REG - Pebble Beach Sys Grp - Half-year Report
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250820:nRST9612Va&default-theme=true
RNS Number : 9612V Pebble Beach Systems Group PLC 20 August 2025
Pebble Beach Systems Group plc
Results for the half-year ended 30 June 2025
Pebble Beach Systems Group plc (AIM: "PEB", "Pebble" or the "Group"), a
leading global software business specialising in playout automation and
integrated channel solutions for the broadcast and streaming markets, is
pleased to announce its unaudited half-year results for the six months ended
30 June 2025 ("H1 25" the "Period").
Financial highlights
· Strong order intake in the Period. Up 33% to £6.5m (H1 24: £4.9m),
underpinned by strong SLA renewals and favourable timing on project order
intake
· Overall Group revenue in the Period was £5.9m (H1 24: £5.3m), 12%
up year on year
· Service Level Agreement ("SLA") revenue up 7% to £3.3m (H1 24:
£3.1m), with the Group seeing the benefits from the price rise exercise
carried out in FY24 ensuring charges are at the appropriate level for the
standard of support contracted
· Project revenue up 20% to £2.6m (H1 24: £2.2m), as a result of
favourable timing of project order intake in the Period. This order intake
provides the Group with good visibility over full year project revenues
· Revenue in North American has grown by 125% to £1.7m for Q1 25 (Q1
24: £0.7m) as a result of business won supporting global streaming services
as they bring live content to their platforms
· Increased adjusted EBITDA(1) of £2.0m (H1 24: £1.4m) and improved
adjusted EBITDA(1) margin of 33% (H1 24: 27%), as a result of the strong
revenue performance and the strategic action taken in Q1 25 to reduce
overheads
· Q1 25 strategic actions also scaled back the development of IP
only technologies, due to the ongoing delay in full-scale adoption, which is
delivering significant cash savings from reduced capitalised development
expenditure
· Cash generated from operating activities (before interest and
exceptional items) of £1.8m (H1 24: £1.4m), up 28%
· The Q1 strategic actions have helped the Group deliver a Cash
EBITDA(2) of £1.3m in the Period (H1 24: £0.2m)
· Profit before tax of £0.5m (H1 24: £0.3m)
· Adjusted earnings per share up to 0.8p (H1 24: 0.3p)
· Gross bank debt reduced by £0.5m in last six months to £4.1m at 30
June 2025 (H1 24: £5.1m). Net debt at 30 June 2025 was £3.4m (H1 24: £4.8m)
(excluding IFRS 16 leases)
· Board continues to expect strong cash generation from the Group with
a focus on delivering a net cash position during 2026
Operational highlights
· The Group's strategic action, which commenced and completed in Q1 25,
has delivered a rebalancing that has resulted in annualised cash savings of
approximately £2.0m. These savings have been achieved through reduced
overheads coupled with a decreased level of investment into research and
development thus materially increasing the Group's sustainable free cash
inflows
· Focus on existing core capabilities as a broadcast solutions
specialist
· Continuing development of existing playout and integrated channel
products and services for current customers and new prospects
Current trading and outlook
· The Group's weighted pipeline value remains strong at £10.6m, 8%
up on last year's value (H1 24: £9.8m)
· As noted above, favourable timing of project orders in 2025 has resulted
in an improved visibility of 2025 project revenue. This good visibility over
full year project revenue will reduce the pressure typically experienced
during Q4 to deliver full year market expectations
John Varney, Non-Executive Chairman of Pebble Beach Systems Group plc, said:
"Our strategic action announced in January 2025, commenced and completed in Q1
25, has delivered the expected rebalancing which will result in annualised
cash savings and sustainable free cash inflows increasing materially in FY25
and beyond. Given the significantly improved cash generation expected to be
delivered from the Group, we remain focused on achieving a net cash position
during FY 2026.
With the Group entering H2 2025 with a solid sales pipeline along with
improved visibility of future recurring revenues, the Board remains confident
in delivering against its recently upgraded market expectations for the year.
Given these encouraging results, as previously reported, the Board remains
focused on driving further organic growth complemented by inorganic growth,
when appropriate".
