The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
THE PEBBLE GROUP PLC
("The Pebble Group", the "Group" or the "Company")
AUDITED FULL YEAR RESULTS 2023
Performance in line with revised expectations and well-placed for return to growth
MANCHESTER, UK / ACCESSWIRE / March 19, 2024 / The Pebble Group, a leading provider of digital commerce, products and related services to the global promotional products industry, announces its audited results for the year ended 31 December 2023 ("FY 23").
The results are in line with revised expectations as set out in the trading update on 22 November 2023 as a result of continued growth in Facilisgroup and reduced revenue at Brand Addition stemming from a contraction in spend among Technology and Consumer clients.
Commenting on the results, Chris Lee, Chief Executive Officer of Pebble Group said: "Both Facilisgroup and Brand Addition retain attractive fundamental strengths, are differentiated in their respective markets and have clear strategic plans to grow in the very large global but fragmented promotional products industry. With a robust balance sheet that has enabled investment in new technology product initiatives and further development on its progressive dividend policy, the Group remains well-placed to return to growth in 2024, with exciting opportunities to scale further. Trading in 2024 has started in line with management's expectations."
Group revenue of £124.2m (FY 22: £134.0m), 7% behind the prior year. | |
Facilisgroup: Annual Recurring Revenue grew by 12% to USD21.2 million (FY 22: USD19.0m) with attractive Adjusted EBITDA margins of 50% (FY 22: 54%). | |
Brand Addition: Revenue decreased by 9% to £106.3m (FY 22: £117.4m) due to impact of reduced spend from the Technology and Consumer sectors. | |
Gross profit margin increased 4.3 percentage points to 43.6% (FY 22: 39.3%) as a result of increased value delivered by Brand Addition to its clients and the growing proportion of Facilisgroup as a percentage of overall Group sales. | |
Strong balance sheet with net cash of £15.9m at 31 December 2023, an increase of £0.8m compared with 31 December 2022. | |
Further development on progressive dividend policy, with the Board proposing to increase dividend to 1.2 pence per share at FY 23 (FY 22: 0.6 pence per share) and intending to implement in the near-term a share buy-back programme in the Company's Ordinary Shares up to a maximum aggregate consideration of £5.0m. |
Financials
Statutory results | FY 23 | FY 22 | Change |
Revenue | £124.2m | £134.0m | -7% |
Gross profit margin | 43.6% | 39.3% | +4.3ppt |
Operating profit | £8.0m | £10.2m | -22% |
Profit before tax | £7.4m | £9.7m | -24% |
Basic earnings per share | 3.46p | 4.55p | -24% |
Other financial highlights | FY 23 | FY 22 | Change |
Adjusted EBITDA1 | £16.0m | £18.0m | -11% |
Net cash2 | £15.9m | £15.1m | +5% |
Adjusted basic earnings per share3 | 4.60p | 5.78p | -20% |
Dividend | 1.2p | 0.6p | +100% |
1 | Adjusted EBITDA means operating profit before depreciation, amortisation and share-based payments charge |
2 | Net cash is calculated as cash and cash equivalents less borrowings (excluding lease liabilities) |
3 | Adjusted basic earnings per share ("EPS") represents Adjusted Earnings meaning profit after tax before amortisation of acquired intangible assets, share-based payments charge and exceptional items divided by a weighted average number of shares |
Online investor presentation
The management team is hosting an online investor presentation with Q&A at 3:00pm on Thursday, 21 March 2024. To participate, please register with PI World at: https://bit.ly/PEBB_FY23_results_webinar
Enquiries:
| The Pebble Group Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer +44 (0) 750 012 4121 | Temple Bar Advisory (Financial PR) |
| Grant Thornton UK LLP (Nominated Adviser) Samantha Harrison / Harrison Clarke / Ciara Donnelly +44 (0) 207 184 4384 | Berenberg (Corporate Broker) |
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SOURCE: The Pebble Group PLC