Pelatro (PTRO)

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Pelatro PTRO Logo

A UK based company that offers precision marketing solutions for telecom industry.

26-Sep-2018 – 83.5p – £27.2m – PER 8.17

Interim Results For The 6 Months To End June 2018 – Revenue up 53% to $2.38m (H1 2017: $1.55m), PBT up 24% to $1.2m (H1 2017: $972,000), EPS at 4.4¢ (H1 2017: 5.1¢) – Due to IPO. Cash of $1.6m. Not sure what this is “Adjustment (credit) to reported profits in first half of approximately $517,000 due to change to IFRS 15 revenue recognition (expected largely to reverse in second half)”.

First coverage for me and looks great except for that last sentence above – Although trading is in-line with expectations. Neutral whilst I do some research here.

26-Mar-2019 – 90p – £29.3m – PER 7.9

Results For The 12 Months To End December 2018 – Revenue up 95% ($6.12m), half of it is recurring. Adjusted PBT is up 73% with EPS up 13%, Net Cash down from $3.1m to $1.8m.

Something is tingling the spidey senses here – It looks attractive, I like what it does but something just doesn’t quite feel right. For that reason I am going to observe from the sidelines for now.

Note: Doesn’t help they recently spent $270,000 on a couple of cars for 2 of the directors! A great spot by @Rhomboid1 on Twitter.

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