TIDMPEBB
RNS Number : 3462L
Pebble Group PLC (The)
05 September 2023
5 September 2023
THE PEBBLE GROUP PLC
("The Pebble Group" or the "Group")
UNAUDITED HALF YEAR RESULTS 2023
Solid performance with strategic progress
The Pebble Group (AIM: PEBB, OTCQX: PEBBF), 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 2023 ("HY 23" or the "Period").
Having achieved solid year on year growth in HY 23, the Board
expects that for the year ending 31 December 2023 ("FY 23") the
Group's results will be in line with market expectations.
Financials
Statutory results HY 23 HY 22 Change FY 22
Revenue GBP63.3m GBP60.3m +5% GBP134.0m
Gross profit margin 42.8% 38.5% +4.3ppt 39.3%
Operating profit GBP3.3m GBP3.1m +6% GBP10.2m
Profit before tax GBP3.1m GBP2.8m +11% GBP9.7m
Basic earnings per share 1.37p 1.27p +8% 4.55p
Other financial highlights HY 23 HY 22 Change FY 22
Adjusted EBITDA(1) GBP7.5m GBP6.7m +12% GBP18.0m
Net cash / (debt)(2) GBP4.2m GBP(0.1)m +GBP4.3m GBP15.1m
Adjusted basic earnings
per share(3) 2.08p 1.88p +11% 5.78p
Financial highlights and outlook
-- Group Adjusted EBITDA up 12% following solid trading across the
Group
-- Facilisgroup: Revenue for HY 23 of GBP9.2m up 24% on HY 22 generating
GBP4.3m Adjusted EBITDA (HY22: GBP3.5m)
-- Brand Addition: Revenue for HY 23 of GBP54.2m up 2.5% on HY 22
generating GBP4.5m Adjusted EBITDA (HY 22: GBP4.4m)
-- Gross profit margins increase 4.3 percentage points to 42.8%,
driven by higher contribution from Facilisgroup and improved
margins at Brand Addition of 33.2% (HY 22: 29.9%)
-- Balance sheet strong and working capital cycle following its normal
pattern, with good profit to cash conversion resulting in a net
cash position at the full year expected to be circa GBP17m
-- The Board expects FY 23 results to deliver on market expectations
Operational highlights
-- Strong profit margins maintained in parallel with investments
into our technology, sales and marketing strategies
-- In Facilisgroup:
* New wins saw Syncore grow to 238 Partners at 4
September 2023 (31 December 2022: 225) with a strong
pipeline
* Commercio Stores, our ecommerce offering introduced
in 2022, became revenue generating with, to date,
circa 20% of Partners utilising the product
* Good progress made on the development of the Orders
product, aimed at smaller distributors, with a Beta
version launched in H2 2023
-- Brand Addition revenue growth continues to be underpinned by
its diverse and loyal client base with investments into ESG
and global capabilities further differentiating the business
with its target market
Commenting on the results, Chris Lee, Chief Executive Officer of
Pebble Group said: "Our attractive markets and blue-chip clients
have seen Facilisgroup and Brand Addition trade solidly in the
first half, as we deliver against our stated strategies. Both
businesses have strong and differentiated market positions and we
look forward to FY 23 when results are expected to be in line with
market expectations. We anticipate that Facilisgroup will become
the majority contributor to our profits as we move through 2024
."
Adjusted EBITDA means operating profit before depreciation,
(1) amortisation and share-based payments charge
Net cash/(debt) 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 and share-based payments charge divided by
a weighted average number of shares
Online analyst and investor presentation
A presentation for sell-side analysts will take place at 8:00am
today by webinar. Those wishing to attend should email
investors@thepebblegroup.com
The management team is hosting an online investor presentation
with Q&A at 12.30pm on Friday, 8 September 2023. To
participate, please register with PI World at
https://bit.ly/PEBB_H123_webinar
Enquiries:
The Pebble Group Temple Bar Advisory (Financial
Chris Lee, Chief Executive Officer PR)
Claire Thomson, Chief Financial Officer Alex Child-Villiers
+44 (0) 750 012 4121 William Barker / Sam Livingstone
+44 (0) 207 183 1190
pebble@templebaradvisory.com
Grant Thornton UK LLP (Nominated Berenberg (Corporate Broker)
Adviser) Ben Wright / Marie Moy / Yasmina
Samantha Harrison / Harrison Clarke Benchekroun
/ Ciara Donnelly +44 (0) 203 207 7800
+44 (0) 207 184 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
We are pleased to report that both of our businesses,
Facilisgroup and Brand Addition, traded solidly throughout HY 23,
with the Group achieving Revenue of GBP63.3m (HY 22: GBP60.3m),
Adjusted EBITDA of GBP7.5m (HY 22: GBP6.7m) and Operating profit of
GBP3.3m (HY 22: GBP3.1m).
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. Our businesses have a
good track record of converting profit to cash, which has
continued, and the Group had Net cash at 30 June 2023 of GBP4.2m
(30 June 2022: Net debt GBP0.1m and 31 December 2022: Net cash
GBP15.1m).