Notes
(1) Adjusted EBITDA (earnings before interest, tax, depreciation and
amortisation) a non-GAAP measure, is EBITDA before non-recurring items and
foreign exchange gains/losses.
(2) Cash EBITDA is Adjusted EBITDA less capitalised development costs, an
internal measure
For further information please contact:
+44 (0) 75 55 59 36 02
Peter Mayhead - CEO
Cavendish Capital Markets Limited (Nominated Adviser and Broker)
Marc Milmo / Teddy Whiley - Corporate Finance +44 (0) 207 220 0500
Tim Redfern / Sunila de Silva - ECM
The Company is quoted on the LSE AIM market (PEB.L). More information can be
found at www.pebbleplc.com (http://www.pebbleplc.com) .
About Pebble Beach Systems
Pebble Beach Systems (trading as Pebble) is a world leader in designing and
delivering automation, integrated channel and virtualised playout solutions,
with scalable products designed for applications of all sizes. Founded in
2000, Pebble has commissioned systems in more than 70 countries, with proven
installations ranging from single up to over 150 channels in operation, and
around 2000 channels currently on air under the control of our automation
technology. An innovative, agile company, Pebble is focused on discovering its
customers' requirements and pain points, designing solutions which will
address these elegantly and efficiently, and delivering and supporting these
professionally and in accordance with its users' needs.
Forward-looking statements
Certain statements in this announcement are forward-looking. Although the
Group believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that these expectations
will prove to be correct. Because these statements involve risks and
uncertainties, actual results may differ materially from those expressed or
implied by these forward-looking statements. The Group undertakes no
obligation to update any forward-looking statements whether as a result of new
information, future events or otherwise. Nothing in this announcement should
be construed as a profit forecast.
CHAIRMAN'S STATEMENT
Introduction
The Group has performed well in the Period, consistent with the trading update
published in July 2025, and has also been able to undertake significant
strategic actions to improve its operational efficiency. Overall, this has led
to an improved financial performance and improved outlook for the future of
the Group.
The Group achieved a 33% increase in overall orders received in the Period (H1
FY24: 12%). This growth is driven by strong SLA renewals and favourable timing
of project orders. As a result, the Group now has greater confidence in
meeting full-year market expectations, with orders projected to be more evenly
spread throughout the year than has been the case previously.
Pleasingly SLA orders increased by 10% following the price rise exercise
undertaken in 2024 and an increase in multi year SLA orders. The increase in
SLAs continues to improve visibility of future revenue.
Financial performance
Revenue was 12% up on the comparative period at £5.9 million (H1 24: £5.3
million), of which recurring revenue was £3.3 million (H1 24: £3.1 million)
representing 55% of Group revenue (H1 24: 57%).
In addition to the strong revenue performance and following the strategic
action taken in Q1 25 that lowered the Group's cost base, the Group has
achieved an adjusted EBITDA(1) of £2.0m (H1 24: £1.4m) with an improved
adjusted EBITDA margin of 33% (H1 24: 27%). The Group expects to report a
further improvement in adjusted EBITDA margin in H2 25, benefiting from a full
half-year of cost savings.
The decrease in cost base has resulted in a net profit of £0.46 million (H1
24: £0.29 million). The Net profit of the Group includes the non recurring
costs of £0.75 million (H1 24: £0.04 million) as a result of the strategic
initiatives taken by the Board of a reduced charge for the amortisation of
intangible assets as a consequence of the impairment charge recorded in the
last financial year and improved foreign exchange gains.
The improvement in profit has resulted in an adjusted EPS of 0.8p (H1 24:
0.3p). Adjusted EPS is based on profit excluding exceptionals and FOREX
adjustments.
Cash conversion in H1 25, excluding exceptional items, has remained strong
with 101% of adjusted EBITDA being converted to operating cash (H1 24: 101%).
A key part of the strategic initiative was to scale back the Group's
development of IP native technology and this has also seen a reduction in the
Group's capitalised development costs in H1 25 which totalled £0.6 million
(H1 24: £1.2 million).
