The Pebble Group (PEBB) H1 2024 earnings summary

Executive summary

• Half-year 2024 revenue was £60.8m, down 3.9–4% year-over-year, with adjusted EBITDA nearly flat at £7.4m and gross margin rising to 44.7% from 42.8%.

• Cash position strengthened to £4.9m at 30 June 2024, up from £4.2m a year earlier, with no debt.

• Leadership changes include Anne de Kerckhove as Non-Executive Chair and new hires in Facilisgroup and Brand Addition.

• High client retention, ongoing investment in technology, and ESG remain core business focuses.

Financial highlights

• Revenue for HY 24 was £60.8m, down 3.9–4% year-over-year; adjusted EBITDA was £7.4m, nearly flat year-over-year.

• Gross profit margin improved to 44.7% (HY 23: 42.8%); Brand Addition gross margin rose to 35.3%.

• Net cash increased to £4.9m, up from £4.2m in HY 23, after £2.6m in shareholder distributions.

• CapEx is reducing after a period of high investment, supporting cash conversion.

• Dividend paid doubled to £2.0m in 2024; share buyback programme ongoing with £0.8m returned in HY 24.

Outlook and guidance

• FY 24 results expected to be in line with market expectations, supported by robust cash and operational progress.

• CapEx expected to reduce by at least $1 million this year, with further reductions next year.

• Ongoing aim for dividend distribution of circa 30% of profit after tax.

• Focus on maintaining strong client retention and expanding into new geographies.

• Facilisgroup's growth strategy centers on North America, with potential for future international expansion.