Facilisgroup: providing a digital commerce platform for
promotional products businesses in North America
Revenue and profit analysis
HY 23 HY 22 FY 22
Recurring revenue GBP8.6m GBP7.0m GBP15.5m
Other revenue GBP0.6m GBP0.4m GBP1.1m
Total revenue GBP9.2m GBP7.4m GBP16.6m
Gross profit margin 100% 100% 100%
Adjusted EBITDA GBP4.3m GBP3.5m GBP9.0m
Operating profit GBP2.2m GBP1.7m GBP5.0m
Total revenue, the vast majority of which is recurring,
increased by 18.4% in USD, the business's home currency, and 24.3%
in GBP, compared to HY 22. The strong profit margins have been
maintained alongside investing in our technology , sales and
marketing strategies.
The Gross Merchandise Value ("GMV") transacted through our
technology increased by 9% to USD688m (HY 22: USD630m) and total
Partners (customers of our flagship product, Syncore) at 4
September 2023 grew to 238 (31 December 2022: 225) backed by an
increasing new business pipeline. Strong Partner retention rates
continue, demonstrating how our technology and related services are
key to their business operations.
Our aim at Facilisgroup has been to extend the breadth of our
technology to offer both order workflow and ecommerce solutions to
the circa 20,000 distributors across the North American promotional
products market. We are pleased to report that by the end of 2023,
the following products will be in market:
Syncore : Order workflow, focussed on distributors with revenues
of >USD2m. This is our flagship product upon which results to
date have been principally based
Commercio Stores : Ecommerce Stores, aimed at all sizes of
distributors. Launched to market in H2 2022
Commercio Orders : Order workflow, focussed on distributors with
revenues of <USD2m. Launched in Beta stage in H2 2023
Commercio Stores, our ecommerce offering introduced in 2022, is
further developing its product features to position it as a leading
solution in the promotional products sector. Total paying customers
of this product at 4 September 2023 was 55, which includes 45
existing Partners of Syncore. The 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. With the
launches of Commercio Stores and Orders now completed we expect a
decreasing trend of capital investment from circa 30% of historic
Facilisgroup revenues towards a more normalised level of 15% to
20%.
As we bring new products to market, our revenue growth is
expected to be delivered by increasing the GMV through adding new
customers and increasing the services we offer. We intend to evolve
our KPIs to reflect this, disclosing customer numbers, the GMV
transacted through our platform and the resultant "Attach Rate"
percentage derived from the amount of income earned against this
GMV.
We believe that Facilisgroup, with its strong market position,
current rate of growth and excellent profit margins, will become
the majority contributor to Group profits moving through 2024.
Brand Addition: providing promotional products and related
services under contract to many of the world's most recognisable
brands
Revenue and profit analysis
HY 23 HY 22 FY 22
Revenue GBP54.2m GBP52.9m GBP117.4m
Gross profit GBP18.0m GBP15.8m GBP36.1m
Gross profit margin 33.2% 29.9% 30.7%
Adjusted EBITDA GBP4.5m GBP4.4m GBP11.5m
Operating profit GBP2.7m GBP2.8m GBP8.0m
At Brand Addition, HY 23 revenue increased to GBP54.2m, 2.5%
ahead of HY 22 with client retention remaining high. Revenue by
client sector has broadly followed trends in the global economy,
with revenues from our Technology and Consumer sector clients being
lower in HY 23 than HY 22 whilst revenue from our Engineering and
Transport sector clients has grown in the same period. Our sector
diversity and embedded client relationships has insulated the
business through a turbulent economic cycle.
Brand Addition supports its clients through providing complex
services, ranging from the design of bespoke products and product
ranges to the hosting of web stores. Our target market clients have
promotional merchandise strategies that require creative product
solutions with a strong and consistent sustainability focus,
delivered across multiple geographies. We believe that Brand
Addition is one of the few businesses with the skills, knowledge
and experience to provide this level of service at scale. This has
afforded the business the opportunity to improve its gross margins
compared to the prior period whilst maintaining its EBITDA margins,
after investing to support our clients evolving needs.
The majority of revenue of Brand Addition is generated through
approximately 70 client contracts and with a new business
development target list of 800 companies, Brand Addition has a
large addressable market to grow into. Current new business
tendering activity remains consistent with prior years. Through
this new business development and growth within the existing client
base, we aim for high single digit year-on-year revenue growth.
Environmental, Social and Governance ("ESG")
ESG activity is a key component of our Group strategy and
continues to evolve based upon business need, best practice and
stakeholder comment. We have recently updated our ESG cornerstones
and revised our ESG Materiality Assessment based upon feedback from
a wide range of stakeholders and this development can be found
under the ESG section of our website,
https://www.thepebblegroup.com/about-us/esg/ . In Q2 2024, we will
issue our third ESG Report, reiterating our ESG priorities, actions
and progress against our targets.
Group outlook
We are continuing to deliver on our stated strategies for
Facilisgroup and Brand Addition. Both businesses have strong and
differentiated market positions and we look forward to FY 23 when
results are expected to be in line with market expectations.