A net debt position of £3.4 million (excluding IFRS 16 leases) represents a
28% reduction from the comparable period last year (H1 24: £4.8 million) as
the Group has continued to pay off the long-term debt at the same rate as last
year. The Board is pleased to reiterate its focus on ensuring the Group moves
to a net cash position during 2026.
Operational performance
Project orders of £3.6 million have been strong for H1 (H1 24: £2.2
million); a level last seen in H1 22. This timing is favourable as it gives
the Group more certainty for its full year project revenue and reduces the
historic overreliance on having to deliver a strong Q4 to deliver full year
revenue expectations.
Given the weighted pipeline value for expected orders of £10.6 million (8% up
on last year's value), the Board is confident of the outlook and future
revenue generation going into H2 and FY26.
We continue to invest in the development of our existing products.
Cash flows and net debt
The Group held cash and cash equivalents of £0.6 million at 30 June 2025 (H1
24: £0.2 million). The table below summarises the cash flows for the half
year.
2025 2024
£'m £'m
Cash generated from operating activities 1.8 1.4
Interest paid (0.2) (0.3)
Non-recurring items paid (0.6) -
Net cash generated from operating activities 1.0 1.1
Net cash used in investing activities (0.6) (1.2)
Net cash used in financing activities (0.5) (0.5)
Effect of foreign exchange rate changes (0.1) -
Net (decrease)/increase in cash and cash equivalents (0.2) (0.6)
Cash and cash equivalents at 1 January 0.8 0.8
Cash and cash equivalents at 30 June 0.6 0.2
As at 30 June 2025 net debt (including IFRS 16 leases) was £3.6 million (H1
24: £4.9 million). Cash £0.6 million (H1 24: £0.2 million) and bank debt of
£4.1 million (H1 24: £5.0 million) and IFRS 16 leases of £0.1 million (H1
24: £0.1 million). The Group was using all £4.1 million of its available
facilities at 30 June 2025, having re-paid £0.5 million in the period.
Going concern
The directors are required to assess the Group's ability to continue to trade
as a going concern. The Board concluded, from its thorough assessment of the
detailed forecasts, that the Group will have sufficient resources to meet its
liabilities during the review period through to 30 September 2026 and that it
is appropriate that the Group prepare accounts on a going concern basis (see
note 3 below).
Principal risks and uncertainties
The principal risks and uncertainties facing the Group remain consistent with
the principal risks and uncertainties reported in the Group's 31 December 2024
Annual Report.
Current trading and outlook
With a strong order intake underpinning H2 25 revenue and a healthy pipeline,
the Group is confident of delivering a strong H2 25, in line with recently
upgraded market guidance. We now have better visibility of a solid outlook for
2026 and, beyond that, visibility of recurring revenue which provides a strong
platform for continued performance.
The Board remains focused on driving further organic growth complemented by
inorganic growth, when appropriate, as opportunities to enhance our technology
are identified.
With our forecast expected to deliver the market expectations and, given the
improved trading being experienced by the Group and the strong cash generation
expected to be delivered as the Group benefits from the strategic initiatives
taken in the Period, the Board remains confident for the future prospects for
the Group."
