Pebble Beach Systems Group PLC (AIM:PEB) shares jumped over 9% in morning trading after the software company provided an upbeat trading update for the second half and forecast in-line results for the year just ended.
The company, which specialises in playout automation, content management and IP Control solutions for the broadcast and streaming service markets, estimated revenue of around £11.2mln for the year to 31 December 2022, up from £10.6mln the year before, and underlying profit (adjusted EBITDA) of around £3.3mln (2021: £3.2mln).
Orders in the second half of the year were 24% higher than in the first six months, the company said, noting that the strong order book as it exited the year and the high proportion of recurring revenues provides “excellent visibility moving into 2023”.
Pebble Beach reduced total bank debt by a further £0.5mln in the second half to £6.6mln, with net debt on 31 December 2022 being £5.8mln, down from £5.9mln a year earlier. Net debt is expected to continue to reduce in 2023, it said.
"It's been an excellent year despite the macro challenges. The second half was strong as expected with in-line performance,” commented John Varney, Pebble’s non-executive chairman in the statement. “The group's order book is strong and we look to build it further in 2023."
Pebble Beach shares climbed 9.38% to 8.75p in morning trading.