Pebble Beach Systems Group plc (AIM: "PEB", "Pebble" or the "Group"), a leading global software business specialising in playout automation and content management solutions for the broadcast and streaming service markets, is pleased to provide the following trading update for the year ended 31 December 2019.
The Group expects to report results for the full year 2019 in line with management expectations, with revenue of approximately £11.2m (FY18: £9.2m) and adjusted* EBITDA once again improved, increasing by approximately 25% to c. £3.5m (FY18: £2.5m).
The improved trading performance has delivered good operating cash generation helping net debt which has been reduced further to £8.4m as of 31 December 2019 (FY18: £9.4m FY17: £10.3). Management expects this trend to continue in 2020.
2019 has been another excellent year for the business with one particular highlight being the securing of an order in excess of £600,000 from London-based IMG Studios. IMG had been contracted by Amazon Prime Video to provide playout services for the high profile live coverage of 20 premiership matches during December. The solution included Pebble's UHD-capable playout servers and control software for automated ad-insertion, and was delivered and commissioned during the autumn of 2019 ready for testing prior to the 3rd December deadline.
Going into 2020 the Group are continuing to deliver against the turn-around plan put in place in 2018. We therefore expect to build on the strong market position we have established and will continue to invest in our product suite and solutions. Pebble Beach Systems has a world class product suite and an outstanding client roster that includes the majority of the world's leading broadcasters. Our automated and intelligent platform enables multichannel distribution and transmission in 70 countries worldwide. We are unique in our field and have the capability and opportunity to scale.
The Board is excited about our future and looks forward to providing a further update in our audited results for the year ended 31 December 2019 which will be announced in late March 2020.
John Varney, Non-Executive Chairman, commented:
"The efforts of the executive team and staff over the last two years have delivered a stronger, more dynamic company that now has a proven track record in delivering its strategy. We are excited by the opportunities being presented in 2020 as the broadcast industry continues to transition to IP and cloud-based workflows."