reports
- Fiona Orford-Williams
The Pebble Group - Improved operational readiness
Pebble’s H124 results put it on track to meet FY24 EBITDA market forecasts, set against continuing cautious industry sentiment. Management has been strengthening operations, including appointing a chief product officer at Facilisgroup and a global marketing director at Brand Addition. Client retention remains strong and forward indicators are positive at Facilisgroup. At Brand Addition, macro uncertainties mean clients remain circumspect, but financial performance is helped by better gross margi...
- Fiona Orford-Williams
The Pebble Group - Two distinct businesses in one
The Pebble Group’s AGM update confirms that trading is in line with FY24 expectations, with attractive opportunities for its two distinct businesses in the large, fragmented promotional products sector. Facilisgroup is a SaaS business, helping North American distributors to optimise their operations, with access to an approved supplier roster. Brand Addition services global brands’ needs for branded product for in-house and external programmes. The well-publicised dip in tech sector marketing sp...
- Fiona Orford-Williams
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...
- Fiona Orford-Williams
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...
- Fiona Orford-Williams
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...
- Fiona Orford-Williams
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...
- Fiona Orford-Williams
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...
- Fiona Orford-Williams
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...
- Fiona Orford-Williams
Pebble Group - FY22 ‘at least’ in line
The Pebble Group’s end-FY22 trading update discloses that both of its operations, Facilisgroup and Brand Addition, have traded well and that the group results will be ‘at least’ in line with market expectations. Facilisgroup is growing its Partner base and increasing spend per Partner, with its new Commercio all-in-one e-commerce solution ramping up to over 100 customers by the year-end. Brand Addition’s revenues were up 12%, on increased gross margin, despite supply chain disruption. Group year...
The Pebble Group (PEBB): Initiation — Differentiated positions in prom...
Edison Investment Research Limited The Pebble Group (PEBB): Initiation — Differentiated positions in promotional products 01-Nov-2022 / 09:32 GMT/BST London, UK, 1 November 2022 The Pebble Group (PEBB): Initiation — Differentiated positions in promotional products The Pebble Group operates within the large, global promotional products market, estimated by management at $50bn, under a highly experienced team. The group combines two operations: a fast-growing, high-margin SaaS business supplying independent distributors of promotional goods; and a dependable and expanding int...
- Fiona Orford-Williams
Pebble Group - Differentiated positions in promotional products
The Pebble Group operates within the large, global promotional products market, estimated by management at $50bn, under a highly experienced team. The group combines two operations: a fast-growing, high-margin SaaS business supplying independent distributors of promotional goods; and a dependable and expanding international business supporting brand engagement programmes for major global brands. The group has a strong balance sheet, with end FY21 net cash (excluding leases) of £12.1m, set to be ...
- Fiona Orford-Williams
Pebble Group - Both businesses performing well
The Pebble Group’s H122 figures are strong, as indicated in July’s trading update. Facilisgroup (the SaaS offering supporting promotional products for North American SMEs) grew recurring revenues 21% in US$ terms (£: +30%) and its new Commercio offering is making encouraging early progress. Brand Addition, supporting global brands with promotional products, lifted revenues 29% over H121, from both new and longer-established customers. Group FY22 consensus forecasts were raised in July and manage...
- Fiona Orford-Williams
Pebble Group - Strong H122 lifts full-year prospects
The Pebble Group’s H122 update confirms that it is carving out a strong position in the very large and fragmented global promotional products industry, estimated to be worth €50bn. Facilisgroup (Pebble’s SaaS business supporting promotional products for SMEs in North America) is building its recurring revenue base and benefiting from good underlying demand, boosted by currency translation. Brand Addition, supporting global brands with promotional products, saw significant volume uplifts from new...
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