TIDMPEBB
RNS Number : 3304Y
Pebble Group PLC (The)
06 September 2022
6 September 2022
THE PEBBLE GROUP PLC
("The Pebble Group" or the "Group")
UNAUDITED HALF YEAR RESULTS 2022
Record results expected for FY 22
The Pebble Group (AIM: PEBB), a leading provider of digital
commerce, products and related services to the global promotional
products industry, announces its unaudited results for the six
months ended 30 June 2022 ("HY 22" or the "Period").
Having achieved strong year on year growth in HY 22, the Board
is confident that for the year ending 31 December 2022 ("FY 22")
the Group is expected to deliver another record year of results and
will be at least in line with recently upgraded market
expectations.
Financials
Statutory results HY 22 HY 21 Change FY 21
Revenue GBP60.3m GBP46.8m +29% GBP115.1m
Gross profit margin 38.5% 36.8% +1.7% 36.5%
Operating profit GBP3.1m GBP2.2m +41% GBP9.9m
Profit before tax GBP2.8m GBP1.9m +47% GBP9.3m
Basic earnings per share 1.27p 0.85p +49% 4.39p
Other financial highlights HY 22 HY 21 Change FY 21
Adjusted EBITDA(1) GBP6.7m GBP4.4m +52% GBP15.4m
Net (debt) / cash(2) GBP(0.1)m GBP(4.2)m +GBP4.1m GBP12.1m
Adjusted basic earnings
per share(3) 1.88p 1.08p +74% 5.14p
Highlights and outlook
-- Excellent performance against a strong comparative period with
Group revenue at GBP60.3m (HY 21: GBP46.8m) 29% ahead of the
same period in the prior year
-- Facilisgroup: Revenue for HY 22 up 32% on HY 21 with total Gross
Merchandise Value ("GMV"), transacted through our technology,
expected to be between USD1.3bn and USD1.5bn in FY 22 (FY 21:
USD1.2bn)
-- Brand Addition: Revenue for HY 22 up 29% on HY 21 with gross
profit margin at 29.9% (HY 21: 28.2%)
-- Balance sheet strong and working capital cycle following its
normal pattern, with the Group's net cash position at the full
year expected to be in line with current market expectations
-- Positive start to second half year:
Facilisgroup: 45 customers contracted with Commercio, our new
ecommerce product, since launch in June 2022 and Syncore Partners
implemented or contracted awaiting implementation at 218 at
5 September 2022; and
Brand Addition: due to our order visibility and current activities,
revenues in FY 22 are expected to be at least in line with market
expectations. Supply chain continues to be well-controlled
-- The Board expects a record year of results and for FY 22 to
be at least in line with recently upgraded market expectations
Adjusted EBITDA means operating profit before depreciation,
(1) amortisation and share-based payments charge
Net (debt)/cash is calculated as cash and cash equivalents
(2) less borrowings (excluding lease liabilities)
Adjusted basic earnings per share ("EPS") represents Adjusted
(3) Earnings meaning profit after tax before amortisation of acquired
intangible assets, share-based payments charge and exceptional
items divided by a weighted average number of shares
Online investor presentation
The management team is hosting an online investor presentation
with Q&A at 1.00pm on Thursday, 8 September 2022. To
participate, please register with PI World at:
https://bit.ly/PEBB_H1_Results .
Enquiries:
The Pebble Group Belvedere Communications (Financial
Chris Lee, Chief Executive Officer PR)
Claire Thomson, Chief Financial Officer Cat Valentine +44 (0) 7715
+44 (0) 161 786 0415 769 078
Keeley Clarke +44 (0) 7967
816 525 thepebblegrouppr@belvederepr.com
Grant Thornton UK LLP (Nominated Berenberg (Corporate Broker)
Adviser) Chris Bowman / Arnav Kapoor
Samantha Harrison / Harrison Clarke +44 (0) 20 3207 7800
/ Ciara Donnelly
+44 (0) 20 7184 4384
About The Pebble Group
The Pebble Group is a provider of digital commerce, products and
related services to the global promotional products industry,
comprising two differentiated businesses, Facilisgroup and Brand
Addition, focused on specific areas of the promotional products
market. For further information, please visit
www.thepebblegroup.com .
CHIEF EXECUTIVE OFFICER'S REVIEW
Summary of results
Against a strong comparative period, we are pleased to report
excellent results demonstrating that both of our businesses,
Facilisgroup and Brand Addition, traded well throughout HY 22. In
the Period, the Group achieved Revenue of GBP60.3m (HY 21:
GBP46.8m), Adjusted EBITDA of GBP6.7m (HY 21: GBP4.4m) and
Operating profit of GBP3.1m (HY 21: GBP2.2m).
For context, the Group's HY 22 revenue is 25% ahead of HY 19,
the last pre-COVID-19 affected year.
The Group's balance sheet is underpinned by Brand Addition's
blue-chip client base with Group working capital and cash
management following its usual in-year cycle and in line with our
expectations. Our businesses have a good track record of profit to
cash conversion, which has continued, and the Group had Net debt at
30 June of GBP0.1m (30 June 2021: Net debt GBP4.2m and 31 December
2021: Net cash GBP12.2m).
We were pleased to announce on 19 July 2022 that the Group's
results for FY 22 were expected to exceed market expectations as
the Group continues to deliver on its strategic objectives. Trading
since that update has continued with the same momentum and we
expect FY 22 financial results to be at least in line with the
upgraded market expectations.
Our approach to the promotional products market
The Group operates in the large promotional products market,
estimated to be worth USD50bn globally. North America accounts for
50% of the total industry.
The industry has been operating in a similar way for many years,
but our view is that this is changing. We believe the principle
disrupting forces are:
-- the proliferation of technology, which offers the potential of
significant efficiency benefits between suppliers, distributors,
and end users; and
-- a permanent shift towards sustainability, compliance, and overall
brand reputation management.
The Pebble Group's strategy is to establish strong
differentiation in this market, investing in sustainability and
building technology to achieve superior levels of growth, customer
retention and financial margins. This approach is deployed by our
two businesses, Facilisgroup and Brand Addition.
At Facilisgroup, we identify ourselves as the leading digital
commerce solutions provider in the promotional products industry in
North America. We believe that our technology platform, currently
targeted at SME distributors, is the market leader evidenced by
high Partner (customer) retention levels, the provision of quality
supply chain services and the community activities between our
Partners, Preferred Suppliers and the business.
