Shares of Pelatro PLC (AIM:PTRO), a provider of campaign management solutions, dropped 35% in early trading following an announcement that the company is facing project delays.
Revenues for 2023 are now projected to be approximately $7 million, falling short of the previous management estimate of $8 million. The company also anticipates a loss of around $1 million at the adjusted profit before tax (PBT) level for the current financial year.
The revised outlook is attributed to delays in both company deliverables and hardware procurement by customers.
Despite the setbacks, Pelatro maintains a strong pipeline valued at approximately $23 million, which includes around $5 million from non-telecommunications prospects. The unmet revenue is expected to be recognised in the next financial year.
In early trade, the stock was off 0.25p at 0.45p.