REG - Pebble Beach Sys Grp - Trading Update and Notice of Half-Year Results

Pebble Beach SystemsAnnouncement

19/07/2023 07:00

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RNS Number : 4253G  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                             +44 (0) 75 55 59 36 02

Paul Inzani - Head of Finance

 finnCap Ltd (Nominated Adviser and Broker)      +44 (0) 207 220 0500

 Marc Milmo / Teddy Whiley - Corporate Finance

 Tim Redfern / Sunila de Silva - ECM

 

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

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