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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pelatro Plc | LSE:PTRO | London | Ordinary Share | GB00BYXH8F66 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.02 | 0.80 | 1.20 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMPTRO
RNS Number : 1139N
Pelatro PLC
28 September 2021
28 September 2021
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 2021.
Financial highlights
-- Revenue $3.46m (H1 2020: $2.29m) -- Recurring revenue $2.43m (H1 2020: $1.54m), 70% of revenue -- Adjusted EBITDA(*) $1.61m (H1 2020: $0.66m) -- Adjusted EBITDA(*) margin 47% (H1 2020 29%) -- Adjusted earnings per share 1.6c (H1 2020: (0.6)c)
Operational highlights
-- Transition to recurring revenue model almost complete -- New Framework Agreement signed with major telco group
-- Older contracts now being renewed, demonstrating "stickiness" and continuity of Pelatro products
Post period end highlights
-- Completed placing of 8.38m shares to raise GBP3.35m (pre expenses) -- Gross cash at 31 August $3.8m, net cash $2.8m after debt repayments of c. $0.6m
Outlook
Management expectations for the year underpinned by:
-- revenue visibility of c. $7.2m for full year (including $3.5m H1 2021) -- current pipeline ** of c. $18m, of which c. $5m is from existing customers
Richard Day, Non-executive Chairman of Pelatro commented:
"The momentum we have seen in the first half of the year is being maintained, with the Group being able to sell an expanded suite of products across our customer base. Our planned move into the mobile advertising space has started well and is throwing up some exciting prospects in non-telco areas as well. We very much appreciate the support we received from our shareholders with our GBP3.35m equity fund raising. With a sound business base, a wide range of quality products, excellent prospects and current visibility of c. $7.2m for this year as a whole, we have every confidence as we look forward to the end of the year and beyond to the longer term."
For further information contact:
Pelatro Plc Subash Menon, Managing Director c/o Cenkos Nic Hellyer, Finance Director Cenkos Securities plc (Nominated Adviser and Broker) +44 (0)20 7397 8900 Stephen Keys / Mark Connelly (corporate finance) Michael Johnson (sales)
* 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
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
Despite the continuing restriction on overseas air travel due to COVID-19 and hence the lack of face-to-face meetings we have continued to win new business throughout the first half of the year. Early in the period we won a recurring revenue contract for campaign management operations from an Asian telco (part of a large global group), which contract, with a number of additional services now taken on, is likely to produce revenue of around $1.5m over its life. In May, another existing customer group of Pelatro in Asia (with about 230 million subscribers) entered into a Framework Agreement ("FWA") with Pelatro for three years, which brought annual maintenance, support and previously ad hoc change requests under this group purchasing arrangement with a fixed amount to be paid quarterly for all base products and services. The FWA thus converted our entire product suite with the customer to recurring revenue and the contract will produce revenue of around $0.5m per year from 2022 onwards.
With these contracts and those from previous years our planned move into managed services business or other recurring revenue contracts in place of up-front licence arrangements is largely complete. We already have encouraging visibility for FY22 and the new business pipeline also reflects this move, with the majority of contracts signed in future expected to be of a recurring revenue nature.
Customers continue to be active with change requests, and overall some $1.3m of change requests have been contracted for execution this year. Likewise existing customers have been active in purchasing additional "modules" (such as Enterprise CLM, Analytics Workbench), which will contribute around $0.2m to revenue. Additionally, some of the Group's existing managed services contracts contain provisions for gain share revenue for Pelatro over and above the minimum contractual payments, which to date have produced revenue of around $0.25m but have the potential to produce revenue of around $0.5m during the year.
We have also now begun our move into mobile advertising, adding a new business stream to our existing operations in the mobile customer engagement space. We see this as a fast growing area and one which is highly complementary to our existing business. After the period end we raised GBP3.35m (gross) in new equity funding to invest in this new business area (as well as for general working capital for our overall business): since that time we have hired a senior manager to head the team and further recruitment is underway. Discussions are going on with prospective customers and we are seeing further opportunities to expand our offering to non-telco customers in multiple verticals. We are very encouraged at the level of interest we are seeing in this area from various brands including banks, retail and others.
