Pebble Beach Systems Group plc, a leading global software business specialising in playout automation and content management solutions for the broadcast and streaming service markets, is pleased to announce its unaudited results for the half year ended 30 June 2020.
· Period characterised by the global challenges created by the COVID-19 pandemic
· Orders received in the period of £3.9m (H1 2019: £5.2m)
· Revenue in the period of £4.5m (H1 2019: £5.6m)
· Adjusted EBITDA in the period of £1.5m (H1 2019: £2.0m)
· Adjusted EBITDA 34% of revenue (H1 2019: 35%)
· Reported profit before tax £0.7m (H1 2019: £0.7m)
· Cash generated from operations in the period £1.4m (H1 2019: £0.8m)
· Net debt further reduced as at 30 June 2020 £7.8m (31 December 2019: £8.4m) pre IFRS 16
*Adjusted EBITDA, a non-GAAP measure, is EBITDA before non-recurring items and foreign exchange gains.
John Varney, Non-Executive Chairman of Pebble Beach Systems Group plc, said:
“Despite the very challenging global environment, the Company continues to operate at full capacity, and we remain confident on the long-term growth opportunities for the Company. We continue to trade profitably and maintain our budgeted investment into new technology as we continue to innovate our suite of products.
Given the circumstances created by COVID-19, it is not a surprise that order intake in the period was lower than we had originally anticipated principally as a result of customer orders being delayed. Given the impact of COVID-19, customers have been understandably cautious about commitments to implement larger scale projects. As a board we believe that this is merely delaying planned large scale projects rather than these potential contracts being lost. We are not seeing evidence of the business being impacted by the widely reported delays to content creation in the Broadcast market, and our technology is in the content delivery chain rather than that of content creation. These factors, combined with the continued growth in our pipeline, means that the Board remains confident on the Company’s market positioning and long-term opportunities.”