8th Sep 2021 11:31
(Alliance News) - Pebble Beach Systems Group PLC on Wednesday said it had bounced back from a drop in orders, booking a 64% increase in the first half of 2021.
The Weybridge-based software firm, which specialises in playout software, received GBP6.4 million worth of orders in the six months ended June 30, up 64% from GBP3.9 million last year. The orders received include GBP1.5 million delayed orders from 2020.
Shares in Pebble Beach were up 10% at 11.29 pence each in London on Wednesday morning.
In the period to June 30, pretax profit grew 36% year-on-year to GBP1.0 million from GBP739,000. Revenue climbed 9% to GBP4.9 million from GBP4.5 million.
As a result of order growth, administrative costs in the period increased 40% to GBP1.2 million, while sales and marketing expenses were trimmed by 12% to GBP789,000.
"I am pleased to report that the group has continued its robust response to the challenges presented by Covid-19 and has now fully embraced remote working as its primary means of operation," said Chair John Varney.
Varney noted that remote working "significantly curtailed" the virus's impact on Pebble Beach and enabled it to facilitate more orders. It has vacated one of its two Weybridge offices.
Net debt in the company was GBP6.6 million at June 30, down GBP1.1 million from December 31. It declared no interim dividend.
"Our results for the first half of the year and our continued investment in new software solutions coupled with our new remote operating model, has demonstrated that we are correct to have confidence in our ability to continue to grow this year and to take that momentum into 2022," added Varney.
By Josie O'Brien; [email protected]
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