With Annual Recurring Revenue ("ARR") of USD12m in FY 20, we
stated our initial ambition to reach ARR of USD50m through
developing and launching further functionality and widening our
target market. We remain focused on this ambition. In FY 22, we
expect to reach ARR of over USD20m and have expanded our suite of
products through the launch, in June 2022, of our ecommerce
offering, Commercio.
At Brand Addition, we focus solely on fulfilling the
multi-country promotional product needs of large global brands,
working under contract.
Brand Addition is investing in creativity, sustainability and
technology which give our clients confidence in the provenance of
the products carrying their brand and ensure that the product has
the desired emotional impact with the recipient. As a result, Brand
Addition has an excellent track record of new client wins and
client retention, together with a consistency of margins which is
reflective of the quality of service delivered.
Facilisgroup: providing a digital commerce platform for
promotional products businesses in North America
Revenue and profit analysis
HY 22 HY 21 FY 21
Recurring revenue GBP7.0m GBP5.4m GBP12.2m
Other revenue GBP0.4m GBP0.2m GBP0.5m
Total revenue GBP7.4m GBP5.6m GBP12.7m
Gross profit margin 100% 100% 100%
Adjusted EBITDA GBP3.5m GBP3.0m GBP7.6m
Operating profit GBP1.7m GBP2.1m GBP5.1m
ARR continued its growth in HY 22, increasing by 21.3% in USD,
the business's home currency, and 29.6% in GBP, compared to HY
21.
Our ambition to accelerate growth is being backed by our
investment in sales and marketing strategies and, in June 2022, we
were pleased to return to hosting our Partners and Preferred
Suppliers at our first large event post COVID-19 restrictions. The
hosting of such events builds a community, benefiting
Facilisgroup's high level of Partner retention and Preferred
Supplier engagement.
The business has continued to deliver excellent Adjusted EBITDA
returns of 47.3% (HY 21: 53.6%), while increasing our investment in
growth. This investment includes the capitalisation of the internal
costs of product development resulting in a higher amortisation
charge in the Period. This is reflected in operating profit of
GBP1.7m (HY 21: GBP2.2m).
The indicators that drive future growth of our ARR have
continued to move forward and are positive against strong
comparatives in HY 21:
-- Gross Merchandise Value
+38% in HY 22
USD1.3bn to USD1.5bn expectation for FY 22 (FY 21: USD1.2bn)
-- Spend through our Preferred Suppliers
+54% in HY 22
+ USD0.45bn expectation for FY 22 (FY 21: USD0.35bn)
-- Total Partners for our Syncore offering
218 at 5 September 2022 (31 December 2021: 206)
Our product development programme, which is designed to extend
the capabilities of our digital commerce platform, continues to
progress with Facilisgroup's ecommerce offering, Commercio
launching as planned in June 2022. To date, 45 businesses, from
both existing Syncore Partners and non-Partners within the
promotional products industry, have contracted to utilise the
offering.
As we continue to build the feature set of Commercio, our
ambition is to enter 2023 with an increasing customer base and for
Commercio to develop into a market leading product in the industry.
Our initial pricing strategy is based on a monthly fee plus a fee
per store which, as Commercio grows, will in effect increase our
percentage fee per USD of GMV.
Looking ahead, we expect Facilisgroup's revenue in FY 22 to be
in line with market expectations.
Brand Addition: providing promotional products and related
services under contract to many of the world's most recognisable
brands
Revenue and profit analysis
HY 22 HY 21 FY 21
Revenue GBP52.9m GBP41.1m GBP102.4m
Gross profit GBP15.8m GBP11.6m GBP29.3m
Gross profit margin 29.9% 28.2% 28.6%
Adjusted EBITDA GBP4.4m GBP2.5m GBP9.9m
Operating profit GBP2.8m GBP1.1m GBP7.1m
At Brand Addition, HY 22 revenue increased to GBP52.9m, being
28.7% ahead of HY 21. This revenue gain over the prior year was
generated from new contracts won in 2020, which continue to develop
positively, a full period contribution from contracts won in 2021,
and growth in demand from existing clients, as working patterns
stabilise following the uncertainties created by COVID-19 in 2020
and 2021.
Our continued focus on best-in-class procurement, working
closely with suppliers and managing our supply chain proactively,
has seen the business impacted less by freight and Brexit
disruption costs in the Period than it was in 2021. This resulted
in HY 22 gross profit margin of 29.9%, ahead of 28.2% in HY 21. Our
supply chain continues to be well-controlled.
The costs between gross profit margin and Adjusted EBITDA are
predominately people related and move proportionally with
revenues.
Looking ahead, through our order visibility and current
activities, we expect Brand Addition revenues in FY 22 to be at
least in line with market expectations.
Environmental, Social and Governance ("ESG") and People
We continue to embrace ESG within the day-to-day business
activities of our Group and will publish our second ESG Report in
October 2022. Alongside the principles of the journey to which we
are all committed, the report will detail examples of the progress
that has been made including the completion of our Scope 3
evaluation and the implementation of our reporting framework for
energy and carbon usage across the Group.
Our team is central to driving our ESG strategies and creating
the positive, results driven culture that is key to our Group's
success. The Board expresses its thanks to all our people who have
displayed great talent and determination in delivering these
results in what has often been challenging circumstances over the
last two years.
Group outlook
We are continuing to deliver on our stated strategies for
Facilisgroup and Brand Addition. Both businesses are performing
well and we look forward to FY 22 and beyond with confidence.
Christopher Lee
Chief Executive Officer
6 September 2022
CHIEF FINANCIAL OFFICER'S REVIEW
HY 22 HY 21 FY 21
Unaudited Unaudited Audited
GBP'm GBP'm GBP'm
Revenue 60.3 46.8 115.1
Gross profit 23.2 17.2 42.0
Gross profit margin 38.5% 36.8% 36.5%
Adjusted EBITDA 6.7 4.4 15.4
Adjusted EBITDA margin 11.1% 9.5% 13.4%
Depreciation and amortisation (3.0) (2.0) (4.8)
Share-based payment charge (0.6) (0.2) (0.7)
Operating profit 3.1 2.2 9.9
Net finance costs (0.3) (0.3) (0.6)
Profit before tax 2.8 1.9 9.3
Tax (0.7) (0.5) (2.0)
Profit for the Period 2.1 1.4 7.3
Weighted average number of
shares 167,450,893 167,450,893 167,450,893
Adjusted Basic EPS 1.88 1.08p 5.14p
Basic EPS 1.27 0.85p 4.39p
These results demonstrate strong growth against HY 21 as we
continue to execute on our stated strategy.
