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 estimates are unchanged. The opportunities for further progress are not, in our opinion, fully reflected in the share price.The Pebble Group PLC is a United Kingdom-based company that provides products, services and technology to the global promotional products industry. The Company operates through two businesses: Brand Addition and Facilisgroup. Brand Addition is its promotional product merchandise business that provides promotional products to global brands. Brand Addition, through its network, sources and provides promotional product solutions to clients, who operate in sectors which include health and beauty, fast moving consumer goods, transport, technology, banking and finance and charity. Facilisgroup is the Company's software as a service (SaaS) business that provides subscription-based services to small and medium enterprise (SME) promotional product distributors in the United States and Canada. Facilisgroup's suite of services includes business intelligence software and community events.
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