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Pelatro PLC on Monday lowered its full-year revenue expectations after experiencing delays.
The London-based marketing software provider said revenue for 2023 is now expected to be around $7 million.
Although this is a 30% increase from the $5.4 million in revenue generated in 2022, it falls short from the previously forecasted full-year revenue of $8 million and also is down from $7.3 million in 2021.
Pelatro said it expects an adjusted pretax loss of $1 million. Adjusted operating loss in 2022 was $2.5 million. Including all exceptional items, pretax loss last year was $13.7 million.
This is the result of delays in the completion of projects, Pelatro said, citing ‘deliverables from the company taking slightly longer than expected and hardware procurement by customers experiencing delays’.
Nevertheless, Pelatro reassured that its pipeline ‘remains strong’ at around $23 million.
‘Despite a disappointing 2022, I look forward with cautious optimism to 2023 as the efforts put in to date, particularly our diversification into non-telco customers, begin to pay off,’ said Chair Harry Berry.
‘Our new business pipeline is at its highest ever level and I am confident that this will produce results in the coming months and years.’
Shares in Pelatro were up 8.6% at 0.76 pence each in London on Monday morning.
Late last month, Pelatro said it will ask shareholders to approve its de-listing from AIM, citing costs and regulatory burdens.
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