Christopher Lee
Chief Executive Officer
5 September 2023
CHIEF FINANCIAL OFFICER'S REVIEW
HY 23 HY 22 FY 22
Unaudited Unaudited Audited
GBP'm GBP'm GBP'm
Revenue 63.3 60.3 134.0
Gross profit 27.1 23.2 52.7
Gross profit margin 42.8% 38.5% 39.3%
Adjusted EBITDA 7.5 6.7 18.0
Adjusted EBITDA margin 11.8% 11.1% 13.4%
Depreciation and amortisation (3.4) (3.0) (6.5)
Share-based payment charge (0.8) (0.6) (1.3)
Operating profit 3.3 3.1 10.2
Net finance costs (0.2) (0.3) (0.5)
Profit before tax 3.1 2.8 9.7
Tax (0.8) (0.7) (2.1)
Profit for the Period 2.3 2.1 7.6
Weighted average number of
shares 167,450,893 167,450,893 167,450,893
Adjusted Basic EPS 2.08p 1.88p 5.78p
Basic EPS 1.37p 1.27p 4.55p
Our results demonstrate growth in both our businesses against HY
22 as we continue to progress our stated strategy.
Revenue
Revenue for the Period to 30 June was GBP63.3m (HY 22:
GBP60.3m), an increase of GBP3.0m (5.0%) compared to the same
period in 2022. Facilisgroup total revenues increased GBP1.8m
(24.3% increase on HY 22). Annual Recurring Revenue ("ARR") growth
was 22.9% (17.4% 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 increased Partner numbers utilising our Preferred
Suppliers. The balance of the increase relates to Brand Addition,
which grew GBP1.3m or 2.5%. Revenue by sector for Brand Addition
has broadly followed trends in the wider economy.
Gross profit
Gross profit as a percentage of revenue increased to 42.8% (HY
22: 38.5%). Of this 4.3p.p.t increase, 3.3p.p.t is an increase in
gross margins at Brand Addition as the business has maintained
strong control of its supply chain alongside being able to improve
gross margins to reflect the increasing complexity of the services
demanded by its customers. The balance of the increase reflects the
increasing proportion of Facilisgroup of the Group as a whole.
Adjusted EBITDA
Adjusted EBITDA was GBP7.5m (HY 22: GBP6.7m). The increase of
GBP0.8m is made up as follows:
- Facilisgroup GBP0.8m increase from incremental revenue net
of the costs of investment to support delivery of the medium-term
revenue aspirations;
- Brand Addition GBP0.1m increase as improvements in gross
margin have been invested in expertise to support the increasing
complexity of client services; and
- Central costs increase of GBP0.1m.
The Adjusted EBITDA margin increased to 11.8% (HY 22: 11.1%) as
a result of the increasing proportion of Facilisgroup revenue to
the Group EBITDA.
Depreciation and amortisation
The total charge for the Period was GBP3.4m (HY 22: GBP3.0m) of
which GBP2.2m (HY 22: GBP1.9m) 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 is a
result of continued investment in 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 GBP0.8m (HY 22: GBP0.6m). This related to the awards
made to date under the 2019 Long Term Incentive Plan and the Group
Sharesave Plan (SAYE).
Operating profit
Operating profit for the Period was GBP3.3m (HY 22:
GBP3.1m).
Taxation
The tax charge for the Period to 30 June was GBP0.8m (HY 22:
GBP0.7m) and is based on the full year Group expected tax charge
for 2023. The expected rate for the year incorporates the increase
in the UK Corporation tax rate from 19% to 25% on 1 April 2023.
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 were
GBP3.5m (HY 22: GBP3.2m) an increase in adjusted basic earnings per
share of 0.20 pence. Basic earnings per share was 1.37 pence per
share (HY 22: 1.27 pence per share) an increase of 0.10 pence.
Dividends
In March 2023, the Board announced a maiden dividend payment in
respect of FY 22 and in doing so stated its intention to implement
a progressive dividend policy moving in the medium-term, towards
its stated position at IPO of making dividend payments of c.30% of
profit after tax. The Board remains committed to this decision but
does not consider the introduction of an interim dividend payment
is necessary at this time. An update on the dividend payment in
respect of FY 23 will be provided at the time of the full year
announcement in March 2024.
Cashflow
The Group had a cash balance of GBP4.2m at 30 June 2023 (30 June
2022: GBP5.4m, which included GBP5.5m drawn down from its GBP10.0m
committed revolving credit facility).
Cashflow for the Period is set out below:
HY 23 HY 22 FY 22
Unaudited Unaudited Audited
GBP'm GBP'm GBP'm
Adjusted EBITDA 7.5 6.7 18.0
Movement in working capital (9.7) (14.8) (3.4)
Capital expenditure (4.0) (3.6) (8.4)
Leases (0.9) (0.9) (1.7)
---------- ---------- --------
Adjusted operating cash flow (7.1) (12.6) 4.5
Tax paid (1.5) (0.3) (1.7)
Net finance cash flows (0.3) 5.2 (0.5)
Dividend paid (1.0) - -
Exchange loss (1.0) 1.0 0.7
---------- ---------- --------
Net cash flow (10.9) (6.7) 3.0
The movement in working capital in the Period was GBP(9.7m) (HY
22: GBP(14.8m)). The outflow is in line with the normal in-year
cycle which peaks in Q3. The reduced outflow when compared with
prior period reflects the mix of sales in Brand Addition which have
been weighted towards locally sourced products where the working
capital cycle is shorter.