Financial review
Revenue and profitability
In the six months to 30 June 2021 revenue increased by some 50% over the comparable period to $3.46m (H1 2020: $2.29m). Of the total revenue, approximately $2.43m (H1 2020: $1.54m) was recurring revenue, comprising managed services, post contract support and gain share revenue. Taking change requests of $1.01m into account virtually all H1 revenue was repeating revenue, though for the full year we expect to recognise some license-related revenue, for example from implementation of prior year contracts.
Underlying operating profit (excluding the impact of non-cash share-based payments, amortisation of customer-related intangible assets and exceptional items in H1 2020) was $0.76m (H1 2020: $0.11m loss).
Net cash and trade receivables
Cash generated from operating activities was approximately $0.70m after working capital movements (H1 2020: $1.18m); however, this is net of a payment of c. $0.7m relating to sales commissions due on a prior year contract. The financing requirements of the business were relatively modest; however the Group did take advantage of an Indian government COVID-related loan which was fully repaid after the period end along with a further $0.6m of debt out of the proceeds of the equity fund-raising of GBP3.35m.
Short-term trade receivables (including unbilled revenue but excluding contract assets) as at 30 June 2021 were $3.72m (31 December 2020 $3.34m).
Expenditure on non-current assets
Capitalised development expenditure was $1.39m (H1 2020: $1.21m); Group expenditure on fixed assets was a more normal $42,000 compared to the $0.79m in the comparative period which related to IT infrastructure for the Group's major managed services contract.
Current trading and outlook
Our strategy to focus more on recurring revenue has started to yield results. One obvious shift is in the weighting of expected revenue in the two halves of the year which has become more even. Another notable change is the reduction of "debtor days" which, whilst still an over-broad measure of trade receivables, does give a more meaningful figure when applied to debtors arising from recurring revenue contracts.
We are experiencing good momentum in our telco-facing business with existing customers increasing their investment in our solutions. Further, we are working on a strong pipeline with an expectation of winning a few more new customers in 2021 and securing recurring revenue contracts which should lead to attractive growth in 2022. We have made progress on the non-telco front, with one key hire and a number of engagements with non-telco corporates to help them with their marketing (advertising and campaigning) activities. In particular we have engaged with one corporate in the financial services sector and hope to provide our software to analyse its proprietary data. We expect to see further progress with non telco customers in the coming months and look to the future with confidence.
Group statement of comprehensive income
6 months 6 months Year to to to December 30 June 30 June 2020 2021 2020 Note $'000 $'000 $'000 (unaudited) (unaudited) (audited) Revenue 2 3,460 2,291 4,020 Cost of sales and provision of services (968) (667) (1,710) _______ _______ _______ Gross profit 2,492 1,624 2,310 Adjusted administrative expenses (1,735) (1,738) (3,647) _______ _______ _______ Adjusted operating profit/(loss) 757 (114) (1,337) Exceptional items - 149 149 Amortisation of acquisition-related intangibles (342) (342) (686) Share-based payments (15) (27) (32) _______ _______ _______ Operating profit/(loss) 400 (334) (1,906) Finance income 4 23 37 64 Finance expense 5 (110) (106) (240) _______ _______ _______ Profit/(loss) before taxation 313 (403) (2,082) Income tax credit/(expense) (42) (36) (375) _______ _______ _______ PROFIT/(LOSS) FOR THE PERIOD 271 (439) (2,457) Other comprehensive income/(expense): Items that may be reclassified subsequently to profit or loss: Exchange differences (26) 21 25 _______ _______ _______ Other comprehensive income, net of tax (26) 21 25 TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD 245 (418) (2,432) Earnings/(loss) per share Reported Basic and diluted 6 0.7c (1.3)c (7.2)c Adjusted Basic and diluted 6 1.6c (0.6)c (7.2)c
