Business
Half Year Results 2023
Half Year Results 2023.
About this update from Pebble Group Plc
[{"type":"text","content":"\n\n \n5 September 2023\nTHE PEBBLE GROUP PLC\n(\"The Pebble Group\" or the \"Group\")\n \nUNAUDITED HALF YEAR RESULTS 2023\nSolid performance with strategic progress\n \nThe Pebble Group (AIM: PEBB, OTCQX: PEBBF), a leading provider of digital commerce, products and related services to the global promotional products industry, announces its unaudited results for the six months ended 30 June 2023 (\"HY 23\" or the \"Period\").\n \nHaving achieved solid year on year growth in HY 23, the Board expects that for the year ending 31 December 2023 (\"FY 23\") the Group's results will be in line with market expectations.\n \nFinancials\n \n\n\n\n\nStatutory results\n\n\nHY 23\n\n\nHY 22\n\n\nChange\n\n\nFY 22\n\n\n\n\nRevenue\n\n\n£63.3m\n\n\n£60.3m\n\n\n+5%\n\n\n£134.0m\n\n\n\n\nGross profit margin\n\n\n42.8%\n\n\n38.5%\n\n\n+4.3ppt\n\n\n39.3%\n\n\n\n\nOperating profit\n\n\n£3.3m\n\n\n£3.1m\n\n\n+6%\n\n\n£10.2m\n\n\n\n\nProfit before tax\n\n\n£3.1m\n\n\n£2.8m\n\n\n+11%\n\n\n£9.7m\n\n\n\n\nBasic earnings per share\n\n\n1.37p\n\n\n1.27p\n\n\n+8%\n\n\n4.55p\n\n\n\n\n \n\n\n\n\nOther financial highlights\n\n\nHY 23\n\n\nHY 22\n\n\nChange\n\n\nFY 22\n\n\n\n\nAdjusted EBITDA1\n\n\n£7.5m\n\n\n£6.7m\n\n\n+12%\n\n\n£18.0m\n\n\n\n\nNet cash / (debt)2\n\n\n£4.2m\n\n\n£(0.1)m\n\n\n+£4.3m\n\n\n£15.1m\n\n\n\n\nAdjusted basic earnings per share3\n\n\n2.08p\n\n\n1.88p\n\n\n+11%\n\n\n5.78p\n\n\n\n\n \nFinancial highlights and outlook\n \n\n\n\n\n·\n\n\nGroup Adjusted EBITDA up 12% following solid trading across the Group\n\n\n\n\n·\n\n\nFacilisgroup: Revenue for HY 23 of £9.2m up 24% on HY 22 generating £4.3m Adjusted EBITDA (HY22: £3.5m)\n\n\n\n\n·\n\n\nBrand Addition: Revenue for HY 23 of £54.2m up 2.5% on HY 22 generating £4.5m Adjusted EBITDA (HY 22: £4.4m)\n\n\n\n\n·\n\n\nGross profit margins increase 4.3 percentage points to 42.8%, driven by higher contribution from Facilisgroup and improved margins at Brand Addition of 33.2% (HY 22: 29.9%)\n\n\n \n\n\n\n\n·\n\n\nBalance sheet strong and working capital cycle following its normal pattern, with good profit to cash conversion resulting in a net cash position at the full year expected to be circa £17m\n\n\n\n\n·\n\n\nThe Board expects FY 23 results to deliver on market expectations\n\n\n\n\n \nOperational highlights\n \n\n\n\n\n·\n\n\nStron...