in the coming years. Given that our first
customer was secured in 2016, a number of our typically five year contracts
have been coming up for renewal in the last 12-18 months, and it is extremely
pleasing to note that not one of our existing customers has sought to replace
us, and in fact have sought to strengthen their relationship with us by
requesting upgrades and change requests and/or additional software modules or
services. All of these produce valuable income for us and embed Pelatro at the
very heart of the customers' operations. The success of our mViva software in
enabling users to increase their revenue; this is further demonstrated by the
consistency of income from contracts where we take a share of the resulting
gain by the customer. Additionally we regularly see mViva enabling significant
reductions in subscriber churn.
We have also been expanding the range of industries we cover: having started
serving solely the telecommunications sector, we have now secured contracts in
the financial services sector and are closely tracking opportunities in
retail, all data rich sectors where our powerful data analytics capabilities
with advanced features like AI/machine learning technologies and real time
engagement enable our customers to enhance, enrich and extend their
relationships with their consumers.
We have worked hard to enhance the quality of our earnings such that the
significant majority of our revenue is now recurring in nature and, whilst
license sales are still an important contributor to revenue, even these are
often structured on the basis of regular monthly payments (for example, the
recent contract won with a Middle East telco with an initial value of around
$1m payable over three years). This contract also demonstrates our strategy of
securing relationships with members of large international telco groups where
we can leverage off the success of initial implementations to enable us to
market powerfully from "reference" customers.
Financial review
Revenue and profitability
In the six months to 30 June 2022 revenue increased by 21% over the comparable
period to $4.19m (H1 2021: $3.46m). Of the total revenue, approximately $2.41m
(H1 2021: $2.43m) was recurring revenue, comprising managed services, post
contract support and gain share revenue, the slight fall being due to currency
effects on INR-denominated revenue, the timing of certain services in one of
our larger contracts, and recent recurring revenue contract wins coming
onstream only in H2. Taking change requests of just under $1m into account
some 81% of H1 revenue was repeating revenue, with the balance relating to
license and other revenue.
Underlying operating profit (excluding the impact of non-cash share-based
payments, amortisation of customer-related intangible assets) was $0.27m (H1
2021: $0.48m). Within this, underlying "cash" costs rose only marginally from
$3.3m to $3.7m, reflecting both relatively stable staff numbers compared to
the growth of previous years as well as some benefit of the strength of the US
dollar (only around 10% of the Group's costs are incurred directly in USD with
some 70% in INR, around 10% in GBP and the rest in other currencies). However,
we recognised an increased amortisation charge on our capitalised development
costs, where amortisation of c. $1.3m is now ahead of the capitalised spend of
c. $1.2m.
Cash flow and trade receivables
Cash generated from operating activities was approximately $0.15m after
working capital movements (H1 2021: $0.52m). This reduction compared to the
prior period resulted from an increase in trade receivables to $5.59m (31
December 2021 $4.96m). Whilst part of this increase was due to increased
revenue, some is also due to delays in payment arising from routine foreign
exchange approvals needed by certain customers. These approvals usually take a
considerable period of time, and such delays are not unexpected and always
resolved in due course. We expect the majority of these receivables to unwind
in H2 and hence the H1 cash flow is not representative of our expectations for
the year as a whole: cash of $1.6m has been received in the months of July and
August and a further $0.3m to date.
Capitalised development expenditure was $1.22m (H1 2021: $1.19m), again
reflecting the relative stability in underlying numbers of the development
team.
Current trading and outlook
Business has been improving significantly throughout the year with several new
customers signing up for our products; in particular entry into the financial
services sector has been a major step for us during the past few months. Our
efforts in this sector have resulted in a strong pipeline getting built and we
expect to win several new customers in the financial services sector in the
coming quarters.
Revenue visibility for the full year reached around 95% of market forecasts
earlier this month, which we view as a good measure of the momentum in the
business. Given this traction, we expect to end 2022 with a strong base of
recurring revenue and to start 2023 with excellent visibility for that year in
turn. As in previous years, existing customers continue to take more products
and services from us thereby increasing the annual revenue from them.
Accordingly, we view our prospects for 2022 positively and look forward to
further growth in years to come.