Group statement of financial position
As at As at As at 31 30 June 30 June December 2021 2020 2020 Note $'000 $'000 $'000 (unaudited) (unaudited) (audited) Assets Non-current assets Intangible assets 7 12,052 11,132 11,649 Property, plant and equipment 1,095 1,220 1,218 Right-of-use assets 238 240 308 Deferred tax assets 16 92 16 Contract assets 8 461 446 751 Trade and other receivables 91 238 149 _______ _______ _______ 13,953 13,368 14,091 Current assets Contract assets 8 733 246 609 Trade receivables 3,716 4,800 3,335 Other assets 387 576 485 Cash and cash equivalents 784 749 1,805 _______ _______ _______ 5,620 6,371 6,234 Total assets 19,573 19,739 20,325 Liabilities Non-current liabilities Borrowings 9 1,031 1,145 1,196 Lease liabilities 117 104 172 Contract liabilities 139 228 207 Long-term provisions 11 149 113 173 _______ _______ _______ 1,436 1,590 1,748 Current liabilities Borrowings 9 504 148 244 Lease liabilities 139 171 174 Trade and other payables 10 356 803 1,093 Provisions 11 198 89 163 Contract liabilities 289 337 495 Other financial liabilities - 801 - _______ _______ _______ 1,486 2,349 2,169 Total liabilities 2,922 3,939 3,917 NET ASSETS 16,651 15,800 16,408 Issued share capital and reserves Share capital 1,212 1,065 1,212 Share premium 14,045 11,603 14,045 Other reserves (611) (606) (583) Retained earnings 2,005 3,738 1,734 _______ _______ _______ TOTAL EQUITY 16,651 15,800 16,408
Group statement of cash flows
6 months 6 months Year to to to December 30 June 30 June 2020 2021 2020 $'000 $'000 $'000 (unaudited) (unaudited) (audited) Cash flows from operating activities Profit/(loss) for the period 271 (439) (2,457) Adjustments for: Income tax expense/(credit) recognised in profit or loss 42 45 375 Finance income (4) (37) (20) Finance costs 107 87 232 Depreciation of tangible non-current assets 210 135 366 Profit on disposal of fixed assets - - (10) Amortisation of intangible non-current assets 991 993 2,122 Fair value adjustment on contingent consideration - (149) (149) Share-based payments 15 27 32 Foreign exchange (gains)/losses 10 6 25 _______ _______ _______ Operating cash flows before movements in working capital 1,642 668 516 (Increase)/decrease in trade and other receivables (199) 416 2,229 (Increase)/decrease in contract assets 173 122 (544) Increase/(decrease) in trade and other payables (623) 386 676 Increase in contract liabilities (293) (413) (276) _______ _______ _______ Cash generated from operating activities 700 1,179 2,601 Income tax paid (191) (110) (339) _______ _______ _______ Net cash generated from operating activities 509 1,069 2,262 Cash flows from investing activities Development of intangible assets (1,354) (1,210) (2,807) Purchase of intangible assets (3) (3) (9) Acquisition of property, plant and equipment (42) (791) (902) Payment of earn out consideration relating to prior period acquisition - - (851) _______ _______ _______ Net cash used in investing activities (1,399) (2,004) (4,569) Cash flows from financing activities Proceeds from issue of ordinary shares,
net of issue costs - - 2,589 Proceeds from borrowings 226 1,117 1,753 Repayment of borrowings (81) (301) (919) Repayments of principal on lease liabilities (85) (93) (171) Interest received 4 37 20 Interest paid (125) (61) (185) Less interest accrued but not paid - 16 - Interest expense on lease liabilities (9) (8) (16) _______ _______ _______ Net cash generated by/(used in) financing activities (70) 707 3,071 Net increase/(decrease) in cash and cash equivalents (960) (228) 764 Net foreign exchange differences (61) (43) (60) Cash and cash equivalents at beginning of period 1,805 934 1,101 _______ _______ _______ Cash and cash equivalents at end of period 784 663 1,805 Comprising: Cash at bank and in hand 945 749 1,805 Overdraft (161) (86) - _______ _______ _______ 784 663 1,805
