The Pebble Group (LON: PEBB), the promotional products technology group, reported group revenue up 4% to £60.7m for the six months to 30 June, in unaudited interim results published earlier today. Both of its divisions, Brand Addition and Facilisgroup, grew, and management said the group remains on track to meet full-year market expectations.
Shares closed at 61p yesterday, near the top of a 52-week range spanning 38.4762p to 62p, with no confirmed reaction yet to today’s results ahead of the London market open.
Beneath the headline growth, statutory operating profit nearly halved to £1.4m from £2.8m, and statutory profit before tax fell to £1.2m from £2.6m. That drop was driven by higher non-cash amortisation, which rose to £3.1m from £2.6m, and a £1.0m share-based payment charge, a reversal from a £0.3m credit a year earlier, rather than any weakening in trading.
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Adjusted figures, which strip out those non-cash items, told a different story: adjusted EBITDA, or operating profit before depreciation, amortisation and share-based payment charges, rose 6% to £6.6m, while adjusted earnings per share grew 3% to 1.25p.
Chief executive Chris Lee said: “We are beginning to see the benefits of our recent investment decisions. The Group has delivered a strong first half performance with revenue growth across both of our businesses.”
Facilisgroup, the group’s software arm for promotional product distributors, grew US dollar revenue 7% and is targeting double-digit growth in the second half, while its subscription-based annual recurring revenue climbed 12% since the end of December.
The balance sheet swung from £6.0m net cash a year ago to £1.2m net debt, after the group returned £7.9m to shareholders in the half through buybacks and dividends, part of £10.0m returned so far this year. The board will not pay an interim dividend, with an update due alongside full-year results in March.
