The Pebble Group PLC Announces Audited Full Year Results 2023

Rhea-AI Summary

The Pebble Group PLC announces audited full-year results for 2023, showing performance in line with revised expectations and well-placed for growth in 2024. Revenue declined by 7%, with Facilisgroup's revenue growing by 12% and Brand Addition's revenue decreasing by 9%. The company has a strong balance sheet with net cash of £15.9m and plans to increase dividends and implement a share buy-back program.

Positive

• The Pebble Group PLC announces audited full-year results for 2023.
• Revenue declined by 7% to £124.2m compared to the previous year.
• Facilisgroup's revenue grew by 12% to USD21.2 million.
• Brand Addition's revenue decreased by 9% to £106.3m.
• Gross profit margin increased by 4.3 percentage points to 43.6%.
• The company has a strong balance sheet with net cash of £15.9m.
• Plans to increase dividends to 1.2 pence per share and implement a share buy-back program up to £5.0m.
• Adjusted EBITDA decreased by 11% to £16.0m.
• Adjusted basic earnings per share decreased by 20% to 34.60p.
• The management team is hosting an online investor presentation on March 21, 2024.

Negative

• None.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

THE PEBBLE GROUP PLC

("The Pebble Group", the "Group" or the "Company")

AUDITED FULL YEAR RESULTS 2023

Performance in line with revised expectations and well-placed for return to growth

MANCHESTER, UK / ACCESSWIRE / March 19, 2024 / The Pebble Group, a leading provider of digital commerce, products and related services to the global promotional products industry, announces its audited results for the year ended 31 December 2023 ("FY 23").

The results are in line with revised expectations as set out in the trading update on 22 November 2023 as a result of continued growth in Facilisgroup and reduced revenue at Brand Addition stemming from a contraction in spend among Technology and Consumer clients.

Commenting on the results, Chris Lee, Chief Executive Officer of Pebble Group said: "Both Facilisgroup and Brand Addition retain attractive fundamental strengths, are differentiated in their respective markets and have clear strategic plans to grow in the very large global but fragmented promotional products industry. With a robust balance sheet that has enabled investment in new technology product initiatives and further development on its progressive dividend policy, the Group remains well-placed to return to growth in 2024, with exciting opportunities to scale further. Trading in 2024 has started in line with management's expectations."

	Group revenue of £124.2m (FY 22: £134.0m), 7% behind the prior year.
	Facilisgroup: Annual Recurring Revenue grew by 12% to USD21.2 million (FY 22: USD19.0m) with attractive Adjusted EBITDA margins of 50% (FY 22: 54%).
	Brand Addition: Revenue decreased by 9% to £106.3m (FY 22: £117.4m) due to impact of reduced spend from the Technology and Consumer sectors.
	Gross profit margin increased 4.3 percentage points to 43.6% (FY 22: 39.3%) as a result of increased value delivered by Brand Addition to its clients and the growing proportion of Facilisgroup as a percentage of overall Group sales.
	Strong balance sheet with net cash of £15.9m at 31 December 2023, an increase of £0.8m compared with 31 December 2022.
	Further development on progressive dividend policy, with the Board proposing to increase dividend to 1.2 pence per share at FY 23 (FY 22: 0.6 pence per share) and intending to implement in the near-term a share buy-back programme in the Company's Ordinary Shares up to a maximum aggregate consideration of £5.0m.

Financials

Statutory results	FY 23	FY 22	Change
Revenue	£124.2m	£134.0m	-7%
Gross profit margin	43.6%	39.3%	+4.3ppt
Operating profit	£8.0m	£10.2m	-22%
Profit before tax	£7.4m	£9.7m	-24%
Basic earnings per share	3.46p	4.55p	-24%

Other financial highlights	FY 23	FY 22	Change
Adjusted EBITDA1	£16.0m	£18.0m	-11%
Net cash2	£15.9m	£15.1m	+5%
Adjusted basic earnings per share3	4.60p	5.78p	-20%
Dividend	1.2p	0.6p	+100%

1	Adjusted EBITDA means operating profit before depreciation, amortisation and share-based payments charge
2	Net cash is calculated as cash and cash equivalents less borrowings (excluding lease liabilities)
3	Adjusted basic earnings per share ("EPS") represents Adjusted Earnings meaning profit after tax before amortisation of acquired intangible assets, share-based payments charge and exceptional items divided by a weighted average number of shares

Online investor presentation

The management team is hosting an online investor presentation with Q&A at 3:00pm on Thursday, 21 March 2024. To participate, please register with PI World at: https://bit.ly/PEBB_FY23_results_webinar

Enquiries:

The Pebble Group Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer +44 (0) 750 012 4121	Temple Bar Advisory (Financial PR) Alex Child-Villiers Sam Livingstone +44 (0) 207 183 1190 pebble@templebaradvisory.com
Grant Thornton UK LLP (Nominated Adviser) Samantha Harrison / Harrison Clarke / Ciara Donnelly +44 (0) 207 184 4384	Berenberg (Corporate Broker) Ben Wright / Mark Whitmore / Richard Andrews +44 (0) 203 207 7800

Click on, or paste the following link into your web browser, to view the full announcement.

http://www.rns-pdf.londonstockexchange.com/rns/3233H_1-2024-3-18.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: The Pebble Group PLC

View the original press release on accesswire.com

FAQ

What are The Pebble Group PLC's audited full-year results for 2023?

The Pebble Group PLC announced audited full-year results for 2023, showing performance in line with revised expectations and well-placed for growth in 2024.

How much did the revenue decline by in 2023?

The revenue declined by 7% to £124.2m in 2023 compared to the previous year.

What was the percentage increase in Facilisgroup's revenue?

Facilisgroup's revenue grew by 12% to USD21.2 million.

What was the change in Brand Addition's revenue in 2023?

Brand Addition's revenue decreased by 9% to £106.3m in 2023.

What was the gross profit margin for The Pebble Group PLC in 2023?

The gross profit margin increased by 4.3 percentage points to 43.6% in 2023.

How much net cash did The Pebble Group PLC have at the end of 2023?

The company had net cash of £15.9m at the end of 2023.

What are the company's plans regarding dividends and share buy-back program?

The company plans to increase dividends to 1.2 pence per share and implement a share buy-back program up to £5.0m.

What was the change in Adjusted EBITDA for The Pebble Group PLC in 2023?

Adjusted EBITDA decreased by 11% to £16.0m in 2023.

How much did Adjusted basic earnings per share change in 2023?

Adjusted basic earnings per share decreased by 20% to 34.60p in 2023.

When is the online investor presentation hosted by the management team?

The management team is hosting an online investor presentation on March 21, 2024.