25th Jan 2022 11:56
(Alliance News) - Pebble Beach Systems Group PLC on Tuesday said it expects to report results for 2021 that are ahead of market expectations.
The Weybridge, England-based firm provides content management software for broadcasters and video streaming services. It said it estimates revenue of GBP10.6 million, up 26% from GBP8.4 million in 2020.
Pebble Beach expects to report adjusted earnings before interest, tax, depreciation and amortisation to be up 19% to GBP3.2 million from GBP2.7 million in 2020.
Orders received in 2021 were up 75% to GBP13.7 million from GBP7.8 million the year prior. Pebble Beach explained that this total included two large orders worth GBP1.5 million that were delayed from 2020 as a result of the impact of Covid and delayed service contract renewals.
Pebble Beach said that during the second half of 2021, the business became a remote working organisation and explained that, whilst this has caused some additional cost in the short term, other cost savings related to Covid-19 restrictions have enabled the group to maintain an adjusted Ebitda margin above 30% as it was in the previous year.
Non-Executive Chair John Varney said: "The results are a validation of the group's new remote working model and of the efforts by management to mitigate delays in the hardware supply chain due to chip shortages, ensuring a particularly strong final quarter. The board will now continue to seek ways to accelerate the required investment in new technology solutions."
Shares in Pebble Beach were up 6.3% at 12.49 pence on Tuesday morning in London.
By Heather Rydings; [email protected]
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