Pelatro 'delighted' after acquisition yields customer boost

Marketing software provider Pelatro reported on Monday that it expects to meet full-year expectations for property and revenue after more than doubling its number of customers from 6 to 14 over 2018.

The increase in customers came after the AIM-traded company acquired certain assets of Danateq, broadening its geographic reach and supplementing its product suite with the Danateq's Loyalty Management Solution and Notification Platform, which complemented the existing product.

Subash Menon, managing director and chief executive of Pelatro, said: "We are delighted with the progress made on various fronts during 2018. During the year we expanded our offering substantially whilst also increasing our revenues."

The company also reported that its board is encouraged by its momentum and pipeline with visible revenue of approximately $4.4m for the financial year 2019 and approximately $15m in the pipeline.

"We are pleased that cash collection improved significantly resulting in the second half being cash positive which is in line with our expectation to significantly reduce debtor days. We are experiencing increasing momentum which is evidenced by an expanding pipeline. On that basis, we expect 2019 to be another successful year," said Menon.

Pelatro’s shares were up 3.75% at 74.70p at 0927 GMT.