Group statement of comprehensive income
6 months to 6 months to Year to
30 June 2022 30 June 2021 December 2021
Note $'000 $'000 $'000
(unaudited) (restated) (audited)
Revenue 1 4,189 3,460 7,266
Cost of sales and provision of services (991) (968) (2,206)
_______ _______ _______
Gross profit 3,198 2,492 5,060
Adjusted administrative expenses (2,926) (2,010) (4,831)
_______ _______ _______
Adjusted operating profit 272 482 229
Amortisation of acquisition-related intangibles (343) (342) (686)
Share-based payments (3) (15) (32)
_______ _______ _______
Operating profit/(loss) (74) 125 (489)
Finance income 3 17 23 44
Finance expense 4 (84) (110) (221)
_______ _______ _______
Profit/(loss) before taxation (141) 38 (666)
Income tax (expense) (134) (42) (181)
_______ _______ _______
(LOSS) FOR THE PERIOD (275) (4) (847)
Other comprehensive income/(expense):
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (126) (53) (82)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of equity balances (80) (26) (15)
_______ _______ _______
Other comprehensive income, net of tax (206) (79) (97)
TOTAL COMPREHENSIVE (LOSS) FOR THE PERIOD (481) (30) (944)
Earnings/(loss) per share
Reported
Basic and diluted 5 (0.6)¢ 0.0¢ (2.1)¢
Adjusted
Basic and diluted 5 0.2¢ 0.9¢ (0.4)¢
Group statement of financial position
As at As at As at 31 December 2021
30 June 2022 30 June 2021
Note $'000 $'000 $'000
(unaudited) (restated) (audited)
Assets
Non-current assets
Intangible assets 6 10,999 11,777 11,453
Tangible assets 811 1,095 982
Right-of-use assets 147 238 240
Deferred tax assets 16 16 14
Contract assets 7 1,257 461 606
Trade and other receivables 41 91 163
_______ _______ _______
13,271 13,678 13,458
Current assets
Contract assets 7 569 733 555
Trade receivables 5,550 3,716 4,793
Other assets 443 387 315
Cash and cash equivalents 1,647 784 3,331
_______ _______ _______
8,209 5,620 8,994
Total assets 21,480 19,298 22,452
Liabilities
Non-current liabilities
Borrowings 8 396 1,031 608
Lease liabilities 12 117 80
Contract liabilities 211 139 278
Long-term provisions 10 178 149 202
_______ _______ _______
797 1,436 1,168
Current liabilities
Short-term borrowings 8 250 504 136
Lease liabilities 160 139 188
Trade and other payables 9 329 356 603
Contract liabilities 431 289 469
Provisions 10 168 198 72
_______ _______ _______
1,338 1,486 1,468
Total liabilities 2,135 2,922 2,636
NET ASSETS 19,345 16,376 19,816
Issued share capital and reserves
Share capital 1,501 1,212 1,501
Share premium 18,046 14,045 18,046
Other reserves (835) (611) (639)
Retained earnings 633 1,730 908
_______ _______ _______
TOTAL EQUITY 19,345 16,376 19,816
Group statement of cash flows
6 months to 6 months to Year to 31
30 June 2022 30 June 2021 December 2021
$'000 $'000 $'000
(unaudited) (restated) (audited)
Cash flows from operating activities
Profit/(loss) for the period (275) (182) (847)
Adjustments for:
Income tax expense/(credit) recognised in profit or loss 134 42 181
Finance income (17) (4) (44)
Finance costs 84 107 221
Depreciation of tangible non-current assets 254 210 467
Profit on disposal of fixed assets - - (10)
Amortisation of intangible non-current assets 1,677 1,266 2,814
Share-based payments 3 15 32
Realised foreign exchange (gains)/losses 15 10 9
_______ _______ _______
Operating cash flows before movements in working capital 1,875 1,464 2,823
(Increase)/decrease in trade and other receivables (732) (199) (1,271)
(Increase)/decrease in contract assets (652) 173 206
Increase/(decrease) in trade and other payables (235) (623) (532)
Increase in contract liabilities and other deferred income (104) (293) 45
_______ _______ _______
Cash generated from operating activities 152 522 1,271
Income tax paid (188) (191) (258)
_______ _______ _______
Net cash generated from operating activities (36) 331 1,013
Cash flows from investing activities
Development of intangible assets (1,220) (1,176) (2,540)
Purchase of intangible assets - (3) (42)
Acquisition of property, plant and equipment (16) (42) (88)
_______ _______ _______
Net cash used in investing activities (1,236) (1,221) (2,670)
Cash flows from financing activities
Proceeds from issue of ordinary shares, net of issue costs - - 4,290
Proceeds from borrowings 2 226 70
Repayment of borrowings (62) (81) (748)
Repayments of principal on lease liabilities (118) (85) (173)
Interest received 17 4 44
Interest paid (69) (125) (203)
Interest expense on lease liabilities (16) (9) (25)
_______ _______ _______
Net cash generated by/(used in) financing activities (246) (70) 3,255
