Pebble Beach Systems Group Plc · LSE:PEB
Pebble Beach Systems — FY2024 Earnings Presentation
19 slides from Pebble Beach Systems's earnings presentation, 2025
Slide 1: Results for year ended December 2024
discovering, designing, delivering Pebble Beach Systems Group Plc Results for year ended December 2024 Peter Mayhead, CEO Paul Inzani, Head of Finance
Slide 2: Resilient 2024 in challenging market conditions
Resilient 2024 in challenging market conditions Order intake of £13.6m, 24% up on last Recurring revenues up Adj EBITDA of £3.3m year. 45% of project 18%, now representing despite 7% revenue orders placed in 53% of total revenue drop December Long term debt down Delays in uptake of IP Refocusing the
Slide 3: Business Performance
Business Performance Annual Revenue Recurring revenue 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - 2020 2021 2022 2023 2024 Adj EBITDA Staff by function - Pebble 2024 14% R&D 40% Sales and Marketing Operations 30% G&A 3 16% Currency GBP ‘000s
Slide 4: Financial review
Financial review 4
Slide 5: Key Financial Metrics
Key Financial Metrics Order Intake • Up 24% to £13.6m FY23: £11m Revenue • Down 7% to £11.5m FY23: £12.4m Recurring support • Up 18% to £6.1m FY23: £5.2m revenue Adjusted EBITDA* • Down 13% to £3.3m FY23: £3.8m R&D expenditure • Up 5% to £2.2m FY23: £2.1m Net cash generated from • Up 6% to £3.6m FY2
Slide 6: Income Statement
2024 2023 Variance £'000 £'000 £'000 Revenue 11,453 12,370 (917) Cost of sales 2,647 2,826 Income Statement Gross Profit 8,806 9,544 (738) Operating expenses 5,530 5,770 Adjusted EBITDA 3,276 3,774 (498) Foreign exchange (loss)/gain 108 31 Share based payment expense (39) 57 ➢ 7% revenue drop year o
Slide 7: Cash flow Statement
Cash flow Statement FY 2024 FY 2023 £'000 £'000 Cash generated from operations 4,128 3,918 ➢ Cash balance broadly flat on last year. Interest paid (520) (531) Significant project orders and SLA Tax paid (5) (9) renewals placed in Dec-24 resulted in Net cash generated from operating activities 3,603
Slide 8: Statement of Financial Position
Statement of Financial Position FY 2024 FY 2023 £'000 £'000 Non-Current Assets ➢ An intangibles impairment review in line with Intangible Assets 3,218 3,218 accounting standards resulted in a one off £2.7 Capitalised R&D 2,547 3,889 million impairment charge being recognised in Property, plant & equ
Slide 9: Strategic update
Strategic update 9
Slide 10: SDI to IP: expected market adoption curve
SDI to IP Expected market adoption curve THE CHASM Early Market Mainstream Market Innovators Early Adopters Early Majority Late Majority Laggards Expected Timeline 10 2016 2021 2025 2030 Future
Slide 11: SDI to IP: actual market adoption curve
SDI to IP Actual market adoption curve THE CHASM Early Market Mainstream Market Innovators Early Adopters Early Majority Late Majority Laggards Expected Timeline 11 2016 2021 2025 2030 Future
Slide 12: SDI to IP: adoption has failed to cross the chasm
SDI to IP IP technology adoption has failed to cross the chasm Why? As demonstrated by EBU pyramid of IP adoption, was seen as a purely technological challenge when in reality: • ROI remain uncertain • IP more OPEX when customers are cash rich • IP doesn’t address significant changes in viewer habit
Slide 13: SDI to IT
SDI to IT Possible second adoption underway – the move to pure IT based solutions THE CHASM Early Market Early Market Mainstream Market Innovators Early Adopters Innovators Late Early Early Majority Majority Adopters Early Majority Laggards Late Majority Laggards Expected Timeline 13 2016 2021 2025
Slide 14: Strategic scenarios
Strategic scenarios We have identified three possible scenarios for the evolution of the industry Scenario 1: Adoption of IP infrastructure Scenario 3: Industry continue to utilise existing infrastructure for prolonged period Industry overcomes barriers to adoption and customers invest into IP nativ
Slide 15: Action plan
Action plan We need to be ready for the possible scenarios Net Debt All three scenarios need us to be free of the long- term debt burden 2,000 that we have been carrying. The following actions have been taken to 1,000 allow us to accelerate the debt repayment and clear the way to - either raise inve
Slide 16: Positioned for paradigm shift
Positioned for paradigm shift 16
Slide 17: 2025 Strategic Focus
2025 Strategic Focus 1 2 3 4 Sharpen our focus on becoming Maximised the cash generation Deliver the 2025 market Monitored the transition of the the dominant player in the for 2025 from existing Pebble expectations underlying sales broadcast playout market to Playout market. This is a £100m+ busines
Slide 18: Summary
Summary Strong H2 performance despite delayed project order intake Growth in recurring revenues following levelling up exercise Refocusing the business on its core product offerings Focus on accelerating debt pay down Strong customer relationships and company reputation in the sector provide continu
Slide 19: a: Unit 1, First Quarter, Blenheim
a: Unit 1, First Quarter, Blenheim t: +44 1932 533 790 | e: info@
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