5th Feb 2019 11:38
LONDON (Alliance News) - Pebble Beach Systems Group PLC on Tuesday said it expects to further improve its financial position in the year ahead after reporting a quadrupled profit in 2018.
The stock was trading 13% higher on Tuesday at 5.80 pence a share.
The AIM-listed wireless communication company said it expects 2018 results to be in line with forecasts, with adjusted operating profit in excess of GBP2.0 million, compared to GBP500,000 reported a year prior.
Trading performance and operating cash generation improved "significantly" over 2017, Pebble Beach highlighted, through higher margins, securing new business, and completion of a major cost reduction restructuring exercise.
Going into 2019, Pebble Beach said it expects to build on the trading performance improvements delivered in 2018 whilst also improving its financial position further.
"The broadcast industry continues to face challenges as customers assess how best to invest in the evolving technologies of IP and cloud-based infrastructures whilst maintaining their traditional infrastructure. We are well positioned to respond to these challenges and look forward to focussing on the opportunities being presented in 2019 and beyond," explained Non-Exec Chair John Varney.
The company expects to announce 2018 results in April.
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