Buy
Sell
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 0.0% 13.25 13.00 13.50 13.25 13.25 13.25 114,127 07:46:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 7.3 -0.7 -2.1 - 6

Pelatro PLC Half-year Report

22/09/2022 7:00am

UK Regulatory (RNS & others)


Pelatro (LSE:PTRO)
Historical Stock Chart


From Sep 2022 to Dec 2022

Click Here for more Pelatro Charts.

TIDMPTRO

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 0.2c (H1 2021: 0.9c) 

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     6 months     Year to 
                                                          to           to    December 
                                                     30 June      30 June        2021 
                                                        2022         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)c         0.0c      (2.1)c 
 
 Adjusted 
 Basic and diluted                         5            0.2c         0.9c      (0.4)c 
 
 

Group statement of financial position

 
                                                   As at        As at    As at 31 
                                                 30 June      30 June    December 
                                                    2022         2021        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     6 months     Year to 
                                                      to           to          31 
                                                 30 June      30 June    December 
                                                    2022         2021        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     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 
 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   6 months        Year to 
                                       to         to    31 December 
                                  30 June    30 June           2021 
                                     2022       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   6 months        Year to 
                                       to         to    31 December 
                                  30 June    30 June           2021 
                                     2022       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   6 months        Year to 
                                            to         to    31 December 
                                       30 June    30 June           2021 
                                          2022       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      6 months        Year to 
                                                     to            to    31 December 
                                                30 June       30 June           2021 
                                                   2022          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      6 months        Year to 
                                            to            to    31 December 
                                       30 June       30 June           2021 
                                          2022          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     6 months        Year to 
                                                 to           to    31 December 
                                            30 June      30 June           2021 
                                               2022         2021 
                                              $'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             (275)          (4)          (847) 
 
 Number of shares 
 Weighted average number of ordinary 
  shares for the purposes of basic 
  and diluted earnings per share         45,407,431   37,032,431     41,153,537 
 

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           2021 
                                                2022         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)                           0.2c         0.9c         (0.4)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.

   6              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 
  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 
                                         30 June    30 June    December 
                                            2022       2021        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 
                                   30 June    30 June    December 
                                      2022       2021        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 
                                    30 June    30 June    December 
                                       2022       2021        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 
                         30 June    30 June    December 
                            2022       2021        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 
                                      30 June    30 June    December 
                                         2022       2021        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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR KZGZLKMDGZZM

(END) Dow Jones Newswires

September 22, 2022 02:00 ET (06:00 GMT)

1 Year Pelatro Chart

1 Year Pelatro Chart

1 Month Pelatro Chart

1 Month Pelatro Chart
Your Recent History
LSE
PTRO
Pelatro
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20221209 03:39:46