John Varney
Non-Executive Chairman
CONSOLIDATED INCOME STATEMENT
for the half year ended 30 June 2025
6 months to 30 June 2025 6 months to 30 June 2024 Year ended 31 December
2024
(Unaudited) (Unaudited) (Audited)
Notes £'000 £'000 £'000
Revenue 4 5,905 5,256 11,453
Cost of sales (1,419) (1,145) (2,647)
Gross profit 4,486 4,111 8,806
Sales and marketing expenses (1,234) (1,443) (2,809)
Research and development expenses (633) (776) (4,131)
Administrative expenses (1,275) (1,285) (2,350)
Foreign exchange gains/(losses) 81 (21) (108)
Other expenses 5 (754) (37) (190)
Operating profit/ (loss) 5 671 549 (782)
Operating profit/ (loss) is analysed as:
Adjusted EBITDA 1,952 1,400 3,276
Non-recurring items (754) (37) (229)
Share based payment expense -- -- 39
Exchange gains/(losses) credited/(charged) to the income statement 81 (21) (108)
Impairment of intangibles -- -- (2,741)
Earnings before interest, tax, depreciation and amortisation (EBITDA) 1,279 1,342 237
Depreciation (79) (82) (189)
Amortisation of capitalised development costs (529) (711) (830)
Finance costs (206) (255) (521)
Profit/ (loss) before tax 465 294 (1,303)
Tax 6 (4) (4) (5)
Profit/ (loss) for the period being attributable to owners of the parent 461 290 (1,308)
Earnings per share
attributable to the owners of
the parent during the period
Basic earnings per share 7 0.4p 0.2p (1.1p)
Diluted earnings per share
Diluted earnings per share 7 0.4p 0.2p (1.1p)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the half year ended 30 June 2025
6 months to 30 June 2025 6 months to 30 June 2024 Year ended 31 December
2024
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Profit/ (loss) for the financial year 461 290 (1,308)
Other comprehensive income - items that may be reclassified subsequently to
profit or loss:
Exchange differences on translation of overseas operations - - -
Total profit/ (loss) for the period attributable to owners of the parent 461 290 (1,308)
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
for the half year ended 30 June 2025
Capital
Ordinary shares Share redemption Merger Translation Accumulated losses
£000 premium reserve reserve reserve £000 Total
£000 £000 £000 £000 £000
At 1 January 2025 3,115 6,800 617 1,882 (176) (12,732) (494)
Retained profit for the period - - - - - 461 461
Exchange differences on translation of overseas operations - - - - (97) - (97)
Total comprehensive income/expense for the period - - - - (97) 461 364
At 30 June 2025 (Unaudited) 3,115 6,800 617 1,882 (273) (12,271) 130
At 1 January 2024 3,115 6,800 617 29,778 (176) (39,281) 853
Retained profit for the period - - - - - 290 290
Total comprehensive income/expense for the period - - - - - 290 290
At 30 June 2024 (Unaudited) 3,115 6,800 617 29,778 (176) (38,991) 1,143
At 1 January 2024 3,115 6,800 617 29,778 (176) (39,281) (853)
Transfer of reserves - - - (27,896) - 27,896 -
Total transfer of reserves - - - (27,896) - 27,896 -
Share based payments: value of employee services - - - - - (39) (39)
Transactions with owners - - - - - (39) (39)
Loss for the year - - - - - (1,308) (1,308)
Total comprehensive income/expense for the period - - - - - (1,308) (1,308)
At 31 December 2024 (Audited) 3,115 6,800 617 1,882 (176) (12,732) (494)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2025
30 June 2025 30 June 2024 31 December
2024
(Unaudited) (Unaudited) (Audited)
Notes £'000 £'000 £'000
Assets
Non-current assets
Intangible assets 8 5,850 7,561 5,765
Property, plant and equipment 330 364 410
Other non-current assets 12 12 12
6,192 7,937 6,187
Current assets
Inventories 415 371 411
Trade and other receivables 2,970 3,429 4,110
Cash and cash equivalents 608 246 840
3,993 4,046 5,361
Liabilities
Current liabilities
Financial liabilities - borrowings 1,000 1,000 1,000
Trade and other payables 5,914 5,374 7,099
Lease liabilities - current 59 51 68
6,973 6,425 8,167
Net current liabilities (2,980) (2,379) (2,806)
Non-current liabilities
Financial liabilities - borrowings 3,050 4,050 3,550
Other taxes - non-current 196 295 199
Lease liabilities - non-current 96 70 126
3,342 4,415 3,875
Net asset/(liabilities) (130) 1,143 (494)
Equity attributable to owners of the parent
Ordinary shares 3,115 3,115 3,115
Share premium account 6,800 6,800 6,800
Capital redemption reserve 617 617 617
Merger reserve 1,882 29,778 1,882
Translation reserve (273) (175) (172)
Retained earnings (12,271) (38,992) (12,736)
Total equity (130) 1,143 (494)
CONSOLIDATED STATEMENT OF CASH FLOWS
for the half year ended 30 June 2025
6 months to 30 June 2025 6 months to 30 June 2024 Year ended 31 December
