Business
Postponement of Audited Results
Postponement of Audited Results.
About this update from Pebble Beach Systems Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 2906H\n Pebble Beach Systems Group PLC\n 24 March 2020\n \n \n \n \n Postponement of audited results for full year to 31 December 2019\n \n \n \n \n \n 24 March 2020\n \n \n \n \n \n Pebble Beach Systems Group plc\n \n \n Pebble Beach Systems Group plc (AIM: \"PEB\", \"Pebble\" or the \"Group\"), a leading global software business specialising in playout automation and content management solutions for the broadcast and streaming service markets, announces that following discussions with its auditors in light of recent regulatory guidance, the Group's results for the full year to 31 December 2019 will be delayed. \n \n \n Whilst all of our audit work had been completed, our auditors will be delaying the sign off on the Group accounts in line with many other businesses given the current crisis with Covid-19. Further information on a revised timetable for publication of our financial statements will follow when further guidance from our auditors is available\n \n .\n \n \n \n Trading update\n \n \n On 10 February 2020 we signed a 12-month extension to the current £9.5 million loan agreement securing the facility until 30 November 2021. We have a good working relationship with our bank and are in regular dialogue with them during these uncertain times.\n \n \n 2020 had started well with initial growth in our pipeline and order intake in line with management expectation of building on the success of the past two years. In the past few weeks, it has become increasingly clear that the events surrounding the Coronavirus have the potential to impact upon us. Management have undertaken a risk assessment of the potential impact of the virus to identify and implement any actions to mitigate said risk. As part of that review we have assessed that it is unlikely that our customers will see a material downturn in demand; possibly they may experience an increase in demand as people turn towards media for information and entertainment during a time of isolation and uncertainty. At the same time our ongoing focus on automation and remote support has allowed us to adapt to the global need to complete project implementations remotely.\n \n \n At this time management does not believe that the virus necessitates any change to our strategy for growth but given the impact Coronavirus is having across the world, w...