Revenue
Revenue for the Period was GBP60.3m (HY 21: GBP46.8m), an
increase of GBP13.5m (28.8%) compared to the same period and strong
comparator in 2021. Of this increase, GBP11.8m relates to Brand
Addition from the impact of new business, combined with growth in
demand from underlying customers as working patterns stabilised
compared to the disrupted periods in 2020 and 2021. Facilisgroup
total revenues increased GBP1.8m (32.1%). ARR growth was 29.6%
(21.3% when measured in Facilisgroup's home currency of USD). This
was achieved through increases in our Management Fees from
additional Partner numbers, implementation of a new tiered pricing
structure and growth in our Marketing Fund where we benefited from
Partners increasingly utilising our Preferred Suppliers.
Gross profit
Gross profit as a percentage of revenue increased to 38.5% (HY
21: 36.8%). This relates to gross margins at Brand Addition as the
business did not incur the increased costs associated with Brexit,
freight rate pricing, and freight capacity challenges that impacted
HY 21, combined with strong control of ongoing supply chain
challenges.
Adjusted EBITDA
Adjusted EBITDA was GBP6.7m (HY 21: GBP4.4m). The increase of
GBP2.3m is made up as follows:
- Facilisgroup GBP0.5m increase from incremental revenue net
of the costs of investment in the team and events to support
delivery of our revenue aspirations;
- Brand Addition GBP1.9m increase driven by GBP4.2m incremental
sales volumes less increased costs of additional headcount
to support growth; and
- Central costs increase of GBP0.1m.
The Adjusted EBITDA margin increased to 11.1% (HY 21: 9.5%) as
improving margins and incremental revenues in Brand Addition
translated to EBITDA.
Depreciation and amortisation
The total charge for the Period was GBP3.0m (HY 21: GBP2.0m) of
which GBP1.9m (HY 21: GBP1.1m) was the amortisation of intangible
assets. In accordance with IAS 38, the Group capitalises the costs
incurred in the development of its software and the increase in the
Period is a result of its continued investment in its proprietary
technology and specifically the digital commerce platform at
Facilisgroup.
Share-based payments
The total charge for the Period under IFRS 2 "Share-based
payments" was GBP0.6m (HY 21: GBP0.2m). This charge related to the
awards made to date under the Long Term Incentive Plan (LTIP) and
the Group Sharesave Plan (SAYE).
Operating profit
Operating profit for the Period was GBP3.1m (HY 21:
GBP2.2m).
Taxation
The tax charge for the Period was GBP0.7m (HY 21: GBP0.5m) and
is based on full year Group expected tax charge for 2022. The Group
rate is above the UK Corporation tax rate due to the proportion of
Group profits earned overseas where the rates are higher than the
UK.
Basic Earnings per share
The earnings per share analysis in note 5 covers both adjusted
earnings per share (profit after tax before amortisation of
acquired intangibles, share-based payments charge and exceptional
items divided by the weighted average number of shares in issue
during the year), and statutory earnings per share (profit
attributable to equity holders divided by the weighted average
number of shares in issue during the year). Adjusted earnings was
GBP3.2m (HY 21: GBP1.8m) an increase in adjusted basic earnings per
share of 0.80 pence. Basic earnings per share was 1.27 pence per
share (HY 21: 0.85 pence per share) an increase of 0.42 pence.
Dividends
On admission to AIM in December 2019, the Group's stated
intention was to make dividend payments of c.30% of profit after
tax. This policy remains in place. However, as previously
communicated we believe the opportunities ahead of us are
significant, in particular, investment opportunities in
Facilisgroup. As a result, we have taken the decision to retain
cash in the business and not to pay an interim dividend in 2022.
The timing of implementing our stated dividend policy will be
considered again against the Group's full year progress and an
update provided at that time.
Cashflow
The Group had a cash balance of GBP5.4m at 30 June 2022 (30 June
2021: GBP3.6m), which included GBP5.5m drawn down from its GBP10.0m
committed revolving credit facility (30 June 2021: GBP7.8m).
Cashflow for the Period is set out below:
HY 22 HY 21 FY 21
Unaudited Unaudited Audited
GBP'm GBP'm GBP'm
Adjusted EBITDA 6.7 4.4 15.4
Movement in working capital (14.8) (12.7) (2.8)
Capital expenditure (3.6) (2.2) (5.3)
Leases (0.9) (0.6) (1.4)
---------- ---------- --------
Adjusted operating cash flow (12.6) (11.1) 5.9
Tax paid (0.3) (0.1) (0.5)
Net finance cash flows 5.2 7.5 (0.6)
Exchange loss 1.0 0.2 0.2
---------- ---------- --------
Net cash flow (6.7) (3.5) 5.0
The movement in working capital in the Period was GBP14.8m (HY
21: GBP12.7m). This outflow reflects the revenue growth of the
Group and is in line with the normal in-year cycle which peaks in
Q3.
Capital expenditure in the Period was GBP3.6m (HY 21: GBP2.2m).
The GBP1.4m additional spend relates principally to investment in
the Facilisgroup digital commerce platform.
Lease payments relate to leases capitalised in accordance with
IFRS 16. The increase arises as the Group has consolidated its
European warehousing at a larger facility during the Period.
Net finance cash flows in the Period of GBP5.2m (HY 21: GBP7.5m)
relate to utilisations on committed facilities less interest
payments in respect of leases capitalised in accordance with IFRS
16.
Cash and liquidity
The Group's working capital cycle is unwinding as expected. At 5
September, the Group had a cash balance of GBP6.8m which includes
GBP4.3m drawn down from the GBP10.0m committed revolving credit
facility. At 31 December 2022, we expect no drawn down balances and
cash to be in line with market expectations being greater than the
GBP12.1m as at 31 December 2021.
Claire Thomson
Chief Financial Officer
6 September 2022
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 June 30 June 31 December
Notes 2022 2021 2021
-------------- -------------- -------------
GBP'000 GBP'000 GBP'000
Revenue 60,316 46,759 115,101
Cost of goods sold (37,099) (29,533) (73,128)
-------------- -------------- -------------
Gross profit 23,217 17,226 41,973
Operating expenses (20,168) (15,064) (32,107)
Total operating expenses (20,168) (15,064) (32,107)
-------------- -------------- -------------
Operating profit 3,049 2,162 9,866
Analysed as:
Adjusted EBITDA(1) 6,698 4,448 15,378
Depreciation 7 (1,134) (986) (1,986)
Amortisation 6 (1,877) (1,071) (2,811)
Share-based payment charge 11 (638) (229) (715)
Operating profit 3,049 2,162 9,866
---------------------------- -------- -------------- --------------
Finance expense (245) (269) (549)
-------------- -------------- -------------
Profit before taxation 2,804 1,893 9,317
Income tax expense 4 (673) (473) (1,970)
-------------- -------------- -------------
Profit for the period 2,131 1,420 7,347
============== ============== =============
Basic earnings per share 5 1.27p 0.85p 4.39p
============== ============== =============
Diluted earnings per share 5 1.27p 0.84p 4.38p
============== ============== =============
Note 1: Adjusted EBITDA, which is defined as operating profit
before depreciation, amortisation, exceptional items and
share-based payment charge is a non-GAAP metric used by management
and is not an IFRS disclosure.