Capital expenditure in the Period was GBP4.0m (HY 22: GBP3.6m).
This spend relates principally to investment in the Facilisgroup
digital commerce platform which we expect to peak in 2023.
Lease payments relate to leases capitalised in accordance with
IFRS 16.
Net finance cash flows in the Period of GBP(0.3)m (HY 22:
GBP5.2m). HY 22 included GBP5.5m in respect of the utilisation of
committed facilities less GBP(0.3)m interest payments in respect of
leases capitalised in accordance with IFRS 16. At 30 June 2023 the
committed facilities had not been utilised, interest payments on
leases are consistent with HY 22.
Cash and liquidity
The Group's working capital cycle is unwinding as expected. The
high point experienced in the period from June to August 2023 is
reducing, as we progress towards the year end, with clients and
Partners continuing to pay to agreed terms. The Group had Net cash
of GBP3.1m at 4 September 2023. This includes GBP2.0m drawn down
from the GBP10.0m committed revolving credit facility. The company
continues to demonstrate an attractive profit to cash conversion
and as such we expect Net cash at the full year end, 31 December
2023 to be in line with current market expectation of circa GBP17m
(31 December 2022: GBP15.1m).
Claire Thomson
Chief Financial Officer
5 September 2023
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 June 30 June 31 December
Notes 2023 2022 2022
-------------- -------------- -------------
GBP'000 GBP'000 GBP'000
Revenue 63,317 60,316 134,025
Cost of goods sold (36,188) (37,099) (81,279)
-------------- -------------- -------------
Gross profit 27,129 23,217 52,746
Operating expenses (23,810) (20,168) (42,523)
Operating profit 3,319 3,049 10,223
Analysed as:
Adjusted EBITDA(1) 6 7,480 6,698 18,042
Depreciation 8 (1,115) (1,134) (2,384)
Amortisation 7 (2,224) (1,877) (4,182)
Share-based payment charge 11 (822) (638) (1,253)
Operating profit 3,319 3,049 10,223
---------------------------- -------- -------------- --------------
Finance expense (266) (245) (520)
-------------- -------------- -------------
Profit before taxation 3,053 2,804 9,703
Income tax expense 4 (751) (673) (2,090)
-------------- -------------- -------------
Profit for the period 2,302 2,131 7,613
============== ============== =============
Basic earnings per share 5 1.37p 1.27p 4.55p
============== ============== =============
Diluted earnings per share 5 1.37p 1.27p 4.54p
============== ============== =============
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
2023 2022 2022
-------------- --------------- ------------
GBP'000 GBP'000 GBP'000
Items that may be subsequently reclassified to profit and loss
Foreign operations - foreign currency translation differences (1,901) 2,443 2,190
-------------- --------------- ------------
Other comprehensive (expense)/income for the period/year (1,901) 2,443 2,190
Profit for the period/year 2,302 2,131 7,613
-------------- --------------- ------------
Total comprehensive income for the period/year 401 4,574 9,803
============== =============== ============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
As at As at As at 31
30 June 30 June December
Notes 2023 2022 2022
---------- ---------- ----------
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 7 60,353 58,765 60,002
Property, plant and equipment 8 8,729 10,194 9,492
Deferred tax asset 270 395 292
Total non-current assets 69,352 69,354 69,786
---------- ---------- ----------
Current assets
Inventories 14,788 16,081 15,447
Trade and other receivables 36,901 38,587 34,693
Cash and cash equivalents 4,184 5,351 15,058
Total current assets 55,873 60,019 65,198
---------- ---------- ----------
TOTAL ASSETS 125,225 129,373 134,984
========== ========== ==========
LIABILITIES
Non-current liabilities
Lease liability 9 6,795 8,185 7,490
Deferred tax liability 2,370 3,751 2,860
Total non-current liabilities 9,165 11,936 10,350
---------- ---------- ----------
Current liabilities
Borrowings - 5,500 -
Lease liability 9 1,496 1,612 1,569
Trade and other payables 28,403 30,485 36,413
Current tax liability 397 169 1,063
Total current liabilities 30,296 37,766 39,045
---------- ---------- ----------
TOTAL LIABILITIES 39,461 49,702 49,395
========== ========== ==========
NET ASSETS 85,764 79,671 85,589
========== ========== ==========
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 (1,038) 1,116 863
Share-based payments reserve 2,671 1,203 1,892
Retained earnings 107,461 100,682 106,164
---------- ---------- ----------
TOTAL EQUITY 85,764 79,671 85,589
========== ========== ==========
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 2022 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
---------- -------- --------- --------- ------------- ----------- --------- -------
Profit for the period - - - - - - 5,482 5,482
Other comprehensive
expense for the period - - - - (253) - - (253)
---------- -------- --------- --------- ------------- ----------- --------- -------
Total comprehensive
(expense)/income - - - - (253) - 5,482 5,229
---------- -------- --------- --------- ------------- ----------- --------- -------
Employee share schemes
- value of employee
services - - - - - 619 - 619
