9th Sep 2024 10:39
(Alliance News) - The Pebble Group PLC said on Monday that it was satisfied with its interim results despite a profit fall, expecting its full-year results to be in line with market expectations.
The Manchester, England-based firm, which provides products and services to the global promotional products industry, said revenue for the six months ended June 30 was GBP60.8 million, falling 4.0% from GBP63.3 million a year ago.
Pretax profit was GBP2.9 million, down 6.5% from GBP3.1 million.
The company said revenue for its Brand Addition business, which provides promotional products and related services globally, had "recovered well following a challenging second half in 2023", with high client retention levels continuing. The unit's revenue came down 4.2% to GBP51.9 million from GBP54.2 million at the same time last year.
The group's Facilisgroup business, which provides a digital commerce platform for promotional products businesses in North America, made "strong operational progress" following a change in leadership in late 2023. Its total revenue fell 3.4% to GBP8.9 million from GBP9.2 million due to increased foreign exchange rates. In the business' home currency, revenue was in line with its 2023 half-year results at USD11.3 million.
Pebble Group said it does not consider the introduction of an interim dividend payment "necessary at this time," unchanged from a year ago.
Meanwhile, the company appointed Anne de Kerckhove as non-executive chair, replacing Interim Chair Chris Lee who remains chief executive officer. De Kerckhove has 20 years of experience in technology, [software as a service], data, media & entertainment and digital commerce.
Looking ahead, CEO Chris Lee said: "We expect our full year performance to be in line with market expectations and have made strong operational progress in the period. The group's robust financial profile and market leading businesses leave us well-placed to gain market share in the circa USD50 billion global promotional products market."
Shares in Pebble Group fell 2.5% to 58.00 pence each in London on Monday morning.
By Emily Parsons, Alliance News reporter
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