Group statement of changes in equity
Share Share Exchange Merger Share-based Retained Total capital premium reserve reserve payments profits reserve $'000 $'000 $'000 $'000 $'000 $'000 $'000 Balance at 1 January 2020 1,065 11,603 (216) (527) 100 4,177 16,202 (Loss) after taxation for the period - - - - - (439) (439) Share-based payments - - - - 50 - 50 Other comprehensive income: Exchange differences - - (13) - - - (13) _____ _____ _____ _____ _____ _____ _____ Balance at 30 June 2020 1,065 11,603 (229) (527) 150 3,738 15,800 (Loss) after taxation for the period - - - - - (2,018) (2,018) Share-based payments - - - - 48 - 48 Transfer on lapse of share options (14) 14 - Other comprehensive income: Exchange differences - - (11) - - - (11) 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 Profit after taxation for the period - - - - - 271 271 Share-based payments - - - - 51 - 51 Other comprehensive income: Exchange differences - - (79) - - - (79) _____ _____ _____ _____ _____ _____ _____ Balance at 30 June 2021 1,212 14,045 (319) (527) 235 2,005 16,651
Notes to the Group financial statements
1 Basis of preparation
The Group has prepared its interim financial statements (the "statements") for the 6 months ended 30 June 2021 (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 2020 and those which will be adopted in the preparation of the annual report for the year ending 31 December 2021. The statements do not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006 and are unaudited.
Going concern
A gradual "return to normal" on the part of our customers, our successful adaptation to new working methods and the global rollout of vaccination programmes means that the Directors consider that coronavirus no longer presents a material downside risk to the Group. 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 27 September 2021.
Comparative financial information
The comparative financial information presented herein for the year ended 31 December 2020 does not constitute full statutory accounts for that period. Statutory accounts for the year ended 31 December 2020 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.
2 Segmental analysis
Revenue by type
6 months 6 months Year to to to 31 December 30 June 30 June 2020 2021 2020 $'000 $'000 $'000 Recurring software sales and services 1,922 817 1,528 Maintenance and support 506 719 1,323 _______ _______ _______ Total recurring revenues 2,428 1,536 2,851 Change requests 1,009 331 426 _______ _______ _______ Total repeating revenues 3,437 1,867 3,277 Licence related income 23 424 698 Consulting - - 45 _______ _______ _______ 3,460 2,291 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:
6 months 6 months Year to to to 31 December 30 June 30 June 2020 2021 2020 $'000 $'000 $'000 Caribbean 64 60 145 Central Asia 287 32 175 Eastern Europe 75 74 168 Africa 152 42 64 South Asia 1,102 923 1,096 South East Asia 1,780 1,160 2,372 _______ _______ _______ 3,460 2,291 4,020 3 Non-GAAP profit measures and exceptional items
Reconciliation of operating profit to earnings before interest, taxation, depreciation and amortisation ("EBITDA"):
6 months 6 months Year to to to 31 December 30 June 30 June 2020 2021 2020 $'000 $'000 $'000 Operating profit/(loss) 400 (334) (1,906) Adjusted for: - amortisation and depreciation 1,175 1,091 2,420 _______ _______ _______ EBITDA 1,575 757 514 Other adjustments: - revenue recognised as interest under IFRS 15 19 22 44 Expensed share-based payments 15 27 32 Exceptional items: - gain on adjustment of deferred consideration liability - (149) (149) _______ _______ _______ Adjusted EBITDA 1,609 657 441
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.
Elements of depreciation on right-to-use assets recognised under IFRS 16 and share-based payment expense are deemed to be directly attributable overheads for the purposes of capitalising relevant expenditure on developing intangible assets (see Note 7). The figures above are shown net of amounts so capitalised.
