21st Aug 2024 11:23
(Alliance News) - Pebble Beach Systems Group PLC on Wednesday posted mixed financial results for the first half but confirmed a positive full-year outlook.
The Surrey, England-based software company develops playout, content management, and internet protocol control solutions for the broadcast and media technology markets.
In the first half that ended June 30, pretax profit rose 19% to GBP294,000 from GBP248,000 the previous year.
Revenue fell 3.9% to GBP5.3 million from GBP5.5 million while cost of sales was reduced by 19% to GBP1.1 million from GBP1.4 million.
Sales & marketing expenses grew 12% to GBP1.4 million; research & development expenses fell 12% to GBP776,000; administrative expenses fell 1.5% to GBP1.3 million.
Order intake was up 12% year-on-year to GBP4.9 million from GBP4.4 million.
Non-Executive Chair John Varney said: "The group continues to demonstrate resilience with increased order intake in spite of ongoing challenging external market conditions causing customers to continue delaying decisions on upgrades.
"The board is focused on driving further organic growth complemented by inorganic growth, when appropriate, as opportunities to enhance our technology are identified. We continue to progress with investment in the development of our new solutions to help support the industry".
Looking ahead, Pebble Beach expects to deliver against its full-year targets with greater project orders expected in the second half based on historical trends and a strong order book.
Pebble Beach said its weighted pipeline value remains strong at GBP9.8 million, up 13% from GBP8.7 million last year.
Pebble Beach shares were up 5.2% to 12.10 pence each in London on Wednesday morning.
By Elijah Dale, Alliance News reporter
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