2024
(Unaudited) (Unaudited) (Audited)
Notes £'000 £'000 £'000
Cash flows from operating activities
Cash generated from operations 9 1,851 1,415 4,128
Interest paid (206) (255) (520)
Taxation paid (4) - (5)
Non-recurring item paid (625)
Net cash from operating activities 1,016 1,160 3,603
Cash flows from investing activities
Purchase of property, plant and equipment - (41) (170)
Expenditure on capitalised development costs (614) (1,165) (2,229)
Net cash used in investing activities (614) (1,206) (2,399)
Cash flows from financing activities
Net cash used in repayment of financing activities (500) (500) (1,000)
Principal elements of lease payments (39) (4) (69)
Net cash used in financing activities (539) (504) (1,069)
Net (decrease)/increase in cash and cash equivalents (136) (550) 135
Effect of foreign exchange rate changes (95) - (91)
Cash and cash equivalents and overdrafts at 1 January 840 796 796
Cash and cash equivalents and overdrafts at period end 608 246 840
Net debt (excluding IFRS 16 leases) comprises:
Cash and cash equivalents and overdrafts 608 246 840
Borrowings (4,050) (5,050) (4,550)
Net debt (excluding IFRS 16 leases) at period end (3,442) (4,804) (3,710)
NOTES TO THE HALF-YEAR REPORT
for the six months ended 30 June 2025
1. GENERAL INFORMATION
The Pebble Beach Systems Group is a leading global software business
specialising in playout automation and integrated channel solutions for the
broadcast and streaming markets.
The Company is a public limited company and is quoted on the Alternative
Investment Market (AIM) of the London Stock Exchange. The Company is
incorporated and domiciled in the UK, with registered number of 04082188.
The address of its registered office is Unit 1, First Quarter, Blenheim Road,
Epsom, Surrey, KT19 9QN.
This half-year results announcement was approved by the Board on 19 August
2025.
2. BASIS OF PREPARATION
The financial information for the period ended 30 June 2025 set out in this
half-year report does not constitute statutory accounts as defined in Section
434 of the Companies Act 2006. The Group's statutory financial statements for
the year ended 31 December 2024 have been filed with the Registrar of
Companies. The auditor's report on those financial statements was unqualified.
The half-year financial information has been prepared using the same
accounting policies and estimation techniques as will be adopted in the Group
financial statements for the year ending 31 December 2025. The Group financial
statements for the year ended 31 December 2024 were prepared under UK-adopted
international accounting standards. These interim financial statements have
been prepared on a consistent basis and format. The Group has not applied IAS
34 'Interim Financial Reporting', which is not mandatory for AIM companies, in
the preparation of these interim financial statements.
3. GOING CONCERN
The directors are required to assess the Company's and the Group's ability to
continue to trade as a going concern.
The Directors, having made suitable enquiries and analysis of the accounts,
consider that the Group has adequate resources to continue in business for the
foreseeable future and therefore continue to adopt the going concern basis in
preparing the interim financial statements. In making this assessment, which
covers a minimum period of twelve months from approval of this half-year
report, the Directors have considered the Group's trading forecast, cash flow
forecasts, available headroom and projected financial covenants on the banking
facility, the levels of opportunities in the pipeline and recurring support
revenue.
We maintain a good relationship with our bank. The current loan agreement
secures the facility until 30 October 2026 with banking covenants and a
repayment schedule in place. The directors are confident that any loan
extensions required post October 2026 would be granted given the historic
track record.
We have a strong order book and pipeline which underpin our third and fourth
quarter revenue as well as H1 2026.
4. SEGMENTAL REPORTING
The Group's internal organisational and management structure and its system of
internal financial reporting to the Board of Directors comprise of Pebble
Beach Systems Limited and Group. The chief operating decision-maker has been
identified as the Executive.
The Board reviews the Group's internal financial reporting in order to assess
performance and allocate resources. Management have therefore determined that
the operating segments for the Group will be based on these reports.
