17th Feb 2021 10:21
(Alliance News) - Shares in Pebble Beach Systems Group PLC recorded a decline on Wednesday after the company said it expects to report a drop in earnings for 2020.
Shares in the software firm were trading 7.3% lower at 9.50 pence each on Wednesday morning in London.
Weybridge, England-based Pebble Beach said that, for 2020, it expects to post revenue of around GBP8.4 million, down 25% from GBP11.2 million in 2019. Adjusted Ebitda is expected to be around GBP2.6 million, down 32% from GBP3.8 million. Orders received during 2020 were GBP7.8 million, down 24% from GBP10.3 million in 2019.
Pebble Beach said the virus pandemic caused customers to delay orders. Despite the difficulty, the company highlighted that it did not take advantage of any government loans or furlough schemes, and there were no staff lay-offs.
It said it also managed to reduce net debt to GBP7.7 million as at December 31 from GBP8.4 million at the end of 2019, noting it recently agreed a facility extension with Santander, which will be signed in the coming weeks.
Looking ahead, Pebble Beach said: "Going into 2021 there continues to be understandable delays in the investment decisions of our customers given Covid-19. However, the group's pipeline remains very strong and we expect to build on the trusted market position Pebble has established."
Full results for 2020 will be published in late April.
By Ife Taiwo; [email protected]
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