Company reports increases in gross margin and order book, improvements in cash generation and profitability, reduction in debt
Weybridge, UK, March 28th, 2019 – Pebble Beach Systems, a leading automation, content management and integrated channel specialist, released a highly positive set of results for 2018 today.
The company reported a material increase of 3% in gross margin compared to 2017’s figures, and succeeded in transforming an adjusted EBITDA of £500k in 2017 into a £2.5m profit in 2018, an increase of 400%.
Furthermore, the business improved cash generation by nearly £4.3m across the 12-month period.
In addition, Pebble reported an increase in orders received and a reduction in debt. Pebble confirms that updated terms to manage the further reduction of this debt were agreed this month, providing a stable capital base.
Pebble CEO Peter Mayhead said
“This is a truly inspirational set of results and I’m immensely proud of what everyone at Pebble has achieved. We’ve made some bold changes, drawn a line underneath legacy issues, and erased any lingering doubts that the market may have had about our corporate position. These results show that our hard work has paid off.”
He continues “I’m excited to go into this year’s NAB show with such a great set of results. In addition to getting the financials in good shape, 2018 saw the formation of a new leadership team, and the creation of a forward-looking strategy which keeps the needs of our customers at its heart. We look forward to sharing the details with new and existing customers at the show next month.”
John Varney, Non-Executive Chairman of Pebble Beach Systems Group plc, said:
“This is an exciting time for Pebble Beach Systems as the broadcast industry adapts to the opportunities presented by the expansion in audience and platforms, underpinned by strong continuing growth in advertising revenues. Pebble Beach Systems is now well-positioned to deliver solutions to the global broadcast market as it invests in channel and content delivery infrastructure and systems.”
Pebble Beach Systems will be exhibiting on Booth SL4528 at NAB, and also participating in the IP Showcase in the Central Hall on Booth C12634. Full details of the Annual Report can be found here.
