Pebble Group (The) - Trading Update and Notice of Results
25/07/2024 07:00
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RNS Number : 7375X Pebble Group PLC (The) 25 July 2024
25 July 2024
THE PEBBLE GROUP PLC
("The Pebble Group" or the "Group")
AIM: PEBB, OTCQX: PEBBF
Trading Update and Notice of Results
On track to deliver full year market expectations
The Pebble Group, a leading provider of digital commerce, products and related
services to the global promotional products industry, provides an update on
trading for the six months to 30 June 2024 ("HY 24" or the "Period") ahead of
its Half Year Results, which will be announced on 9 September 2024.
The Group's financial performance in HY 24 will show Group Revenue and
Adjusted EBITDA broadly in line with the six months to 30 June 2023 ("HY 23")
leaving the Group on track to deliver current full year 2024 market
expectations.
The Group's working capital cycle remains disciplined and consistent with
prior years. Following cash distributions of £2.6m in HY 24 (HY 23: £1.0m)
through the previously announced Dividend and Share Buyback Programme, net
cash as at 30 June 2024 was £4.9m (30 June 2023: Net cash £4.2m, 31 December
2023: Net cash £15.9m).
Facilisgroup: providing a digital commerce platform for promotional products
businesses in North America
In USD, the home currency of the business, Revenue in the Period is expected
to be in line with HY 23 and the strong Adjusted EBITDA margins have been
maintained (HY 23: 47%). Key forward looking indicators of Gross Merchandise
Value and Spend through Preferred Suppliers are slightly ahead of the prior
year.
Brand Addition: providing promotional products and related services under
contract to many of the world's most recognisable brands
Following the previously announced lower than expected revenues in the last
six months of 2023, Revenue has recovered well in HY 24 and is expected to be
only slightly behind a strong HY 23. Client retention remains positive.
We expect Adjusted EBITDA margins to be consistent with the prior period (HY
23: 8.3%) with the improvement in gross margins achieved in 2023 being
maintained in HY 24.
Outlook
We are pleased with the operational progress at Facilisgroup, the development
of revenues at Brand Addition, and are satisfied with the results of the Group
in the Period. Mindful of the weaker sales performance achieved in the second
half of 2023, we are closely monitoring sales activity which leaves the Group
on track to deliver current full year 2024 market expectations.
We continue to execute on our Share Buyback Programme, as set out in our
announcement of 1 May 2024, and look forward to updating on our strategic
progress, Chair recruitment and our 2024 trading, at the Half Year Results in
September.
Enquiries:
The Pebble Group Temple Bar Advisory (Financial PR)
Chris Lee, Chief Executive Officer Alex Child-Villiers / Alistair de Kare-Silver / Sam Livingstone
Claire Thomson, Chief Financial Officer +44 (0) 207 183 1190
+44 (0) 750 012 4121 pebble@templebaradvisory.com (mailto:pebble@templebaradvisory.com)
Grant Thornton UK LLP (Nominated Adviser) Berenberg (Corporate Broker)
Samantha Harrison / Harrison Clarke / Ciara Donnelly / Elliot Peters Ben Wright / Mark Whitmore / Richard Andrews
+44 (0) 207 184 4384 +44 (0) 203 207 7800
About The Pebble Group plc
The Pebble Group is a provider of digital commerce, products and related
services to the global promotional products industry, comprising two
differentiated businesses, Facilisgroup and Brand Addition, focused on
specific areas of the promotional products market. For further information,
please visit www.thepebblegroup.com (http://www.thepebblegroup.com/) .
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