25th Jul 2023 13:47
(Alliance News) - Pebble Group PLC on Tuesday said it will report strong growth in revenue and earnings for the first half year, and has confidence in its strategy.
The Manchester, England-based provider of technology and services to the promotional products industry said its performance in the first half of 2023 was ahead of last year's results "across all major metrics".
On Tuesday afternoon in London, shares in Pebble were up 4.2% at 87.00 pence.
Pebble said it expects revenue for the first half year, in its Facilisgroup technology solutions business, to have increased 20% from the first six months of 2022. It also expects to have maintained "strong" earnings before interest, tax, depreciation, and amortisation margins, compared with 47% the prior year.
"With its current rate of growth and excellent profit margins, we expect Facilisgroup to become the majority contributor to group profits moving through 2024," Pebble commented.
For its distribution business, Brand Addition, Pebble anticipates slightly higher revenue than in the previous year, while maintaining high rates of client retention.
Improved gross margins have helped the Ebitda margin to remain stable, compared with 8.3% last year, which Pebble said matched the costs of "additional expertise" to support the "increasingly complex requirements" of its large international clients.
Net cash at June 30 was GBP4.2 million, down from GBP15.1 million on the same date in 2022.
For the full year, Pebble said it was on track to achieve results in line with market expectations.
In the meantime, it said its strategies were "consistently progressing". In particular, Pebble said it "remains on track" to widen its addressable customer numbers by introducing further technology products.
By Emma Curzon, Alliance News reporter
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