Deferred tax on employee
share schemes - - - - - 70 - 70
---------- -------- --------- --------- ------------- ----------- --------- -------
Total transactions
with owners recognised
in equity - - - - - 689 - 689
---------- -------- --------- --------- ------------- ----------- --------- -------
At 31 December 2022 1,675 78,451 125 (103,581) 863 1,892 106,164 85,589
---------- -------- --------- --------- ------------- ----------- --------- -------
Profit for the period - - - - - - 2,302 2,302
Other comprehensive
expense for the period - - - - (1,901) - - (1,901)
---------- -------- --------- --------- ------------- ----------- --------- -------
Total comprehensive
(expense)/income - - - - (1,901) - 2,302 401
---------- -------- --------- --------- ------------- ----------- --------- -------
Employee share schemes
- value of employee
services - - - - - 743 - 743
Deferred tax on employee
share schemes - - - - - 36 - 36
Dividend paid - - - - - - (1,005) (1,005)
Total transactions
with owners recognised
in equity - - - - - 779 (1,005) (226)
At 30 June 2023 1,675 78,451 125 (103,581) (1,038) 2,671 107,461 85,764
---------- -------- --------- --------- ------------- ----------- --------- -------
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2022
Notes 2023 2022
---------- ---------- -------------
GBP'000 GBP'000 GBP'000
Operating profit 3,319 3,049 10,223
Adjustments for:
* Depreciation 8 1,115 1,134 2,384
* Amortisation 7 2,224 1,877 4,182
* Share-based payments charge 11 822 638 1,253
* Loss on disposal of fixed assets 8 3 - 19
Cash flows from operating activities
before changes in working capital 7,483 6,698 18,061
* Change in inventories 659 (5,988) (5,354)
* Change in trade receivables (2,208) (9,148) (5,271)
* Change in trade payables (8,089) 321 7,263
---------- ---------- -------------
Cash flows (used in)/from operating
activities (2,155) (8,117) 14,699
* Income taxes paid (1,545) (326) (1,712)
---------- ---------- -------------
Net cash flows (used in)/from
operating activities (3,700) (8,443) 12,987
---------- ---------- -------------
Cash flows from investing activities
* Purchase of property, plant and equipment (349) (444) (945)
* Purchase of intangible assets (3,687) (3,104) (7,434)
Net cash flows used in investing
activities (4,036) (3,548) (8,379)
---------- ---------- -------------
Cash flows from financing activities
* Lease payments (919) (929) (1,737)
* Interest paid (266) (245) (520)
(1,005) - -
* Dividend paid
- 5,500 -
* Receipts from secured loan facilities
Net cash flows (used in)/from
financing activities (2,190) 4,326 (2,257)
---------- ---------- -------------
NET CASH FLOWS (9,926) (7,665) 2,351
========== ========== =============
Cash and cash equivalents at beginning
of period 15,058 12,051 12,051
Effect of exchange rate fluctuations
on cash held (948) 965 656
---------- ---------- -------------
Cash and cash equivalents at end
of period 4,184 5,351 15,058
---------- ---------- -------------
NOTES TO THE UNAUDITED CONSOLIDATED INTERIM FINANCIAL
INFORMATION
1. GENERAL INFORMATION
The principal activity of The Pebble Group plc (the "Company")
is that of a holding company and the principal activity of the
Company and its subsidiaries (the "Group") is the sale of digital
commerce, products and related services 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 digital
commerce, 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 2023. They have been
prepared on the basis of the policies set out in the 2022 annual
financial statements and in accordance with UK adopted IAS 34.
Financial information for the period ended 30 June 2022 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 2022 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 2022
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 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 2022 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 these condensed consolidated interim
financial statements 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.
Alternative performance measures
Throughout the condensed consolidated interim financial
statements, consistent with the Annual Report, we refer to a number
of alternative performance measures ("APMs"). APMs are used
internally by management to monitor business performance. The APMs
that are not recognised under UK-adopted international accounting
standards are:
-- Adjusted earnings;
-- Adjusted EBTIDA;
-- Adjusted operating profit; and
-- Adjusted operating cash flow.
See note 6 for the reconciliation of the APMs.
The Board considers that the above APM's provide useful
information for stakeholders on the underlying trends and
performance of the Group and facilitate meaningful year on year
comparisons.
Key risks and uncertainties
The Group has in place a structured risk management process
which identifies key risks and uncertainties along with their
associated mitigants. The key risks and uncertainties that could
affect the Group's medium-term performance, 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 2024.
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 have determined that the
operating segments are Brand Addition, Facilisgroup and Central
Operations.
