Pebble releases trading update
- 28 January, 2022
UK: Pebble Beach Systems Group plc has released a trading update, announcing that it expects to report 2021 results significantly ahead of market expectations. Revenue was approximately £10.6m up 26% on the 2020 result, whilst orders were up 75% at £13.7m (which includes £1.5m of orders delayed from 2020 due to Covid).
The broadcast automation and integrated channel specialist has performed strongly through the Covid pandemic, despite delays in the supply chain and customers requiring more time before giving the green light to projects. Pebble will continue to increase investment in its technology through the development of new products and solutions to support broadcasters as they transition from traditional broadcast infrastructure to more flexible IP-based technologies.
In the update, the plc Board stated that it remains confident about the Group's future and looks forward to providing a further update in the audited results for the year ended 31 December 2021, the release date for which will be announced in due course.
John Varney, Non-Executive Chairman, commented: “The Board is delighted to see this excellent performance from Pebble for 2021. The results are a validation of the Group’s new remote working model and of the efforts by management to mitigate delays in the hardware supply chain due to chip shortages, ensuring a particularly strong final quarter.
Peter Mayhead pictured, CEO, said: “Our 2021 performance is a reflection of the incredible hard work of our teams and their collaborative efforts, and I am particularly proud of how the company has successfully navigated the challenges that the global pandemic had presented.
"We move into 2022 with a number of great initiatives underway, including the ongoing voyage into remote working as we continue with our plans to transition to a fully remote business.
"Our focus continues on the investment in R&D, forging our way as a market leading organisation with plans for strong growth and expansion to build on the success of 2021.”