The Pebble Group PLC Announces Trading Update and Notice of Results

Rhea-AI Summary

The Pebble Group PLC, a leading provider in the global promotional products industry, has released a trading update for the first half of 2024. The company reports that its financial performance is broadly in line with the same period in 2023, keeping it on track to meet full-year market expectations. Key highlights include:

- Group Revenue and Adjusted EBITDA consistent with HY 2023
- Disciplined working capital management
- Net cash position of £4.9m as of June 30, 2024
- Cash distributions of £2.6m through dividends and share buybacks
- Facilisgroup's revenue in USD expected to match HY 2023
- Strong Adjusted EBITDA margins maintained at 47%

The company's Half Year Results will be announced on September 9, 2024.

Positive

• Group Revenue and Adjusted EBITDA in line with previous year, meeting market expectations
• Maintained strong Adjusted EBITDA margins at 47% for Facilisgroup
• Increased net cash position to £4.9m from £4.2m in the previous year
• Implemented £2.6m in cash distributions through dividends and share buybacks

Negative

• No significant revenue growth reported for the period

On track to deliver full year market expectations

MANCHESTER, UNITED KINGDOM / ACCESSWIRE / July 25, 2024 / The Pebble Group, a leading provider of digital commerce, products and related services to the global promotional products industry, provides an update on trading for the six months to 30 June 2024 ("HY 24" or the "Period") ahead of its Half Year Results, which will be announced on 9 September 2024.

The Group's financial performance in HY 24 will show Group Revenue and Adjusted EBITDA broadly in line with the six months to 30 June 2023 ("HY 23") leaving the Group on track to deliver current full year 2024 market expectations.

The Group's working capital cycle remains disciplined and consistent with prior years. Following cash distributions of £2.6m in HY 24 (HY 23: £1.0m) through the previously announced Dividend and Share Buyback Programme, net cash as at 30 June 2024 was £4.9m (30 June 2023: Net cash £4.2m, 31 December 2023: Net cash £15.9m).

Facilisgroup: providing a digital commerce platform for promotional products businesses in North America

In USD, the home currency of the business, Revenue in the Period is expected to be in line with HY 23 and the strong Adjusted EBITDA margins have been maintained (HY 23: 47%). Key forward looking indicators of Gross Merchandise Value and Spend through Preferred Suppliers are slightly ahead of the prior year.

Brand Addition: providing promotional products and related services under contract to many of the world's most recognisable brands

Following the previously announced lower than expected revenues in the last six months of 2023, Revenue has recovered well in HY 24 and is expected to be only slightly behind a strong HY 23. Client retention remains positive.

We expect Adjusted EBITDA margins to be consistent with the prior period (HY 23: 8.3%) with the improvement in gross margins achieved in 2023 being maintained in HY 24.

Outlook

We are pleased with the operational progress at Facilisgroup, the development of revenues at Brand Addition, and are satisfied with the results of the Group in the Period. Mindful of the weaker sales performance achieved in the second half of 2023, we are closely monitoring sales activity which leaves the Group on track to deliver current full year 2024 market expectations.

We continue to execute on our Share Buyback Programme, as set out in our announcement of 1 May 2024, and look forward to updating on our strategic progress, Chair recruitment and our 2024 trading, at the Half Year Results in September.

Enquiries:

The Pebble Group Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer +44 (0) 750 012 4121	Temple Bar Advisory (Financial PR) Alex Child-Villiers / Alistair de Kare-Silver / Sam Livingstone +44 (0) 207 183 1190 pebble@templebaradvisory.com
Grant Thornton UK LLP (Nominated Adviser) Samantha Harrison / Harrison Clarke / Ciara Donnelly / Elliot Peters +44 (0) 207 184 4384	Berenberg (Corporate Broker) Ben Wright / Mark Whitmore / Richard Andrews +44 (0) 203 207 7800

About The Pebble Group plc

The Pebble Group is a provider of digital commerce, products and related services to the global promotional products industry, comprising two differentiated businesses, Facilisgroup and Brand Addition, focused on specific areas of the promotional products market. For further information, please visit www.thepebblegroup.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: The Pebble Group PLC

View the original press release on accesswire.com

FAQ

What are The Pebble Group's (PEBBF) financial expectations for 2024?

The Pebble Group is on track to deliver current full year 2024 market expectations, with HY 2024 Group Revenue and Adjusted EBITDA broadly in line with HY 2023.

How much cash did The Pebble Group (PEBBF) distribute in HY 2024?

The Pebble Group distributed £2.6m in cash through its previously announced Dividend and Share Buyback Programme during HY 2024.

What was The Pebble Group's (PEBBF) net cash position as of June 30, 2024?

The Pebble Group's net cash position as of June 30, 2024, was £4.9m, compared to £4.2m on June 30, 2023, and £15.9m on December 31, 2023.

When will The Pebble Group (PEBBF) announce its Half Year Results for 2024?

The Pebble Group will announce its Half Year Results for 2024 on September 9, 2024.