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 June 30 June 31 December
2022 2021 2021
------------- --------------- ------------
GBP'000 GBP'000 GBP'000
Items that may be subsequently reclassified to profit and loss
Foreign operations - foreign currency translation differences 2,443 (218) 277
------------- --------------- ------------
Other comprehensive income/(expense) for the period/year 2,443 (218) 277
Profit for the period/year 2,131 1,420 7,347
------------- --------------- ------------
Total comprehensive income for the period/year 4,574 1,202 7,624
============= =============== ============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
As at As at As at 31
30 June 30 June December
Notes 2022 2021 2021
---------- ---------- ----------
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 6 58,765 54,387 55,674
Property, plant and equipment 7 10,194 8,460 7,927
Deferred tax asset 395 316 300
Total non-current assets 69,354 63,163 63,901
---------- ---------- ----------
Current assets
Inventories 8 16,081 15,635 10,093
Trade and other receivables 38,587 30,032 29,422
Cash and cash equivalents 5,351 3,601 12,051
Current tax asset - 533 -
---------- ---------- ----------
Total current assets 60,019 49,801 51,566
---------- ---------- ----------
TOTAL ASSETS 129,373 112,964 115,467
========== ========== ==========
LIABILITIES
Non-current liabilities
Lease liability 9 8,185 7,068 6,388
Deferred tax liability 3,751 2,630 3,035
Total non-current liabilities 11,936 9,698 9,423
---------- ---------- ----------
Current liabilities
Borrowings 5,500 7,750 -
Lease liability 9 1,612 1,422 1,384
Trade and other payables 30,485 26,399 30,065
Current tax liability 169 - 20
Total current liabilities 37,766 35,571 31,469
---------- ---------- ----------
TOTAL LIABILITIES 49,702 45,269 40,892
========== ========== ==========
NET ASSETS 79,671 67,695 74,575
========== ========== ==========
EQUITY AND RESERVES
Share capital 1,675 1,675 1,675
Share premium 78,451 78,451 78,451
Capital reserve 125 125 125
Merger reserve (103,581) (103,581) (103,581)
Translation reserve 1,116 (1,822) (1,327)
Share-based payments reserve 1,203 223 681
Retained earnings 100,682 92,624 98,551
---------- ---------- ----------
TOTAL EQUITY 79,671 67,695 74,575
========== ========== ==========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share-based
Share Share Capital Merger Translation payments Retained Total
capital premium reserve reserve reserve reserve earnings equity
---------- -------- --------- --------- ------------- ----------- --------- -------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2021 1,800 78,451 - (103,581) (1,604) 13 91,204 66,283
========== ======== ========= ========= ============= =========== ========= =======
Profit for the period - - - - - - 1,420 1,420
Other comprehensive
expense for the period - - - - (218) - - (218)
Total comprehensive
(expense)/income - - - - (218) - 1,420 1,202
Purchase of deferred
shares (125) - 125 - - - - -
Employee share schemes
- value of employee
services - - - - - 210 - 210
Total transactions
with owners recognised
in equity (125) - 125 - - 210 - 210
At 30 June 2021 1,675 78,451 125 (103,581) (1,822) 223 92,624 67,695
---------- -------- --------- --------- ------------- ----------- --------- -------
Profit for the period - - - - - - 5,927 5,927
Other comprehensive
income for the period - - - - 495 - - 495
---------- -------- --------- --------- ------------- ----------- --------- -------
Total comprehensive
income - - - - 495 - 5,927 6,422
---------- -------- --------- --------- ------------- ----------- --------- -------
Employee share schemes
- value of employee
services - - - - - 391 - 391
Deferred tax on employee
share schemes - - - - - 67 - 67
---------- -------- --------- --------- ------------- ----------- --------- -------
Total transactions
with owners recognised
in equity - - - - - 458 - 458
---------- -------- --------- --------- ------------- ----------- --------- -------
At 31 December 2021 1,675 78,451 125 (103,581) (1,327) 681 98,551 74,575
---------- -------- --------- --------- ------------- ----------- --------- -------
Profit for the period - - - - - - 2,131 2,131
Other comprehensive
income for the period - - - - 2,443 - - 2,443
---------- -------- --------- --------- ------------- ----------- --------- -------
Total comprehensive
income - - - - 2,443 - 2,131 4,574
---------- -------- --------- --------- ------------- ----------- --------- -------
Employee share schemes
- value of employee
services - - - - - 577 - 577
Deferred tax on employee
share schemes - - - - - (55) - (55)
Total transactions
with owners recognised
in equity - - - - - 522 - 522
At 30 June 2022 1,675 78,451 125 (103,581) 1,116 1,203 100,682 79,671
---------- -------- --------- --------- ------------- ----------- --------- -------
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2021
Notes 2022 2021
---------- ---------- -------------
GBP'000 GBP'000 GBP'000
Operating profit 3,049 2,162 9,866
Adjustments for:
* Depreciation 7 1,134 986 1,986
* Amortisation 6 1,877 1,071 2,811
* Share-based payments charge 11 638 229 715
* Profit on disposal of fixed assets - - (13)
Cash flows from operating activities
before changes in working capital 6,698 4,448 15,365
* Change in inventories (5,988) (3,526) 2,016
* Change in trade receivables (9,148) (9,044) (8,433)
* Change in trade payables 321 (129) 3,556
---------- ---------- -------------
Cash flows (used in)/from operating
activities (8,117) (8,251) 12,504
* Income taxes paid (326) (46) (521)
---------- ---------- -------------
Net cash flows (used in)/from
operating activities (8,443) (8,297) 11,983
---------- ---------- -------------
Cash flows from investing activities
* Purchase of property, plant and equipment (444) (257) (680)
* Purchase of intangible assets (3,104) (1,983) (4,602)
Net cash flows used in investing
activities (3,548) (2,240) (5,282)
---------- ---------- -------------
Cash flows from financing activities
* Lease payments (929) (594) (1,360)
* Interest paid (245) (269) (549)
* Receipts from secured loan facilities 5,500 7,750 -
Net cash flows from/(used in)
financing activities 4,326 6,887 (1,909)
---------- ---------- -------------
NET CASH FLOWS (7,665) (3,650) 4,792
========== ========== =============
Cash and cash equivalents at beginning
of period 12,051 7,066 7,066
Effect of exchange rate fluctuations
on cash held 965 185 193
---------- ---------- -------------
Cash and cash equivalents at end
of period 5,351 3,601 12,051
---------- ---------- -------------
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL
INFORMATION
1. GENERAL INFORMATION
The principal activity of The Pebble Group (the "Company") is
that of a holding company and the principal activity of the Company
and its subsidiaries (the "Group") is the sale of products,
services and technology to the promotional merchandise industry.