Segment information about the above businesses is presented
below:
Income statement for the period ended 30 June 2023
Period
ended
Central 30 June
Brand Addition Facilisgroup operations 2023
--------------- ------------- ------------ ---------
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 54,153 9,164 - 63,317
Cost of goods sold (36,188) - - (36,188)
--------------- ------------- ------------ ---------
Gross profit 17,965 9,164 - 27,129
Operating expenses (15,300) (7,002) (1,508) (23,810)
Operating profit/(loss) 2,665 2,162 (1,508) 3,319
Analysed as:
Adjusted EBITDA 4,457 4,272 (1,249) 7,480
Depreciation (783) (295) (37) (1,115)
Amortisation (670) (1,554) - (2,224)
Share-based payment charge (339) (261) (222) (822)
Operating profit/(loss) 2,665 2,162 (1,508) 3,319
------------------------------- --------------- ------------- ------------
Finance expense (176) (22) (68) (266)
--------------- ------------- ------------ ---------
Profit/(loss) before taxation 2,489 2,140 (1,576) 3,053
Income tax (expense)/income (612) (526) 387 (751)
--------------- ------------- ------------ ---------
Profit/(loss) for the period 1,877 1,614 (1,189) 2,302
=============== ============= ============ =========
Due to the timing on the delivery of orders, the Brand Addition
segment of The Pebble Group Plc traditionally raises a higher
number of invoices in the period July to December which results in
The Pebble Group Plc'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 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)
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
=============== ============= ============ =========
Income statement for the year ended 31 December 2022
Year ended
Central 31 December
Brand Addition Facilisgroup operations 2022
--------------- ------------- ------------ -------------
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 117,391 16,634 - 134,025
Cost of goods sold (81,279) - - (81,279)
--------------- ------------- ------------ -------------
Gross profit 36,112 16,634 - 52,746
Operating expenses (28,155) (11,624) (2,744) (42,543)
Operating profit/(loss) 7,957 5,010 (2,744) 10,223
Analysed as:
Adjusted EBITDA 11,467 9,011 (2,436) 18,042
Depreciation (1,719) (626) (39) (2,384)
Amortisation (1,232) (2,950) - (4,182)
Share-based payment charge (559) (425) (269) (1,253)
Total operating profit/(loss) 7,957 5,010 (2,744) 10,223
------------------------------- --------------- ------------- ------------
Finance expense (388) (13) (119) (520)
--------------- ------------- ------------ -------------
Profit/(loss) before taxation 7,569 4,997 (2,863) 9,703
Income tax (expense)/income (1,495) (689) 94 (2,090)
--------------- ------------- ------------ -------------
Profit/(loss) for the year 6,074 4,308 (2,769) 7,613
=============== ============= ============ =============
Statement of financial position as at 30 June 2023
As at
Central 30 June
Brand Addition Facilisgroup operations 2023
--------------- ------------- ------------ ---------
GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 38,095 22,258 - 60,353
Property, plant and equipment 5,744 2,750 235 8,729
Deferred tax asset 92 - 178 270
Total non-current assets 43,931 25,008 413 69,352
--------------- ------------- ------------ ---------
Current assets
Inventories 14,788 - - 14,788
Trade and other receivables 32,039 4,568 294 36,901
Cash and cash equivalents 2,477 1,555 152 4,184
Total current assets 49,304 6,123 446 55,873
--------------- ------------- ------------ ---------
TOTAL ASSETS 93,235 31,131 859 125,225
=============== ============= ============ =========
LIABILITIES
Non-current liabilities
Lease liability 4,618 2,177 - 6,795
Deferred tax liability - 2,370 - 2,370
Total non-current liabilities 4,618 4,547 - 9,165
--------------- ------------- ------------ ---------
Current liabilities
Lease liability 1,179 255 62 1,496
Trade and other payables 26,185 1,605 613 28,403
Current tax (asset)/liability (56) 770 (317) 397
Total current liabilities 27,308 2,630 358 30,296
--------------- ------------- ------------ ---------
TOTAL LIABILITIES 31,926 7,177 358 39,461
=============== ============= ============ =========
NET ASSETS 61,309 23,954 501 85,764
=============== ============= ============ =========
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 58,701 21,039 (69) 79,671
=============== ============= ============ =========
Statement of financial position as at 31 December 2022
As at
Brand Central 31 December
Addition Facilisgroup operations 2022
---------- ------------- ------------ -------------
GBP'000 GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 37,863 22,139 - 60,002
Property, plant and equipment 6,449 3,004 39 9,492
Deferred tax asset 137 - 155 292
Total non-current assets 44,449 25,143 194 69,786
---------- ------------- ------------ -------------
Current assets
Inventories 15,447 - - 15,447
Trade and other receivables 29,989 4,648 56 34,693
Cash and cash equivalents 12,655 2,265 138 15,058
Total current assets 58,091 6,913 194 65,198
---------- ------------- ------------ -------------
TOTAL ASSETS 102,540 32,056 388 134,984
========== ============= ============ =============
LIABILITIES
Non-current liabilities
Lease liability 5,148 2,315 27 7,490
Deferred tax liability - 2,860 - 2,860
Total non-current liabilities 5,148 5,175 27 10,350
---------- ------------- ------------ -------------
Current liabilities
Lease liability 1,221 303 45 1,569
Trade and other payables 33,543 2,075 795 36,413
Current tax liability 258 805 - 1,063
Total current liabilities 35,022 3,183 840 39,045
---------- ------------- ------------ -------------
TOTAL LIABILITIES 40,170 8,358 867 49,395
========== ============= ============ =============
NET ASSETS/(LIABILITIES) 62,370 23,698 (479) 85,589
========== ============= ============ =============
4. INCOME TAX EXPENSE
The income tax expense for the period ended 30 June 2023 is
based upon management's best estimate of the weighted average
annual tax rate expected for the full year ending 31 December 2023.
