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

Pebble Beach SystemsAnnouncement

25/07/2024 07:00

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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                                                +44 (0) 75 55 59 36 02

Paul Inzani - Head of Finance

 Cavendish Capital Markets Limited (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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