Pebble Beach Systems Group PLC Trading Update and Notice of Half-Year Results
25 July 2024 - 4:00PM
RNS Regulatory News
RNS Number : 7348X
Pebble Beach Systems Group PLC
25 July 2024
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; content
management; and IP control solutions for the broadcast and media
technology markets, is pleased to provide the following trading
update for the half-year ended 30 June 2024.
The Group has generated strong order
flow in the period, with orders 12% up on the comparative period as
a result of increases in the value of existing recurring software
support, maintenance and subscription contracts marginally offset
by a reduction in non-recurring project revenues. The overall
increase in order intake gives the Group improved visibility over
future revenues moving into H2 2024 and beyond.
The Group expects to report total
revenues of c£5.3m for the period (H1 2023: £5.5m) resulting from
the above mentioned change of revenue mix, with higher recurring
software revenues of £3.1m (H1 2023: £2.5m) and lower non-recurring
project revenues £2.2m (H1 2023 £3m) in the period. With a focus on
increasing the mix of recurring software revenues and ongoing
control of costs, the Group expects to report adjusted EBITDA of
c£1.4m (H1 2023: £1.4m) but with an improved adjusted EBITDA margin
of 27% (H1 2023: 25%) from the improved mix of higher margin
recurring revenues.
Net debt at 30 June 2024 of £4.7m
was broadly the same as at 31 December 2023 with bank debt
continuing to be amortised from operating cash flows. Given the
economic backdrop, the Group experienced some working capital
delays in the period, however these are expected to reverse in H2
2024.
The Group entered H2 2024 with a
strong order book and sales pipeline alongside improved visibility
(and value) of recurring revenues. The Board is confident of
delivering against its targets for the year with the expectation
that there will be increased project orders placed in H2 2024 based
on historical trends and a strong order book.
The Group expects to announce
results for the half-year ended 30 June 2024 in August
2024.
For
further information please contact:
|
Peter Mayhead - CEO
Paul Inzani - Head of Finance
|
+44 (0) 75 55 59 36 02
|
|
|
|
|
Cavendish Capital Markets Limited (Nominated Adviser and
Broker)
Marc Milmo / Teddy Whiley -
Corporate Finance
Tim Redfern / Sunila de Silva -
ECM
|
+44 (0) 207 220
0500
|
The Company is listed on the LSE AIM
market (PEB.L). More information can be found at
www.pebbleplc.com.
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END
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