The Pebble Group - Positioned to benefit from re-emerging confidence

The Pebble Group’s FY23 results were as previously flagged. Facilisgroup, Pebble’s digital commerce segment, grew FY23 revenues by 8% after an H2 slowdown in gross merchandise value (GMV) for its partners affected revenue earned from its preferred supplier base. At Brand Addition, selling into large, global brands, revenue from tech and consumer clients trailed FY22. Both group segments are well placed to benefit from rebuilding corporate assurance and continued investment, although precise timi

The Pebble Group - FY23 trading update

The Pebble Group’s year-end trading update confirms that the outturn has been in line with the revised guidance from November’s update, with revenue of £124m and adjusted EBITDA of around £16m, also reflected in our modelling. The only divergence is in cash generation, which has been better than we anticipated, with a year-end net cash balance (excluding leases) of £15.9m, against our modelled £15.1m. The results announcement is set for 19 March, at which point the outlook for the current year s

The Pebble Group - Market headwinds in H2

The Pebble Group is experiencing tougher trading conditions in its second half year, particularly in its Brand Addition segment, which provides global brands with their promotional goods requirements. As has been the case more widely across the sector, spending from tech, and some consumer, clients has been under pressure, given the macroeconomic backdrop. We have aligned our FY23 forecasts with the revised guidance and adjusted FY24 from the lower base. The fundamental proposition of both busin

The Pebble Group - Facilisgroup leads H123 performance

The Pebble Group’s first half results are as indicated in July’s trading update, with revenues up 5% y-o-y and adjusted EBITDA margin expanding from 11.1% to 11.8%. Our full year estimates are unchanged. Facilisgroup is making particularly strong progress, growing revenues by 24% over H122 (+18% in US dollars, its main trading currency) as it builds its customer base and adds further offerings. Brand Addition, the more established segment, grew revenues by 2.5% in more challenging market conditi

Initial Equity Trading Comments - 1 September 2023

The Pebble Group - On track to deliver FY23 expectations

The Pebble Group’s half-year trading update indicates revenues and profits ahead of the prior year, with particularly strong top-line growth of around 20% from Facilisgroup. Brand Addition, the more established segment, is more than holding its own in a market with greater challenges, with revenues slightly ahead of H122 and maintained EBITDA margins. Facilisgroup is likely to become the majority profit contributor during FY24. This is a good H123 group performance, in our view, and our estimate

The Pebble Group - H123 trading ahead of prior year

The Pebble Group’s AGM statement outlines first-half trading likely to be up on the same period in FY22, with both of the group’s constituent businesses performing well. Facilisgroup, serving the US promotional product distribution market, is extending its offering and building market share in the substantial North American market. Brand Addition, which provides promotional products and associated services to major global brands, benefits from strong relationships built on trust, and is reported

Initial Equity Trading Comments - 16 May 2023

Pebble Group - Good progress and a maiden dividend

The Pebble Group’s FY22 results show strong progress on revenue (+16% on FY21) and adjusted EBITDA, +17%. Facilisgroup, its North American SaaS business, is making particularly good progress with revenues up 31%. It is still early days but the opportunity is substantial. This inevitably requires investment to take full advantage, restraining short-term earnings growth, but should drive recurring revenues and build value, in our view. The more established part of the group, Brand Addition, lifted

SHORE CAPITAL - Pebble Group^ (PEBB, Buy at 109p)

Next 15 - FY24 Full Year update

If one focused solely on the share price chart, it would appear Next 15 had experienced a near death experience in 2023 with multiple, and extensive downgrades. The reality has been somewhat different. Next 15 will exit FY24 delivering both top line growth and year on year margin progression.

S4 Capital - Extension of recovery horizon

S4 Capital had a difficult FY23, as flagged, with reduced client confidence and spend, particularly from those clients in the tech sector, and on larger transformation projects. Management is cautious in the short term, with no substantive changes likely in H124, but sees conditions likely to improve in H224 as economic pressures ease. The group’s longer-term prospects should be buoyed by its positioning across data and digital marketing and, in particular, in incorporating AI into hyper-persona

LBG Media (LBG LN) - Strong momentum into FY24

Resilient growth in core markets: Revenue of £67.5m is +7.5% YOY (FY22: £62.8m) and +0.7% vs. Zeus estimate of £67.0m, with growth across Direct and Indirect divisions benefitting from increased activity with new and existing clients.

Still going strong

Future today released an update highlighting FY’20E adj EBITDA which is trading towards the top-end of consensus (£86.3m-£91.0m; N1Se: £88.5m). Strong performance has been supported by acceleration of the consumer shift to digital, positive cost control and cost synergy extraction from the TI Media acquisition (c.£9m annualised savings delivered so far). Migration of TI Media sites to the Group’s Vanilla platform are underway, whilst Hawk (price comparison platform) has been successfully deploye