Trading Update and Notice of Half-Year Results

Pebble Beach Systems Group PLC

19 July 2023

 

Pebble Beach Systems Group plc

Trading Update

and

Notice of Half-Year Results

Pebble Beach Systems Group plc (AIM: "PEB", "Pebble" or the "Group"), a leading global software business specialising in playout automation, content management and IP Control solutions for the broadcast and streaming service markets, is pleased to provide the following trading update for the half-year ended 30 June 2023.

The Group expects to report revenues of c£5.5m (H1 2022: £5m), a growth in revenue of 9% on the comparative period of 2022 (H1 2022: YoY revenue growth of 3%) with the strong order book at the end of FY22 being reflected in the robust performance of the Group. Orders received in the period were marginally down year on year at £4.4m (H1 2022: £5m) with continued economic nervousness causing some clients to defer non-essential spend. Despite this, our pipeline for the remainder of the year remains very encouraging, giving the Board confidence that orders will increase in H2. That confidence is further strengthened following a competitor's announcement to end-of-life a number of their solutions thereby creating a greater market opportunity for our technology and product offering.

Revenue and pipeline growth in H1 has given the Group confidence to continue with its plan to invest in headcount, including the appointment in May of a new Chief Commercial Officer with significant industry experience. As expected, EBITDA margin is slightly down on the comparative period at 23% (H1 2022: 26%).

Net debt continues to reduce, with Net debt as at 30 June 2023 of c£5.1m (H1 2022: £6.3m), an 18% reduction from the comparative period of 2022.

The Board are pleased with the Group's H1 performance in the face of ongoing difficult market and economic conditions. In line with previous years, the Board expects a stronger second half to the year with further progress being made in revenue and EBITDA growth in the period. Adjusted EBITDA margin is expected to return to more normalised levels, targeting 30% margin for the full year.

The results for the half-year ended 30 June 2023 will be announced in August 2023.

For further information please contact:

Peter Mayhead - CEO Paul Inzani - Head of Finance	[phone]
finnCap Ltd (Nominated Adviser and Broker) Marc Milmo / Teddy Whiley - Corporate Finance Tim Redfern / Sunila de Silva - ECM	[phone]

The Company is listed on the LSE AIM market (PEB.L).  More information can be found at www.pebbleplc.com.

 

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