The Pebble Beach Systems Limited business is responsible for the sales and
marketing of all Group software products and services.
The table below shows the analysis of Group external revenue and operating
profit or loss by business segment.
Pebble Beach Systems Group Total
£'000 £'000 £'000
6 months to 30 June 2025 (Unaudited)
Total revenue 5,905 - 5,905
Adjusted EBITDA 2,278 (326) 1,952
Depreciation (79) - (79)
Amortisation of capitalised development costs (529) - (529)
Non-recurring items (715) (39) (754)
Exchange gains 81 - 81
Finance costs (15) (191) (206)
Finance income 213 (213) -
Profit/(loss) before taxation 1,234 (769) 465
Taxation (4) - (4)
Profit/(loss) for the period being attributable to owners of the parent 1,230 (769) 461
6 months to 30 June 2024 (Unaudited)
Total revenue 5,256 - 5,256
Adjusted EBITDA 1,634 (234) 1,400
Depreciation (82) - (82)
Amortisation of capitalised development costs (711) - (711)
Non-recurring items (37) - (37)
Exchange gains (21) - (21)
Finance costs (5) (250) (255)
Finance income 149 (149) -
Profit/(loss) before taxation 927 (633) 294
Taxation (4) - (4)
Profit/(loss) for the period being attributable to owners of the parent 923 (633) 290
Year to 31 December 2024 (Audited)
Total revenue 11,453 - 11,453
Adjusted EBITDA 3,780 (504) 3,276
Depreciation (189) - (189)
Amortisation of capitalised development costs (830) - (830)
Share based payment expense - 39 39
Non-recurring items (229) - (229)
Exchange (losses)/gains (108) - (108)
Impairment of intangible assets (2,741) - (2,741)
Finance costs (40) (481) (521)
Intercompany finance income/(costs) 368 (368) -
Profit/(loss) before taxation 11 (1,314) (1,303)
Taxation (5) - (5)
Profit/(loss) for the year being attributable to owners of the parent 6 (1,314) (1,308)
Geographic external revenue analysis
The revenue analysis in the table below is based on the geographical location
of the customer of the business.
6 months to 30 June 6 months to 30 June Year ended 31 December
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
Total Total Total
£'000 £'000 £'000
By market
UK & Europe 2,505 2,921 7,506
North America 1,653 735 1,297
Latin America 278 304 567
Middle East 1,222 1,170 1,801
Asia / Pacific 247 126 282
5,905 5,256 11,453
Net assets/(liabilities)
The table below summarises the net liabilities of the Group by division.
Balance sheet reporting is disclosed by the divisional assets and liabilities
of the Group as this is consistent with the presentation of internal
information provided to the Executive Management Board and the Board of
Directors.
6 months to 30 June 2025 6 months to 30 June 2024 Year ended 31 December
2024
Total Total Total
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
By division:
Pebble Beach Systems 4,166 6,485 4,422
Group (4,296) (5,342) (4,916)
(130) (1,143) 494
5. OPERATING PROFIT OR LOSS
The following items have been included in arriving at the operating profit or
loss for the business:
6 months to 30 June 2025 6 months to 30 June 2024 Year ended 31 December
2024
Total Total Total
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Inventory recognised as an expense 725 451 1,348
Director and employee costs 2,855 3,675 6,778
Depreciation of property, plant and equipment 79 82 189
Non-recurring items 754 37 229
Exchange (gains)/losses (credited)/charged to profit and loss (81) 21 108
Amortisation of capitalised development costs 529 711 830
The following items are excluded from management's assessment of profit or
loss because by their nature they could distort the annual trend in the
Group's earnings. These are excluded to reflect performance in a consistent
manner and are in line with how the business is managed and measured on a
day-to-day basis:
6 months to 30 June 2025 6 months to 30 June 2024 Year ended 31 December
2024
Total Total Total
(Unaudited) (Unaudited) (Audited)
Strategic advice in connection with strategic options for the company - 37 39
Severance pay - - 191
Redundancy costs following strategic actions announced January 25 754 - -
754 37 229
6. INCOME TAX EXPENSE
6 months to 30 June 2025 6 months to 30 June 2024 Year ended 31 December
2024
Total Total Total
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Current tax
UK corporation tax - - -
Foreign Tax - current year 4 4 5
Total current tax 4 4 5
Deferred tax
UK corporation tax - - -
Total deferred tax - - -
Total taxation 4 4 5
7. EARNINGS PER ORDINARY SHARE
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the year.
