In a trading update for the year ended 31 December 2017, the firm – which only listed on AIM on 19 December 2017 – said, based on unaudited results, its full year revenues are expected to be greater than US$3mln, well up on 2016’s US$1.2mln outcome, driven by the addition of four new Telco customers in the year.
The group also said it is progressing discussions with several potential new Telco customers, across four continents and “looks forward to updating the market as new customers adopt the company's mViva precision marketing platform.”
Sales & marketing team developing
Pelatro said the funds raised from its AIM float are being used, in part, to develop the sales and marketing team to drive the rapid growth targeted by the company.
The group added that it has appointed a “high calibre sales individual to specifically target certain parts of Europe and Africa” and said further appointments are expected in due course.
Subash Menon, Pelatro’s managing director, commented: "2017 was a transformational year for the business with continued, rapid growth, and the Company's Admission to AIM.
“The proceeds of the placing are allowing us to accelerate the global reach of our precision marketing software, mViva, and services; evidenced by our growing pipeline of opportunities. We look forward to further significant growth in the year ahead."
Shares up around 20% since float
In midday trading, Pelatro shares were over 5% higher at 83p, having risen by around 20% from the initial placing price of 62.5p.
The December share placing by broker finnCap drew strong demand from a number of institutional investors and raised a total of £4.6mln for the firm, giving it an initial market capitalisation of around £15.2mln.