Pebble Beach Systems Group PLC Trading update (0485W)
06 February 2017 - 6:00PM
UK Regulatory
TIDMPEB
RNS Number : 0485W
Pebble Beach Systems Group PLC
06 February 2017
Pebble Beach Systems Group plc (the "Company" or the
"Group")
Trading update
Pebble Beach Systems Group plc, a leading global software
business specialising in solutions for the playout automation
serving customers in the broadcast markets, today announces a
trading update.
The Company informs shareholders that the results for FY2016 are
expected to be materially below the Board's previous
expectations.
There was a fall in performance at VCS which was due to the
uncertainty caused by the lengthy sale process. In addition there
are significant write offs to recognise the final sale price
achieved.
Performance at PBS was also slightly below expectations, but
with a pipeline at its highest ever and an order intake for January
at its highest since 2014, it is fully expected that recent levels
of growth will return in 2017.
The bank increased the Company's facility to GBP17.8m in the
weeks immediately prior to the sale. While the initial proceeds
received from the sale of VCS (GBP5.5m) will reduce this in the
medium term, under the terms of the Business Purchase Agreement the
Company has to settle creditors in VCS that are over 30 days old.
Therefore, the need to settle these and with certain short term
financing advisory costs it is not expected that the current level
of bank financing will reduce before mid-March. The Board remains
in regular dialogue with its bank, who remain supportive. The
deferred payment of c. GBP8m ($9.5m) due mid-March will reduce bank
borrowings significantly.
For further information please contact:
Robin Howe
Senior Independent Non-Executive
Director
Pebble Beach Systems Group +44 (0) 14 88
plc 68 55 00
Charlie Jack / Bertie Berger +44 (0) 20 77
Hudson Sandler 96 41 33
Shaun Dobson / James White +44 (0) 20 74
N+1 Singer 96 30 00
This information is provided by RNS
The company news service from the London Stock Exchange
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