Pebble Beach Systems Group PLC – Half-year Report

Pebble Beach Systems Group PLC – Half-year Report

Pebble Beach Systems Group plc, a leading global software business specialising in solutions for playout automation and content serving customers in the broadcast markets, is pleased to announce its unaudited results for the half year ended 30 June 2019.

 

Financial Headlines

For the half year ended 30 June 2019

                                                                                                  

2019

2018

Order Intake

£5.2m

£4.2m

Revenue  

£5.6m

£3.7m

Gross Margin

£4.2m

75%

£2.7m

73%

Adjusted EBITDA*

£2.0m

£0.6m

% of Revenue

35%

15%

Adjusted earnings per share*

1.3p

0.2p

Net cash inflow from operating activities

 

Net Debt**

£0.8m

 

£9.0m

£0.1m

 

£9.4m

 

 

Headlines

·           Orders received in the period grew 23.6% to £5.2m (H1 2018: £4.2m)

·           Revenue up by 51% to £5.6m (H1 2018: £3.7m)

·           Adjusted EBITDA increased significantly in the period to £2.0m (2018: £0.6m)

·           Reported profit before tax £0.7m (2018: loss £0.9m)

·           Net debt further reduced as at 30 June 2019 £9.0m (31 December 2018: £9.4m)

*Adjusted EBITDA, a non-GAAP measure, is EBITDA before non-recurring items and foreign exchange gains. Adjusted earnings per share is calculated on the same basis after taking account of related tax effects.

 

**Net debt at 31 December 2018 was £9.4m.

 

 

John Varney, Non-Executive Chairman of Pebble Beach Systems Group plc, said:

 

“We are greatly encouraged with the results for the first half of 2019. At the start of 2018, the Board put in place an aggressive plan to turn around the Company. The work that was done during 2018 was both necessary and detailed but, as is normal in turnaround situations, the numbers that we produced at the end of the year, whilst encouraging, did not reflect the scale of the progress we had made. It is therefore very pleasing indeed to be able to report such an impressive set of results for the first half of 2019. These are a huge testament to both the quality and hard work of the people within the business. Whilst the first part of the turnaround is complete, the marketplace in which we operate is fast moving and competitive and whilst we have improved our reputation and our market position, there is still a lot to do.

 

Looking into the second half of 2019 and beyond our focus is to continue to build on the trading performance improvements delivered in 2018 and capitalise on the opportunities presented by the changes in the broadcast market.”

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