4 Finance income 6 months 6 months Year to to to 31 December 30 June 30 June 2020 2021 2020 $'000 $'000 $'000 (unaudited) (unaudited) (audited) Interest receivable on interest-bearing deposits 4 15 20 Notional interest accruing on contracts with a significant financing component 19 22 44 _______ _______ _______ Total finance income 23 37 64 5 Finance expense 6 months 6 months Year to to to 31 December 30 June 30 June 2020 2021 2020 $'000 $'000 $'000 (unaudited) (unaudited) (audited) Interest and finance charges paid or payable on borrowings 101 79 198 Interest on lease liabilities under IFRS 16 13 15 31 Less: amounts capitalised as intangible assets (4) (7) (14) Acquisition-related financing expense - unwinding of discount on financial liabilities - 19 25 _______ _______ _______ Total finance expense 110 106 240 6 Earnings per share
Earnings per share - reported ("EPS")
The calculation of the basic and diluted EPS is based on the following data:
6 months 6 months Year to to to 31 December 30 June 30 June 2020 2021 2020 $'000 $'000 $'000 Earnings Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the parent 271 (439) (2,457) Number of shares Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share 37,032,431 32,532,431 34,136,617
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 6 months Year to to to 31 December 30 June 30 June 2020 2021 2020 $'000 $'000 $'000 Earnings attributable to owners of the Parent 271 (439) (2,457) Adjusting items: - exceptional items - (149) (149) - expensed share-based payments 15 27 32 - finance charge on liabilities relating to contingent consideration - 19 25 - amortisation of acquisition-related intangibles 342 342 686 - prior year adjustments to tax charge (18) - (18) _______ _______ _______ Adjusted earnings attributable to owners of the Parent 610 (200) (1,881) Weighted number of ordinary shares in issue 37,032,431 32,532,431 34,136,617 Adjusted earnings per share attributable to shareholders (basic and diluted) 1.6c (0.6)c (5.5)c
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.
7 Intangible assets
Intangible assets comprise capitalised development costs, acquired software, customer relationships and goodwill.
Development Third Patents Customer Goodwill Total costs party relationships software $'000 $'000 $'000 $'000 $'000 $'000 Cost At 1 January 2021 9,263 110 27 6,862 470 16,732 Additions 1,390 6 - - - 1,396 Foreign exchange - (1) - - - (1) _______ _______ _______ _______ _______ _______ At 30 June 2021 10,653 115 27 6,862 470 18,127 Amortisation or impairment At 1 January 2021 (3,373) (52) - (1,658) - (5,083) Charge for the period (639) (10) - (343) - (992) _______ _______ _______ _______ _______ _______ At 30 June 2021 (4,012) (62) - (2,001) - (6,075) Net carrying amount At 30 June 2021 6,641 53 27 4,861 470 12,052 At 1 January 2021 5,890 58 27 5,204 470 11,649 8 Contract assets
Contract assets are comprised as follows:
As at As at As at 31 30 June 30 June December 2021 2020 2020 $'000 $'000 $'000 Due after one year Contract assets relating to revenue 98 446 311 Contract fulfilment assets 363 - 440 _______ _______ _______ 461 446 751 Due within one year Contract assets relating to revenue 581 246 457 Contract fulfilment assets 152 - 152 _______ _______ _______ 733 246 609 9 Loans and borrowings As at As at As at 31 30 June 30 June December 2021 2020 2020 $'000 $'000 $'000 Non-current liabilities
Secured term loans 237 - 277 Unsecured borrowings 794 1,145 919 _______ _______ _______ 1,031 1,145 1,196 Current liabilities Current portion of term loans 138 62 99 Unsecured borrowings 366 86 145 _______ _______ _______ 504 148 244 Total loans and borrowings 1,535 1,293 1,440 10 Trade and other payables As at As at As at 31 30 June 30 June December 2021 2020 2020 $'000 $'000 $'000 Due within a year Trade payables 30 40 810 Other payables 326 763 283 _______ _______ _______ Total trade and other payables 356 803 1,093 11 Provisions Long-term As at As at As at 31 30 June 30 June December 2021 2020 2020 $'000 $'000 $'000 Employee gratuities 108 76 116 Leave encashment 41 37 57 _______ _______ _______ 149 113 173 Short-term As at As at As at 31 30 June 30 June December 2021 2020 2020 $'000 $'000 $'000 Employee gratuities 12 9 13 Leave encashment 17 15 24 Other provisions (including tax) 169 65 126 _______ _______ _______ 198 89 163 12 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.
[END]
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