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10/09/2019

Pebble Beach Systems Reports Over 50% Rise In Half Year Results

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Pebble Beach Systems has released a positive set of results for the first six months of 2019.

The company reported revenues of £5.6m, a 51% increase compared to 2018's figures from January to June, together with a 23% increase in the value of orders received for the same period. It also reports before tax profits of £0.7m, compared to a loss of £0.9m in the first six months of 2018, and a significant increase in adjusted EBITDA from £0.6m to £2.0m.

Pebble CEO Peter Mayhead said: "I'm proud to go into this year's IBC show with such a great set of results. It’s clear to me that following the successful restructuring we went through over the last couple of years, we are now recognized as one of the very few remaining independent specialist vendors in playout. In a turbulent market that is plagued by consolidation, we are growing and generating significant profits which allows us to make continued investments in our R&D. We are small and agile and uniquely placed to help define the future of this vital area of the broadcast industry."

John Varney, Non-Executive Chairman of Pebble Beach Systems Group plc, said: "We are greatly encouraged with the results for the first half of 2019. At the start of 2018, the Board put in place an aggressive plan to turn around the Company. The work that was done during 2018 was both necessary and detailed but, as is normal in turnaround situations, the numbers that we produced at the end of the year, whilst encouraging, did not reflect the scale of the progress we had made. It is therefore very pleasing indeed to be able to report such an impressive set of results for the first half of 2019. These are a huge testament to both the quality and hard work of the people within the business. Whilst the first part of the turnaround is complete, the marketplace in which we operate is fast moving and competitive and whilst we have improved our reputation and our market position, there is still a lot to do."

Pebble Beach Systems will be exhibiting on Stand 8.B68 at IBC.

www.pebble.tv
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