Last checked at 24 Mar 2020 07:00
Postponement of audited results for full year to 31 December 2019
24 March 2020
Pebble Beach Systems Group plc
Pebble Beach Systems Group plc (AIM: "PEB", "Pebble" or the "Group"), a leading global software business specialising in playout automation and content management solutions for the broadcast and streaming service markets, announces that following discussions with its auditors in light of recent regulatory guidance, the Group's results for the full year to 31 December 2019 will be delayed.
Whilst all of our audit work had been completed, our auditors will be delaying the sign off on the Group accounts in line with many other businesses given the current crisis with Covid-19. Further information on a revised timetable for publication of our financial statements will follow when further guidance from our auditors is available.
Trading update
On 10 February 2020 we signed a 12-month extension to the current £9.5 million loan agreement securing the facility until 30 November 2021. We have a good working relationship with our bank and are in regular dialogue with them during these uncertain times.
2020 had started well with initial growth in our pipeline and order intake in line with management expectation of building on the success of the past two years. In the past few weeks, it has become increasingly clear that the events surrounding the Coronavirus have the potential to impact upon us. Management have undertaken a risk assessment of the potential impact of the virus to identify and implement any actions to mitigate said risk. As part of that review we have assessed that it is unlikely that our customers will see a material downturn in demand; possibly they may experience an increase in demand as people turn towards media for information and entertainment during a time of isolation and uncertainty. At the same time our ongoing focus on automation and remote support has allowed us to adapt to the global need to complete project implementations remotely.
At this time management does not believe that the virus necessitates any change to our strategy for growth but given the impact Coronavirus is having across the world, we will continue to monitor the situation very closely.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information please contact:
Peter Mayhead- Chief Executive Dominic Del Mar- Investor Relations
| +44 (0) 75 55 59 36 02 +44 (0) 1256 962 978
|
finnCap (Nominated Adviser and Broker) Marc Milmo / Hannah Boros - Corporate Finance |
+44 (0) 207 220 0500
|
Tim Redfern - ECM |
The Company is quoted on the LSE AIM market (PEB.L). More information can be found at www.pebbleplc.com.
About Pebble Beach Systems
Pebble Beach Systems is a world leader in automation, channel in a box, integrated and virtualised playout technology, with scalable products designed for highly efficient multichannel transmission as well as complex news and sports television. Installed in more than 70 countries and with proven systems ranging from single up to over 150 channels in operation, Pebble Beach Systems offers open, flexible systems, which encompass ingest and playout automation, and complex file-based workflows. The Company trades in the US as Pebble Broadcast Systems.