Pebble Beach Systems has reported a positive FY25 trading update to December that shows the benefit of derisked second half revenue expectations. Revenue and adj EBITDA is reported +6% ahead of expectations with net debt £2.0m (was £1.4mE). A confident outlook leads us to upgrade FY26E revenue and adj EBITDA by +8%, adj PBT and adj dil EPS by +12%, and maintain £1.3m net cash expectations. Cash generation and recurring revenue remain key investment case metrics that illustrate Pebble is fast app ....
