Last checked at 17 Jan 2022 07:00
17 January 2022
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
THE PEBBLE GROUP PLC
("The Pebble Group," the "Company" or the "Group")
AIM: PEBB
TRADING UPDATE AND NOTICE OF RESULTS
The Board of The Pebble Group, a leading provider of technology, services and products to the global promotional products industry, is pleased to announce that following a strong close to the year, the Company's results for the year ending 31 December 2021 ("FY 21"), which will be announced on Tuesday 22 March 2022, will exceed market expectations.
As detailed in the trading update announced on 7 December 2021, both Facilisgroup and Brand Addition traded well throughout FY 21. Group revenue for FY 21 will be circa £115m (FY 20: £82.4m, FY 19: £107.2m), generating Adjusted EBITDA of not less than £15m (FY 20: £9.8m, FY 19: £15.2m).
On highly attractive profit margins, Facilisgroup's annual recurring revenue is expected to be approaching US$17m in FY 21, being circa 40% ahead of the prior year US$ comparative. Our FY 21 internal milestones were met. Partners implemented, or contracted and awaiting implementation, at 31 December 2021 were 206 with FY 21 Gross Merchandise Value and spend through our Preferred Suppliers of US$1.15bn and US$0.35bn respectively.
At Brand Addition, FY 21 revenue is expected to be over £100m (FY 20 £72.6m, FY 19 £97.9m), which represents an immediate and full recovery over FY 19 levels following the demand challenges which impacted revenue in FY 20. This rapid recovery has been delivered despite the major supply chain disruptions experienced in 2021. Looking ahead, client contracts won in FY 21 have now been implemented and are expected to contribute to revenue growth in FY 22.
Cash generation was stronger than expected in Q4 21, with net cash (excluding IFRS 16 liabilities) at 31 December 2021 of £12.1m (31 December 2020: £7.1m).
The Group has a focused strategy to invest into accelerating the scaling of Facilisgroup revenue alongside the continued attraction and retention of major contracts at Brand Addition. We remain confident in delivering upon our strategy and look forward to updating stakeholders further on the announcement of our FY 21 Final Results on 22 March 2022.
Enquires:
The Pebble Group plc Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer
| +44 (0) 7385 024855 |
Grant Thornton UK LLP (Nominated Adviser) Samantha Harrison / Harrison Clarke
| +44 (0) 20 7184 4384 |
Berenberg (Corporate Broker) Chris Bowman / Jen Clarke / Arnav Kapoor
| +44 (0) 20 3207 7800 |
Belvedere Communications (Financial PR) Cat Valentine Keeley Clarke
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+44 (0) 7715 769 078 +44 (0) 7967 816 525 thepebblegrouppr@belvederepr.com
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About The Pebble Group plc - www.thepebblegroup.com
The Pebble Group is a provider of technology, services and products to the global promotional products industry, comprising two differentiated businesses, focused on specific areas of the promotional products market:
Facilisgroup - www.facilisgroup.com
Facilisgroup focuses on supporting the growth of mid-sized Promotional Product businesses in North America by providing a technology platform, which enables those businesses to benefit from significant business efficiency and gain meaningful supply chain advantage from the ability to purchase from quality suppliers under preferred terms.
Brand Addition - www.brandaddition.com
Brand Addition focuses upon providing promotional products and related services under contract to some of the world's most recognisable brands. Its largest contracts are valued in the millions of pounds with the products and services supplied being used for brand building, customer engagement and employee rewards. Working in close collaboration with its clients, Brand Addition designs products and product ranges, hosts client-branded global web stores and provides international sourcing and distribution solutions.
We categorise our revenues into two divisions, Corporate Programmes, that supports our clients' general marketing activities, and Consumer Promotions, that supports our clients in driving their own sales volumes.
The Pebble Group aims to act responsibility through effective management of its Environmental, Social and Governance ("ESG"). To find out more, read our ESG report - The Pebble Group ESG report 2021.