Pelatro to provide proof of concept for mViva solution to global telco

Pelatro said on Tuesday that while there was no certainty that it will be successful with its proof of concept, the group highlighted that it had historically been "a successful approach" for new contract wins with other similar telco groups.

The AIM-listed group stated that if the proof of concept is successful, the company expects to roll out mViva progressively to all the operating companies of the potential client. Once all operating companies are operational on mViva, the full potential of the recurring revenue contract will be about $4.0m per annum, with revenue set to start in 2023.

Chief executive Subash Menon said: "This is a transformative step for us. Pelatro has been focusing on recurring revenue for the past couple of years and this win could materially change the current annual recurring revenue run rate. Further, it would add a marquee customer to our impressive list. We look forward to providing a further update on this following the POC phase."

As of 0950 BST, Pelatro shares were up 4.64% at 28.52p.

Reporting by Iain Gilbert at Sharecast.com