Pebble Beach Systems Group plc, a leading global software business specialising in solutions for playout automation and content serving customers in the broadcast markets, today announces its unaudited results for the half year ended 30 June 2018.
Financial Headlines
For the half year ended 30 June 2018
2018 | 2017 | |
Revenue | £3.7m | £4.6m |
Adjusted* operating profit/(loss) – continuing operations | £0.6m | £(1.0)m |
Adjusted* earnings/(loss) per share) – continuing operations | 0.4p | (0.9)p |
Operating loss – continuing operations | £(0.8)m | £(2.0)m |
Basic loss per share | (0.6)p | (1.6)p |
Net profit from discontinued operations | £0.1m | £3.7m |
Net (loss)/profit for the half year | £(0.7)m | £1.7m |
Basic (loss)/earnings per share | (0.6)p | 1.4p |
Net debt | £(10.5)m | £(11.1)m |
Total dividend per share proposed | – | – |
*Adjusted operating profit/(loss), a non-GAAP measure, is operating profit/(loss) before depreciation, the amortisation and impairment of goodwill and acquired intangibles, the amortisation of capitalised development costs, non-recurring items and foreign exchange gains (see note 4). Adjusted earnings per share is calculated on the same basis after taking account of related tax effects.
Headlines
- Adjusted operating profit for the continuing business of £0.6 million (loss in 2017: £(1.0 million))
- Costs of the continuing operations reduced by £1.5 million for the first six months of 2018. This was achieved though the closure of the PLC head office in 2017 and the restructure of Pebble Beach Systems operations in 2018
- Gross margin has improved to 73% (2017: 57%)
- Steady performance of Pebble Beach Systems, despite general market conditions remaining challenging during ongoing period of technology change
- Profitability is expected to continue to improve as higher margins are maintained, and the full year impact of the cost savings are realised in 2019
- Net cash generated from operating activities improved significantly to £0.1 million (outflow in 2017: £6.5 million)
John Varney, Non-Executive Chairman of Pebble Beach Systems Group plc, said: “The first half of 2018 has seen steady trading results which are in line with our expectations, and the significant steps taken to move to ongoing profitability and cash generation have proved to be effective. We are strengthening our ability to develop the technology and services required to support customers through a period of significant technology change to underpin future growth. With the issues of the past now behind us we look forward to focussing on the opportunities being presented by the changes in the broadcast market.”
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