The Group has two segments, Brand Addition and Facilisgroup. For
Brand Addition this is the sale of promotional products
internationally, to many of the world's best-known brands, and for
Facilisgroup the provision of technology, consolidated buying power
and community learning and networking events to SME promotional
product distributors in North America, its Partners, through
subscription-based services.
The Company was incorporated on 27 September 2019 in the United
Kingdom and is a public company limited by shares registered in
England and Wales. The registered office of the Company is Broadway
House, Trafford Wharf Road, Trafford Park, Manchester, England M17
1DD. The Company registration number is 12231361.
2. BASIS OF PREPARATION
These condensed consolidated interim financial statements of the
Group are for the period ended 30 June 2022. They have been
prepared on the basis of the policies set out in the 2021 annual
financial statements and in accordance with UK adopted IAS 34.
Financial information for the period ended 30 June 2021 included
herein is derived from the condensed consolidated interim financial
statements for that period.
The condensed consolidated interim financial statements have not
been reviewed or audited, nor do they comprise statutory accounts
for the purpose of Section 434 of the Companies Act 2006, and do
not include all of the information or disclosures required in the
annual financial statements and should therefore be read in
conjunction with the Group's 2021 annual financial statements,
which were prepared in accordance with international accounting
standards in conformity with the requirements of the Companies Act
2006 and international financial reporting standards adopted
pursuant to Regulation (EC) No 1606/2002 as it applies in the
European Union.
Financial information for the year ended 31 December 2021
included herein is derived from the statutory accounts for that
year, which have been filed with the Registrar of Companies. The
auditors' report on those accounts was unqualified, did not contain
an emphasis of matter paragraph and did not contain a statement
under Section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements are
presented in the Group's functional currency of pounds Sterling and
all values are rounded to the nearest thousand (GBP'000) except
when otherwise indicated.
Accounting Policies
The accounting policies adopted in the preparation of the
condensed consolidated interim financial statements are consistent
with those followed in the preparation of the Group's annual
financial statements for the year ended 31 December 2021 as
described in the Group's Annual Report and financial statements for
that year and as available on the Group's website (
www.thepebblegroup.com ).
Taxation
Taxes on income in the interim periods are accrued using
management's best estimate of the weighted average annual tax rate
that would be applicable to expected total annual earnings.
Forward looking statements
Certain statements in this report are forward looking with
respect to the operations, strategy, performance, financial
condition and growth opportunities of the Group. The terms
"expect", "anticipate", "should be", "will be", "is likely to" and
similar expressions identify forward-looking statements. Although
the Board believes that the expectations reflected in these
forward-looking statements are reasonable, by their nature these
statements are based on assumptions and are subject to a number of
risks and uncertainties. Actual events could differ materially from
those expressed or implied by these forward-looking statements.
Factors which may cause future outcomes to differ from those
foreseen in forward-looking statements include, without limitation:
general economic conditions and business conditions in the Group's
markets; customers' expectations and behaviours; supply chain
developments; technology changes; the actions of competitors;
exchange rate fluctuations; and legislative, fiscal and regulatory
developments. Information contained in these financial statements
relating to the Group should not be relied upon as a guide to
future performance.
Key risks and uncertainties
The Group has in place a structured risk management and internal
control framework. The risk register identifies key risks and
uncertainties that could affect the Group's performance, along with
their associated mitigants and controls. The Group has reviewed and
updated its risk register at half year 2022, including the addition
of a separate sub-register on climate related risks and
opportunities.
As a result of the review, one risk (dependence, attraction and
retention of key personnel) was increased from 'amber' to 'red'
overall risk score; three risks were increased from 'green' to
'amber' overall risk score (technological change and pressure from
market competitors/new entrants, tax and share price
volatility/liquidity); and one risk was reduced from 'green' to
'amber' overall risk score (Brexit). These changes reflect and
align with our current experience of focus, risk likelihood and
impact. However, overall, the key risks and uncertainties faced by
the Group in the context of achieving its strategic objectives, and
the factors that mitigate those risks, have not substantially
changed from those set out in the Group's Annual Report which can
be found on the Group's website ( www.thepebblegroup.com ).
Going Concern statement
The Group meets its day-to-day working capital requirements
through its own cash balances and committed banking facilities. In
assessing the appropriateness of adopting the going concern basis
in the preparation of these consolidated interim financial
statements, the Directors have prepared cash flow forecasts and
projections for the up to 31 December 2023.
The forecasts and projections, which the Directors consider to
be prudent, have been further sensitised by applying reductions to
revenue growth and margin, to consider a severe but plausible
downside. Under both the base and sensitised case the Group is
expected to have headroom against covenants, which are based on
interest cover and net leverage, and a sufficient level of
financial resources available through existing facilities when the
future funding requirements of the Group are compared with the
level of committed available facilities. Based on this, the
Directors are satisfied that the Group has adequate resources to
continue in operational existence for the foreseeable future. For
this reason, they continue to adopt the going concern basis in
preparing the consolidated interim financial statements.
3. SEGMENTAL ANALYSIS
The chief operating decision-maker has been identified as the
Executive Directors. The Directors review The Pebble Group's
internal reporting in order to assess performance and allocate
resources. The Directors have determined that the operating
segments are those of Brand Addition and Facilisgroup.