For diluted earnings per share the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. The dilutive shares are those share options granted to employees where
the exercise price is less than the average market price of the Company's
ordinary shares during the year. The average market value of the Company's
shares for the purpose of calculating the dilutive effect of share options was
based on quoted market prices for the year during which the options were
outstanding.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below.
6 months to 30 June 2025 (Unaudited)
Weighted
average Earnings
number per share
Earnings of shares pence
£'000 '000s
Basic earnings per share
Profit attributable to ordinary shareholders 461 0.4p
Basic earnings per share 461 124,477 0.4p
Diluted earnings per share
Profit attributable to ordinary shareholders 461 0.4p
Diluted earnings per share 461 127,354 0.4p
6 months to 30 June 2024 (Unaudited)
Weighted
average Earnings
number per
Earnings of shares share
£'000 '000s pence
Basic earnings per share
Profit attributable to ordinary shareholders 290 0.2p
Basic earnings per share 290 124,477 0.2p
Diluted earnings per share
Profit attributable to ordinary shareholders 290 0.2p
Diluted earnings per share 290 125,875 0.2p
Year ended 31 December 2024 (Audited)
Weighted
average Earnings
number per share
Earnings of shares pence
£'000 '000s
Basic earnings per share
Loss attributable to ordinary shareholders (1,308) (1.1)p
Basic earnings per share (1,308) 124,477 (1.1)p
Diluted earnings per share
Loss attributable to ordinary shareholders (1,308) (1.1)p
Diluted earnings per share (1,308) 124,477* (1.1)p
* Due to the loss for the year for 2024 share options were anti-dilutive and
so removed from the calculations for diluted EPS
Adjusted earnings
The directors believe that adjusted EBITDA, adjusted earnings and adjusted
earnings per share provide additional useful information on underlying trends
to shareholders. These measures are used by management for internal
performance analysis and incentive compensation arrangements. The term
"adjusted" is not a defined term used under IFRS and may not therefore be
comparable with similarly titled profit measurements reported by other
companies. The principal adjustments made are in respect of the amortisation
of intangibles, share based payment expense, non-recurring items and exchange
gains or losses charged to the income statement and their related tax effects.
The reconciliation between reported and underlying earnings and basic earnings
per share is shown below:
6 months to 30 June 2025 6 months to 30 June 2024 Year ended 31 December
2024
Total Total Total
(Unaudited) (Unaudited) (Audited)
Earnings Earnings Earnings
£'000 Pence £'000 Pence £'000 Pence
Reported earnings and earnings per share 461 0.4p 290 0.2p (1,308) (1.1)p
Share based payment expense - 0.0p - 0.0p (39) 0.0p
Exchange (gains)/losses (61) 0.0p 16 0.0p 185 0.1p
Non-recurring items 611 0.4p 37 0.1p 81 0.1p
Impairment of intangibles - - - - 2,220 1.8p
Adjusted earnings and earnings per share 1,011 0.8p 343 0.3p 1,139 0.9p
8. INTANGIBLE ASSETS
Goodwill Acquired customer relationships Acquired intellectual property Capitalised development costs Total
£'000 £'000 £'000 £'000 £'000
Cost
At 1 January 2024 (audited) 3,218 4,493 3,350 10,850 21,911
Additions (unaudited) - - - 1,165 1,165
At 30 June 2024 (unaudited) 3,218 4,493 3,350 12,015 23,076
At 1 January 2024 (audited) 3,218 4,493 3,350 10,850 21,911
Additions (audited) - - - 2,229 2,229
At 1 January 2025 (audited) 3,218 4,493 3,350 13,079 24,140
Additions (unaudited) - - - 615 615