The income tax expense is higher than the standard rate of 23.5%
due to higher standard income tax rates in overseas territories.
The income tax expense for the year ended 31 December 2022 was
higher than the standard rate of 19% 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 Group Sharesave Plan
(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 on basic earnings per share of the potentially
dilutive share options issued under The Pebble Group Plc Long Term
Incentive Plan on 21 December 2020, 8 June 2021, 29 March 2022 and
28 March 2023 and Group Sharesave Plan (SAYE) on 6 October 2021 and
25 April 2023 is GBPnil for the periods ended 30 June 2023 and 30
June 2022.
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 2022
2023 2022
Earnings (GBP'000)
Earnings for the purposes of basic and
diluted earnings per share
being profit for the period attributable
to equity shareholders 2,302 2,131 7,613
------------ ------------ -------------
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 600,871 - 185,624
Weighted average number of shares for
the purposes of diluted earnings per
share 168,051,764 167,450,893 167,636,517
------------ ------------ -------------
Earnings per ordinary share (pence)
Basic earnings per ordinary share (pence) 1.37 1.27 4.55
Diluted earnings per ordinary share (pence) 1.37 1.27 4.54
------------ ------------ -------------
Adjusted EPS
The calculation of adjusted earnings per share is based on the
after-tax adjusted profit after adding back certain costs as
detailed in the table in note 6. 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 2022
2023 2022
------------ ------------ -------------
Earnings (GBP'000)
Earnings for the purposes of basic and
diluted earnings per share being adjusted
earnings 3,479 3,153 9,675
------------ ------------ -------------
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 600,871 - 185,624
Weighted average number of shares for
the purposes of diluted earnings per share 168,051,764 167,450,893 167,636,517
------------ ------------ -------------
Adjusted earnings per ordinary share
(pence)
Basic adjusted earnings per ordinary share
(pence) 2.08 1.88 5.78
Diluted adjusted earnings per ordinary
share (pence) 2.07 1.88 5.77
------------ ------------ -------------
See note 6 for the reconciliation of adjusted earnings.
6. ALTERNATIVE PERFORMANCE MEASURES (APMs)
Throughout the consolidated interim financial statements, we
refer to a number of APMs. A reconciliation of the APMs used are
shown below:
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2022
Adjusted earnings: 2023 2022
------------- ------------- -------------
GBP'000 GBP'000 GBP'000
Profit for the period 2,302 2,131 7,613
Add back/(deduct):
Amortisation charge on acquired intangible
assets 709 677 1,420
Share-based payment charge 822 638 1,253
Tax effect of the above (354) (293) (611)
------------- ------------- -------------
Adjusted earnings 3,479 3,153 9,675
============= ============= =============
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2022
Adjusted EBTIDA: 2023 2022
------------- ------------- -------------
GBP'000 GBP'000 GBP'000
Operating profit 3,319 3,049 10,223
Add back:
Depreciation 1,115 1,134 2,384
Amortisation 2,224 1,877 4,182
Share-based payment charge 822 638 1,253
------------- ------------- -------------
Adjusted EBITDA 7,480 6,698 18,042
============= ============= =============
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2022
Adjusted operating profit: 2023 2022
------------- ------------- -------------
GBP'000 GBP'000 GBP'000
Operating profit 3,319 3,049 10,223
Add back:
Amortisation charge on acquired intangible
assets 709 677 1,420
Share-based payment charge 822 638 1,253
------------- ------------- -------------
Adjusted operating profit 4,850 4,364 12,896
============= ============= =============
Unaudited Unaudited Audited
Period Period Year ended
ended ended 31 December
30 June 30 June 2022
Adjusted operating cash flow: 2023 2022
------------- ------------- -------------
GBP'000 GBP'000 GBP'000
Adjusted EBITDA 7,480 6,698 18,042
Deduct:
Movement in working capital (9,638) (14,815) (3,362)
Capital expenditure (4,036) (3,548) (8,379)
Leases (919) (929) (1,737)
------------- ------------- -------------
Adjusted operating cash flow (7,113) (12,594) 4,564
============= ============= =============
7. 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
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
--------- --------------- ----------------- ---------- --------
FX difference on translation 22 67 436 1 526
Additions - - 158 3,288 3,446
Disposals - - (911) - (911)
Reclassifications - - 492 (492) -
--------- --------------- ----------------- ---------- --------
Balance at 31 December
2022 36,139 11,322 24,877 4,085 76,423
--------- --------------- ----------------- ---------- --------
FX difference on translation (168) (530) (655) (188) (1,541)