Net increase/(decrease) in cash and cash equivalents (1,518) (960) 1,598
Net foreign exchange differences (166) (61) (72)
Cash and cash equivalents at beginning of period 3,331 1,805 1,805
_______ _______ _______
Cash and cash equivalents at end of period 1,647 784 3,331
Group statement of changes in equity
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 2021 1,212 14,045 (240) (527) 184 1,734 16,408
(Loss) after taxation for the period - - - - - (4) (4)
Share-based payments - - - - 51 - 51
Other comprehensive income:
Exchange differences - - (79) - - - (79)
_____ _____ _____ _____ _____ _____ _____
Balance at 30 June 2021 1,212 14,045 (319) (527) 235 1,730 16,376
(Loss) after taxation for the period - - - - - (843) (843)
Share-based payments - - - - 11 - 11
Transfer on lapse of share options (21) 21 -
Other comprehensive income:
Exchange differences - - (18) - - - (18)
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
(Loss) after taxation for the period - - - - - (275) (275)
Share-based payments - - - - 10 - 10
Other comprehensive income:
Exchange differences - - (206) - - - (206)
_____ _____ _____ _____ _____ _____ _____
Balance at 30 June 2022 1,501 18,046 (543) (527) 235 633 19,345
Notes to the Group financial statements
1 Segmental analysis
Revenue by type
6 months to 6 months to Year to
30 June 2022 30 June 2021 31 December 2021
$'000 $'000 $'000
Recurring software sales and services 1,775 1,922 3,456
Maintenance and support 630 506 1,334
_______ _______ _______
Total recurring revenues 2,405 2,428 4,790
Change requests 978 1,009 1,958
_______ _______ _______
Total repeating revenues 3,383 3,437 6,748
Licence related income 798 23 498
Other income 8 - 20
_______ _______ _______
4,189 3,460 7,266
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 6 months to Year to
30 June 2022 30 June 2021 31 December 2021
$'000 $'000 $'000
Caribbean 79 64 130
Central Asia 280 287 443
Eastern Europe 230 75 426
Middle East and North Africa 893 152 104
South Asia 1,552 1,102 2,656
South East Asia 1,147 1,780 3,407
Sub-Saharan Africa 8 - 100
_______ _______ _______
4,189 3,460 7,266
2 Non-GAAP profit measures and exceptional items
Reconciliation of operating profit to earnings before interest, taxation,
depreciation and amortisation ("EBITDA"):
6 months to 6 months to Year to
30 June 2022 30 June 2021 31 December 2021
$'000 $'000 $'000
Operating profit/(loss) (74) 125 (489)
Adjusted for:
- amortisation and depreciation 1,926 1,450 3,227
_______ _______ _______
EBITDA 1,852 1,575 2,738
Other adjustments:
- revenue recognised as interest under IFRS 15 17 19 38
Expensed share-based payments 3 15 32
_______ _______ _______
Adjusted EBITDA 1,872 1,609 2,808
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.
3 Finance income
6 months to 6 months to Year to
30 June 2022 30 June 2021 31 December 2021
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Interest receivable on interest-bearing deposits - 4 6
Notional interest accruing on contracts with a significant financing component 17 19 38
_______ _______ _______
Total finance income 17 23 44
4 Finance expense
6 months to 6 months to Year to
30 June 2022 30 June 2021 31 December 2021
$'000 $'000 $'000
(unaudited) (unaudited) (audited)
Interest and finance charges paid or payable on borrowings 68 101 202
Interest on lease liabilities under IFRS 16 16 13 25
Less: amounts capitalised as intangible assets - (4) (6)
_______ _______ _______
Total finance expense 84 110 221
5 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 6 months to Year to
30 June 2022 30 June 2021 31 December 2021
$'000 $'000 $'000
Earnings
Earnings for the purposes of basic and diluted earnings per share being net (275) (4) (847)
profit attributable to equity holders of the parent
Number of shares
Weighted average number of ordinary shares for the purposes of basic and 45,407,431 37,032,431 41,153,537
diluted earnings per share
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 6 months to Year to
30 June 2022 30 June 2021 31 December 2021
$'000 $'000 $'000
Earnings attributable to owners of the Parent (275) (4) (847)
Adjusting items:
- expensed share-based payments 3 15 32
- amortisation of acquisition-related intangibles 343 342 686
- prior year adjustments to tax charge - (18) (42)
_______ _______ _______
Adjusted earnings attributable to owners of the Parent 71 335 (171)
Weighted number of ordinary shares in issue 45.407,431 37,032,431 41,153,537
Adjusted earnings per share attributable to shareholders (basic and diluted) 0.2¢ 0.9¢ (0.4)¢
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.