At 30 June 2025 (unaudited) 3,218 4,493 3,350 13,694 24,755
Accumulated amortisation
At 1 January 2024 (audited) - 4,493 3,350 6,961 14,804
Charge for the period (unaudited) - - - 711 711
At 30 June 2024 (unaudited) - 4,493 3,350 7,672 15,515
At 1 January 2024 (audited) - 4,493 3,350 6,961 14,804
Charge for the year (audited) - - - 830 830
Impairment loss (audited) - - - 2,741 2,741
At 1 January 2025 (audited) - 4,493 3,350 10,532 18,375
Charge for the period (unaudited) - - - 530 530
At 30 June 2025 (unaudited) - 4,493 3,350 11,062 18,905
Net book value
At 30 June 2025 (unaudited) 3,218 - - 2,632 5,850
At 31 December 2024 (audited) 3,218 - - 2,547 5,765
At 30 June 2024 (unaudited) 3,218 - - 4,343 7,561
At 1 January 2024 (audited) 3,218 - - 3,889 7,107
The amortisation of development costs is included in research and development
expenses in the Consolidated Group Income Statement. Within capitalised
development costs there are £9.1 million (6 months to June 2024: £5.4
million) of fully written down assets that are still in use, an increase of
66% which is a result of the impairment of PRIMA in the year to December 2024.
9. CASH FLOW GENERATED FROM OPERATING ACTIVITIES
Reconciliation of profit or loss before taxation to net cash flows from
operating activities.
6 months to 30 June 2025 6 months to 30 June 2024 Year ended 31 December
2024
Total Total Total
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Profit/(loss) before tax 465 294 (1,303)
Depreciation of property, plant and equipment 79 82 189
(Profit)/loss on disposal of property, plant and equipment - 26 -
Amortisation and impairment of development costs 529 711 830
Impairment of intangibles - - 2,741
Loss on disposal of property, plant and equipment - - 6
Non-recurring items 625 - 229
Share based payment expense - - (39)
Finance costs 206 255 521
Decrease/(increase) in other non-current assets - - -
Decrease/(increase) in inventories (5) (68) (108)
Decrease/(increase) in trade and other receivables 1,140 889 208
Increase/(decrease) in trade and other payables (1,188) (774) 854
Net cash generated from operating activities 1,851 1,415 4,128
10. NET FUNDS
Reconciliation of change in cash and cash equivalents to movement in net debt:
Net cash and cash equivalents Other borrowings Total net debt
£'000 £'000 £'000
At 1 January 2025 840 (4,744) (3,904)
Cash flow for the period before financing 307 - 307
Movement in borrowings in the period (500) 500 -
Principal lease payments (39) 39 -
Exchange rate adjustments - - -
Cash and cash equivalents at 30 June 2025 (Unaudited) 608 (4,205) (3,597)
At 1 January 2024 796 (5,675) (4,879)
Cash flow for the period before financing (46) - (46)
Movement in borrowings in the period (500) 500 -
Principal lease payments (4) 4 -
Exchange rate adjustments - - -
Cash and cash equivalents at 30 June 2024 (Unaudited) 246 (5,171) (4,925)
At 1 January 2024 796 (5,675) (4,879)
Cash flow for the year before financing 1,204 - 1,204
Movement in borrowings in the year (1,000) 1,000 -
New finance leases - (138) (138)
Principal lease payments (69) 69 -
Exchange rate adjustments (91) - (91)
Cash and cash equivalents at 31 December 2024 (Audited) 840 (4,744) (3,904)
Ends
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR BUGDISXBDGUCRecent news on Pebble Beach Systems
See all newsREG - Pebble Beach Sys Grp - Half-year Report
AnnouncementREG - Pebble Beach Sys Grp - Trading Update
AnnouncementREG - Pebble Beach Sys Grp - Result of AGM
AnnouncementREG - Pebble Beach Sys Grp - Director/PDMR Shareholding
AnnouncementREG - Pebble Beach Sys Grp - Director/PDMR Shareholding
Announcement