Segment information about the above segments is presented
below:
Income statement for the period ended 30 June 2022
Period
ended
Central 30 June
Brand Addition Facilisgroup operations 2022
--------------- ------------- ------------ ---------
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 52,926 7,390 - 60,316
Cost of goods sold (37,099) - - (37,099)
--------------- ------------- ------------ ---------
Gross profit 15,827 7,390 - 23,217
Operating expenses (13,060) (5,729) (1,379) (20,168)
Total operating expenses (13,060) (5,729) (1,379) (20,168)
--------------- ------------- ------------ ---------
Operating profit/(loss) 2,767 1,661 (1,379) 3,049
Analysed as:
Adjusted EBITDA 4,377 3,515 (1,194) 6,698
Depreciation (825) (291) (18) (1,134)
Amortisation (518) (1,359) - (1,877)
Share-based payment charge (267) (204) (167) (638)
Operating profit/(loss) 2,767 1,661 (1,379) 3,049
------------------------------- --------------- ------------- ------------
Finance expense (185) (9) (51) (245)
--------------- ------------- ------------ ---------
Profit/(loss) before taxation 2,582 1,652 (1,430) 2,804
Income tax (expense)/income (620) (396) 343 (673)
--------------- ------------- ------------ ---------
Profit/(loss) for the period 1,962 1,256 (1,087) 2,131
=============== ============= ============ =========
Due to the timing on the delivery of orders, the Brand Addition
segment of The Pebble Group traditionally raises a higher number of
invoices in the period July to December which results in The Pebble
Group's performance being weighted to the second half of the
year.
All the above revenues are generated from contracts with
customers.
Income statement for the period ended 30 June 2021
Period
ended
Central 30 June
Brand Addition Facilisgroup operations 2021
--------------- ------------- ------------ ---------
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 41,124 5,635 - 46,759
Cost of goods sold (29,533) - - (29,533)
--------------- ------------- ------------ ---------
Gross profit 11,591 5,635 - 17,226
Operating expenses (10,452) (3,499) (1,113) (15,064)
Total operating expenses (10,452) (3,499) (1,113) (15,064)
--------------- ------------- ------------ ---------
Operating profit/(loss) 1,139 2,136 (1,113) 2,162
Analysed as:
Adjusted EBITDA 2,450 3,005 (1,007) 4,448
Depreciation (705) (260) (21) (986)
Amortisation (533) (538) - (1,071)
Share-based payment charge (73) (71) (85) (229)
------------- ------------ ---------
Operating profit/(loss) 1,139 2,136 (1,113) 2,162
------------------------------- --------------- ------------- ------------ ---------
Finance expense (191) (15) (63) (269)
--------------- ------------- ------------ ---------
Profit/(loss) before taxation 948 2,121 (1,176) 1,893
Income tax (expense)/income (255) (548) 330 (473)
--------------- ------------- ------------ ---------
Profit/(loss) for the period 693 1,573 (846) 1,420
=============== ============= ============ =========
Income statement for the year ended 31 December 2021
Year ended
Central 31 December
Brand Addition Facilisgroup operations 2021
--------------- ------------- ------------ -------------
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 102,383 12,718 - 115,101
Cost of goods sold (73,128) - - (73,128)
--------------- ------------- ------------ -------------
Gross profit 29,255 12,718 - 41,973
Operating expenses (22,133) (7,577) (2,397) (32,107)
Total operating expenses (22,133) (7,577) (2,397) (32,107)
Operating profit/(loss) 7,122 5,141 (2,397) 9,866
Analysed as:
Adjusted EBITDA 9,932 7,581 (2,135) 15,378
Depreciation (1,410) (533) (43) (1,986)
Amortisation (1,136) (1,675) - (2,811)
Share-based payment charge (264) (232) (219) (715)
Total operating profit/(loss) 7,122 5,141 (2,397) 9,866
------------------------------- --------------- ------------- ------------
Finance expense (378) (26) (145) (549)
--------------- ------------- ------------ -------------
Profit/(loss) before taxation 6,744 5,115 (2,542) 9,317
Income tax (expense)/income (865) (1,131) 26 (1,970)
--------------- ------------- ------------ -------------
Profit/(loss) for the year 5,879 3,984 (2,516) 7,347
=============== ============= ============ =============
Statement of financial position as at 30 June 2022
As at
Central 30 June
Brand Addition Facilisgroup operations 2022
--------------- ------------- ------------ ---------
GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 37,840 20,925 - 58,765
Property, plant and equipment 6,903 3,231 60 10,194
Deferred tax asset 213 115 67 395
Total non-current assets 44,956 24,271 127 69,354
--------------- ------------- ------------ ---------
Current assets
Inventories 16,081 - - 16,081
Trade and other receivables 34,813 3,769 5 38,587
Cash and cash equivalents 2,905 2,219 227 5,351
Total current assets 53,799 5,988 232 60,019
--------------- ------------- ------------ ---------
TOTAL ASSETS 98,755 30,259 359 129,373
=============== ============= ============ =========
LIABILITIES
Non-current liabilities
Lease liability 5,676 2,447 62 8,185
Deferred tax liability - 3,751 - 3,751
Total non-current liabilities 5,676 6,198 62 11,936
--------------- ------------- ------------ ---------
Current liabilities
Borrowings 5,500 - - 5,500
Lease liability 1,252 339 21 1,612
Trade and other payables 27,233 2,665 587 30,485
Current tax liability 393 18 (242) 169
Total current liabilities 34,378 3,022 366 37,766
--------------- ------------- ------------ ---------
TOTAL LIABILITIES 40,054 9,220 428 49,702
=============== ============= ============ =========
NET ASSETS/(LIABILITIES) 58,701 21,039 (69) 79,671
=============== ============= ============ =========
Statement of financial position as at 30 June 2021
As at
Central 30 June
Brand Addition Facilisgroup operations 2021
--------------- ------------- ------------ ---------
GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 37,744 16,643 - 54,387
Property, plant and equipment 5,146 3,215 99 8,460
Deferred tax asset 41 19 256 316
Total non-current assets 42,931 19,877 355 63,163
--------------- ------------- ------------ ---------
Current assets
Inventories 15,635 - - 15,635
Trade and other receivables 27,524 2,456 52 30,032
Cash and cash equivalents 2,967 394 240 3,601
Current tax asset (193) 194 532 533
--------------- ------------- ------------ ---------
Total current assets 45,933 3,044 824 49,801
TOTAL ASSETS 88,864 22,921 1,179 112,964
=============== ============= ============ =========
LIABILITIES
Non-current liabilities
Lease liability 4,630 2,438 - 7,068
Deferred tax liability - 2,630 - 2,630
--------------- ------------- ------------ ---------
Total non-current liabilities 4,630 5,068 - 9,698
--------------- ------------- ------------ ---------
Current liabilities
Borrowings 7,750 - - 7,750
Lease liability 1,100 322 - 1,422
Trade and other payables 23,462 2,405 532 26,399
Total current liabilities 32,312 2,727 532 35,571
--------------- ------------- ------------ ---------
TOTAL LIABILITIES 36,942 7,795 532 45,269
=============== ============= ============ =========
NET ASSETS 51,922 15,126 647 67,695
=============== ============= ============ =========
Statement of financial position as at 31 December 2021
As at
Brand Central 31 December
Addition Facilisgroup operations 2021
---------- ------------- ------------ -------------
GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 37,728 17,946 - 55,674
Property, plant and equipment 4,766 3,083 78 7,927
Deferred tax asset 146 58 96 300
Total non-current assets 42,640 21,087 174 63,901
---------- ------------- ------------ -------------
Current assets
Inventories 10,093 - - 10,093
Trade and other receivables 25,415 3,930 77 29,422
Cash and cash equivalents 10,335 1,230 486 12,051
Total current assets 45,843 5,160 563 51,566
---------- ------------- ------------ -------------
TOTAL ASSETS 88,483 26,247 737 115,467
========== ============= ============ =============
LIABILITIES
Non-current liabilities
Lease liability 4,018 2,349 21 6,388
Deferred tax liability - 3,035 - 3,035
Total non-current liabilities 4,018 5,384 21 9,423
---------- ------------- ------------ -------------
Current liabilities
Lease liability 985 328 71 1,384
Trade and other payables 26,500 2,752 813 30,065
Current tax liability/(asset) 28 36 (44) 20
Total current liabilities 27,513 3,116 840 31,469
---------- ------------- ------------ -------------
TOTAL LIABILITIES 31,531 8,500 861 40,892
========== ============= ============ =============
NET ASSETS 56,952 17,747 (124) 74,575
========== ============= ============ =============
4. INCOME TAX EXPENSE
The income tax expense for the Period is based upon management's
best estimate of the weighted average annual tax rate expected for
the full year ending 31 December 2022. The income tax expense is
higher than the standard rate of 19% due to higher standard income
tax rates in overseas territories and overseas losses carried
forward. The income tax expense for the year ended 31 December 2021
was higher than the standard rate due to higher standard income tax
rates in overseas territories.
5. EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the earnings
attributable to equity shareholders by the weighted average number
of ordinary shares in issue during the Period.
For diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
potentially dilutive ordinary shares. The Company has potentially
dilutive ordinary shares arising from share options granted to
employees. Options are dilutive under the SAYE, where the exercise
price together with the future IFRS 2 charge of the option is less
than the average market price of the Company's ordinary shares
during the period. Options under the LTIP schemes, as defined by
IFRS 2, are contingently issuable shares and are therefore only
included within the calculation of diluted EPS if the performance
conditions are satisfied at the end of the reporting period,
irrespective of whether this is the end of the vesting period or
not.
The impact of the potentially dilutive share options issued
under The Pebble Group LTIP's dated 21 December 2020, 8 June 2021
and 29 March 2022 and SAYE dated 6 October 2021 is GBPnil for the
period ended 30 June 2022. The impact on the basic earnings per
share for the period ended 30 June 2021 is 0.01p.
The calculation of basic earnings per share is based on the
following data:
Statutory EPS
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2021
2022 2021
Earnings (GBP'000)
Earnings for the purposes of basic and
diluted earnings per share
being profit for the period attributable
to equity shareholders 2,131 1,420 7,347
------------ ------------ -------------
Number of shares
Weighted average number of shares for
the purposes of basic earnings per share 167,450,893 167,450,893 167,450,893
Weighted average dilutive effects of conditional
share awards - 649,260 353,605
Weighted average number of shares for
the purposes of diluted earnings per share 167,450,893 168,100,153 167,804,498
------------ ------------ -------------
Earnings per ordinary share (pence)
Basic earnings per ordinary share (pence) 1.27 0.85 4.39
Diluted earnings per ordinary share (pence) 1.27 0.84 4.38
------------ ------------ -------------
Adjusted EPS
The calculation of adjusted earnings per share is based on the
after-tax adjusted operating profit after adding back certain costs
as detailed in the table below. Adjusted earnings per share figures
are given to exclude the effects of amortisation of acquired
intangible assets, share-based payment charge and exceptional
items, all net of taxation, and are considered to show the
underlying performance of the Group.
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2021
2022 2021
------------ ------------ -------------
Earnings (GBP'000)
Earnings for the purposes of basic and
diluted earnings per share being adjusted
earnings 3,153 1,808 8,599
------------ ------------ -------------
Number of shares
Weighted average number of shares for the
purposes of adjusted earnings per share 167,450,893 167,450,893 167,450,893
Weighted average dilutive effects of conditional
share awards - 649,260 353,605
Weighted average number of shares for the
purposes of diluted earnings per share 167,450,893 168,100,153 167,804,498
------------ ------------ -------------
Adjusted earnings per ordinary share (pence)
Basic adjusted earnings per ordinary share
(pence) 1.88 1.08 5.14
Diluted adjusted earnings per ordinary
share (pence) 1.88 1.08 5.12
------------ ------------ -------------
The calculation of adjusted earnings per share is based on the
following data:
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2021
2022 2021
------------- ------------- -------------
GBP'000 GBP'000 GBP'000
Profit for the period attributable to
equity shareholders 2,131 1,420 7,347
------------- ------------- -------------
Add back/(deduct):
Amortisation charge on acquired intangible
assets 677 250 894
Share-based payment charge 638 229 715
Tax effect of the above (293) (91) (357)
------------- ------------- -------------
Adjusted earnings 3,153 1,808 8,599
============= ============= =============
6. INTANGIBLE ASSETS
Software
Customer and Development Work in
Goodwill relationships costs progress Total
--------- --------------- ----------------- ---------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
Balance at 31 December
2020 35,802 10,144 17,130 222 63,298
--------- --------------- ----------------- ---------- --------
FX difference on translation (86) (183) (76) - (345)
Additions - - 1,612 174 1,786
Balance at 30 June
2021 35,716 9,961 18,666 396 64,739
--------- --------------- ----------------- ---------- --------
FX difference on translation 89 280 176 - 545
Additions - - 1,941 565 2,506
Reclassifications - - 538 (538) -
--------- --------------- ----------------- ---------- --------
Balance at 31 December
2021 35,805 10,241 21,321 423 67,790
--------- --------------- ----------------- ---------- --------
FX difference on translation 312 1,014 1,207 38 2,571
Additions - - 2,189 827 3,016
Disposals - - (15) - (15)
Balance at 30 June
2022 36,117 11,255 24,702 1,288 73,362
--------- --------------- ----------------- ---------- --------
Accumulated amortisation
Balance at 31 December
2020 - 1,157 8,124 - 9,281
--------- --------------- ----------------- ---------- --------
Charge for the period - 250 821 - 1,071
Balance at 30 June
2021 - 1,407 8,945 - 10,352
--------- --------------- ----------------- ---------- --------
FX difference on translation - (13) 37 - 24
Charge for the period - 253 1,487 - 1,740
--------- --------------- ----------------- ---------- --------
Balance at 31 December
2021 - 1,647 10,469 - 12,116
--------- --------------- ----------------- ---------- --------
FX difference on translation - 166 453 - 619
Charge for the period - 265 1,612 - 1,877
Disposals - - (15) - (15)
Balance at 30 June
2022 - 2,078 12,519 - 14,597
--------- --------------- ----------------- ---------- --------
Net book value
--------- --------------- ----------------- ---------- --------
At 31 December 2020 35,802 8,987 9,006 222 54,017
--------- --------------- ----------------- ---------- --------
At 30 June 2021 35,716 8,554 9,721 396 54,387
--------- --------------- ----------------- ---------- --------
At 31 December 2021 35,805 8,594 10,852 423 55,674
--------- --------------- ----------------- ---------- --------
At 30 June 2022 36,117 9,177 12,183 1,288 58,765
========= =============== ================= ========== ========
The Group tests annually for impairment, or more frequently if
there are indicators that goodwill might be impaired. There were no
such indicators in the Period.