6 Intangible assets
Intangible assets comprise capitalised development costs, acquired software,
customer relationships and goodwill.
Development costs Third party Patents Customer relationships Goodwill Total
software
$'000 $'000 $'000 $'000 $'000 $'000
Cost
At 1 January 2022 11,839 120 57 6,862 470 19,348
Additions 1,220 6 - - - 1,226
Foreign exchange - (4) - - - (4)
_______ _______ _______ _______ _______ _______
At 30 June 2022 13,059 122 57 6,862 470 20,570
Amortisation or impairment
At 1 January 2022 (5,478) (71) (2) (2,344) - (7,895)
Charge for the period (1,317) (9) (7) (343) - (1,676)
_______ _______ _______ _______ _______ _______
At 30 June 2022 (6,795) (80) (9) (2,687) - (9,571)
Net carrying amount
At 30 June 2022 6,264 42 48 4,175 470 10,999
At 1 January 2022 6,361 49 55 4,518 470 11,453
7 Contract assets
Contract assets are comprised as follows:
As at As at As at 31 December 2021
30 June 2022 30 June 2021
$'000 $'000 $'000
Due after one year
Contract assets relating to revenue 972 98 227
Contract fulfilment assets 285 363 379
_______ _______ _______
1,257 461 606
Due within one year
Contract assets relating to revenue 380 581 375
Contract fulfilment assets 189 152 180
_______ _______ _______
569 733 555
8 Loans and borrowings
As at As at As at 31 December 2021
30 June 2022 30 June 2021
$'000 $'000 $'000
Non-current liabilities
Secured term loans 10 237 23
Unsecured borrowings 386 794 585
_______ _______ _______
396 1,031 608
Current liabilities
Current portion of term loans 15 138 11
Unsecured borrowings 235 366 125
_______ _______ _______
250 504 136
Total loans and borrowings 646 1,535 744
9 Trade and other payables
As at As at As at 31 December 2021
30 June 2022 30 June 2021
$'000 $'000 $'000
Due within a year
Trade payables 151 30 152
Other payables 178 326 451
_______ _______ _______
Total trade and other payables 329 356 603
10 Provisions
Long-term As at As at As at 31 December 2021
30 June 2022 30 June 2021
$'000 $'000 $'000
Employee gratuities 132 108 141
Leave encashment 46 41 61
_______ _______ _______
178 149 202
Short-term As at As at As at 31 December 2021
30 June 2022 30 June 2021
$'000 $'000 $'000
Employee gratuities 7 12 7
Leave encashment 22 17 30
Other provisions (including tax) 139 169 35
_______ _______ _______
168 198 72
11 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.
Basis of preparation
The Group has prepared its interim financial statements (the "statements") for
the 6 months ended 30 June 2022 (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 2021 and those which will be adopted in the preparation of
the annual report for the year ending 31 December 2022. The statements do not
constitute full statutory accounts within the meaning of section 434 of the
Companies Act 2006 and are unaudited.
Going concern
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 21 September 2022.
Comparative financial information
The comparative financial information presented herein for the year ended 31
December 2021 does not constitute full statutory accounts for that period.
Statutory accounts for the year ended 31 December 2021 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. The accounts for the 6 months to 30 June 2021 have been restated to
reflect a reallocation of amortisation expense on capitalised development
costs resulting from a revised assessment of amortisation costs undertaken as
part of the review of the financial results for the year ended 31 December
2021. The resulting adjustment to amortisation expense has not effected either
the 30 June 2021 cash position or the full year results.
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