discovering, designing, delivering
Pebble Beach Systems Group Plc
Interim results for the six months ended 30 June 2022
Peter Mayhead, CEO
Paul Inzani, Head of Finance
Agenda
- Overview
- Financial Review
- Operational Review
- Trading Outlook
- Appendix - Case studies
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Three key takeaways for today
Balancing short term performance with long term investment into next generation solutions
Business growing despite negative
environmental factors such as Covid-19, Russian situation, and global economic uncertainty
- Revenue up 3% on H1'21
- Recurring revenue from support contracts up 9% to £2.24m
- Order intake up marginally at £5m versus Covid adjusted H1'21 of £4.9m
- £3.6m of new project wins in the period
Continued investment into
software development
- Oceans automation to provide cloud-native playout solution broaden addressable market
- Media Processing Engine to remove reliance on third party video capability
- Pebble control development progressing with added functionality
Strong operational performance
- Remote operating model providing resilience
- Inventory build to mitigate global shortage of semiconductors
- Debt reduced by a further £500k to £7.1m
- Net debt of £6.3m represents 2.2x 12 month adj EBITDA
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Key Performance Indicators
Order Intake
Revenue
Recurring support revenue
Adjusted EBITDA*
R&D expenditure
Cash generated from ops
Net Debt
- UP 3% £5.0m FY21: £4.9m
- UP 3% £5m FY21: £4.9m
- UP 9% £2.24m FY21: £2.05m
- DOWN 24% £1.3m FY21: £1.7m
- UP 29% £0.9m FY21: £0.7m
- DOWN 67% £0.6m FY21: £1.8m
- DOWN 5% £6.3m FY21: £6.6m
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*Adjusted EBITDA, a non-GAAP measure, is EBITDA before non-recurring items, share based payment expense and foreign exchange movements. Adjusted earnings per share is calculated on the same basis as reported EPS before amortisation of acquired intangibles, share based payment expense and foreign exchange movements, after taking account of related tax effects.
Operational highlights
International reach and operational excellent ensuring that the business is able to grow despite some challenging market factors
Global
success
Operational excellence
• Significant success in the Middle East across multiple customers, defending our position in this key market.
• Adding PayTV channels to a customer in Brazil, expanding a successful long-term partnership with one of the largest broadcast organisations in the world.
• Breaking into new markets with :
• First order in Italy, to a sports broadcaster via a new channel partner.
• Automation and integrated channel contract awarded by a major Indonesian media corporation.
• The delays in sourcing hardware items resulting from the worldwide shortage of semiconductors have been largely mitigated, including a measured investment in inventory to allow customer orders to be delivered.
• Investment in our new IP-native Oceans platform continues as planned.
• Strategic move to a fully remote operating model is delivering operational benefits in terms of resilience, organisational growth and employee satisfaction.
• Achieved a re-finance of the bank debt through to September 2024.
• Investigated ways to accelerate funding of growth initiatives.
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