7. PROPERTY, PLANT AND EQUIPMENT
Fixtures Computer Right-of-use
and fittings hardware Assets Total
-------------- ---------- ------------- --------
GBP'000 GBP'000 GBP'000 GBP'000
Cost
Balance at 31 December
2020 3,713 2,708 12,795 19,216
-------------- ---------- ------------- --------
Impact of foreign exchange
translation (35) (18) (129) (182)
Additions 20 237 269 526
Disposals - - (175) (175)
Balance at 30 June 2021 3,698 2,927 12,760 19,385
-------------- ---------- ------------- --------
Impact of foreign exchange
translation 54 16 174 244
Additions 140 283 192 615
Disposals - - (342) (342)
Balance at 31 December
2021 3,892 3,226 12,784 19,902
-------------- ---------- ------------- --------
Impact of foreign exchange
translation 208 101 758 1,067
Additions 114 330 2,388 2,832
Disposals - (69) (1,713) (1,782)
-------------- ---------- ------------- --------
Balance at 30 June 2022 4,214 3,588 14,217 22,019
-------------- ---------- ------------- --------
Accumulated depreciation
Balance at 31 December
2020 2,935 1,977 5,202 10,114
-------------- ---------- ------------- --------
Impact of foreign exchange
translation (22) (9) (30) (61)
Charge for the period 93 161 732 986
Disposals - - (114) (114)
-------------- ---------- ------------- --------
Balance at 30 June 2021 3,006 2,129 5,790 10,925
-------------- ---------- ------------- --------
Impact of foreign exchange
translation 38 19 50 107
Charge for the period 89 175 736 1,000
Disposals - - (57) (57)
-------------- ---------- ------------- --------
Balance at 31 December
2021 3,133 2,323 6,519 11,975
-------------- ---------- ------------- --------
Impact of foreign exchange
translation 148 31 319 498
Charge for the period 107 216 811 1,134
Disposals - (69) (1,713) (1,782)
-------------- ---------- ------------- --------
Balance at 30 June 2022 3,388 2,501 5,936 11,825
-------------- ---------- ------------- --------
Net book value
-------------- ---------- ------------- --------
Balance at 31 December
2020 778 731 7,593 9,102
-------------- ---------- ------------- --------
Balance at 30 June 2021 692 798 6,970 8,460
-------------- ---------- ------------- --------
Balance at 31 December
2021 759 903 6,265 7,927
-------------- ---------- ------------- --------
Balance at 30 June 2022 826 1,087 8,281 10,194
============== ========== ============= ========
Right-of-use Assets - net book Unaudited Unaudited Audited
value Period Period Year ended
ended ended 31 December
30 June 30 June 2021
2022 2021
---------- ---------- -------------
GBP'000 GBP'000 GBP'000
Leasehold property 8,118 6,710 6,069
Fixtures and fittings 127 184 140
Computer hardware 36 76 56
---------- ---------- -------------
8,281 6,970 6,265
========== ========== =============
8. INVENTORIES
Inventory levels are higher at the June period end compared to
December predominantly due to higher levels of stock in transit to
satisfy higher sales activity in the second half of the financial
year to December.
9. LEASES
Amounts recognised in the consolidated statement of financial
position
In addition to the right-of-use assets included within note 7,
the consolidated statement of financial position shows the
following amounts relating to leases:
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2021
Lease liabilities 2022 2021
---------- ---------- -------------
GBP'000 GBP'000 GBP'000
Maturity analysis - contractual undiscounted
cash flows:
Less than one year 2,063 1,818 1,716
More than one year, less than two years 1,873 1,529 1,440
More than two years, less than three
years 1,633 1,330 1,273
More than three years, less than four
years 1,637 1,173 1,200
More than four years, less than five
years 1,418 1,193 1,202
More than five years 2,685 2,872 2,338
---------- ---------- -------------
Total undiscounted lease liabilities
at period end 11,309 9,915 9,169
Finance costs (1,512) (1,425) (1,397)
---------- ---------- -------------
Total discounted lease liabilities
at period end 9,797 8,490 7,772
---------- ---------- -------------
Lease liabilities included in the
statement of financial position:
Current 1,612 1,422 1,384
Non-current 8,185 7,068 6,388
---------- ---------- -------------
9,797 8,490 7,772
---------- ---------- -------------
Amounts recognised in the consolidated income statement
The consolidated income statement shows the following amounts
relating to leases:
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2021
2022 2021
---------- ---------- -------------
GBP'000 GBP'000 GBP'000
Depreciation charge - fixtures and fittings 788 710 1,424
Depreciation charge - computer hardware 23 22 44
---------- ---------- -------------
811 732 1,468
========== ========== =============
Interest expense (within finance expense) 213 197 381
========== ========== =============
10. FINANCIAL INSTRUMENTS
The fair values of all financial instruments included in the
consolidated statement of financial position are a reasonable
approximation of their carrying values.
11. SHARE-BASED PAYMENTS
The Group operates equity-settled share-based payment plans for
certain employees of the Group under The Pebble Group plc LTIP and
The Pebble Group plc Group SAYE.
On 29 March 2022, under the LTIP, the Group made awards of
1,719,986 conditional shares to certain Directors and
employees.
The Group recognised total expenses of GBP638,000 (period ending
30 June 2021: GBP229,000) in respect of equity-settled share-based
payment transactions for the period ended 30 June 2022.
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