Additions - - 401 3,286 3,687
Reclassifications - - 3,644 (3,644) -
Balance at 30 June
2023 35,971 10,792 28,267 3,539 78,569
--------- --------------- ----------------- ---------- --------
Accumulated amortisation
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
--------- --------------- ----------------- ---------- --------
FX difference on translation - 5 425 - 430
Charge for the period - 289 2,016 - 2,305
Disposals - - (911) - (911)
--------- --------------- ----------------- ---------- --------
Balance at 31 December
2022 - 2,372 14,049 - 16,421
--------- --------------- ----------------- ---------- --------
FX difference on translation - (113) (316) - (429)
Charge for the period - 277 1,947 - 2,224
Balance at 30 June
2023 - 2,536 15,680 - 18,216
--------- --------------- ----------------- ---------- --------
Net book value
--------- --------------- ----------------- ---------- --------
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
--------- --------------- ----------------- ---------- --------
At 31 December 2022 36,139 8,950 10,828 4,085 60,002
--------- --------------- ----------------- ---------- --------
At 30 June 2023 35,971 8,256 12,587 3,539 60,353
========= =============== ================= ========== ========
The Group tests annually for impairment, or more frequently if
there are indicators that goodwill might be impaired.
8. 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
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
-------------- ---------- ------------- --------
Impact of foreign exchange
translation 8 45 25 78
Additions 213 288 83 584
Disposals (880) (1,250) (527) (2,657)
Balance at 31 December
2022 3,555 2,671 13,798 20,024
-------------- ---------- ------------- --------
Impact of foreign exchange
translation (115) (77) (624) (816)
Additions 194 145 472 811
Disposals - (7) (345) (352)
-------------- ---------- ------------- --------
Balance at 30 June 2023 3,634 2,732 13,301 19,667
-------------- ---------- ------------- --------
Accumulated depreciation
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
-------------- ---------- ------------- --------
Impact of foreign exchange
translation 6 67 20 93
Charge for the period 126 235 889 1,250
Disposals (880) (1,231) (525) (2,636)
-------------- ---------- ------------- --------
Balance at 31 December
2022 2,640 1,572 6,320 10,532
-------------- ---------- ------------- --------
Impact of foreign exchange
translation (92) (48) (220) (360)
Charge for the period 245 205 665 1,115
Disposals - (4) (345) (349)
-------------- ---------- ------------- --------
Balance at 30 June 2023 2,793 1,725 6,420 10,938
-------------- ---------- ------------- --------
Net book value
-------------- ---------- ------------- --------
Balance at 31 December
2021 759 903 6,265 7,927
-------------- ---------- ------------- --------
Balance at 30 June 2022 826 1,087 8,281 10,194
-------------- ---------- ------------- --------
Balance at 31 December
2022 915 1,099 7,478 9,492
-------------- ---------- ------------- --------
Balance at 30 June 2023 841 1,007 6,881 8,729
============== ========== ============= ========
Right-of-use Assets - net book Unaudited Unaudited Audited
value Period Period Year ended
ended ended 31 December
30 June 30 June 2022
2023 2022
---------- ---------- -------------
GBP'000 GBP'000 GBP'000
Leasehold property 6,655 8,118 7,362
Fixtures and fittings 43 127 87
Computer hardware 183 36 29
---------- ---------- -------------
6,881 8,281 7,478
========== ========== =============
9. LEASES
Amounts recognised in the consolidated statement of financial
position
In addition to the right-of-use assets included within note 8,
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 2022
Lease liabilities 2023 2022
---------- ---------- -------------
GBP'000 GBP'000 GBP'000
Maturity analysis - contractual undiscounted
cash flows:
Less than one year 1,912 2,063 1,897
More than one year, less than two years 1,688 1,873 1,726
More than two years, less than three
years 1,684 1,633 1,627
More than three years, less than four
years 1,465 1,637 1,624
More than four years, less than five
years 1,019 1,418 1,091
More than five years 1,611 2,685 2,207
---------- ---------- -------------
Total undiscounted lease liabilities
at period end 9,379 11,309 10,172
Finance costs (1,088) (1,512) (1,113)
---------- ---------- -------------
Total discounted lease liabilities
at period end 8,291 9,797 9,059
---------- ---------- -------------
Lease liabilities included in the
statement of financial position:
Current 1,496 1,612 1,569
Non-current 6,795 8,185 7,490
---------- ---------- -------------
8,291 9,797 9,059
---------- ---------- -------------
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 2022
2023 2022
---------- ---------- -------------
GBP'000 GBP'000 GBP'000
Depreciation charge - fixtures and fittings 644 788 1,655
Depreciation charge - computer hardware 21 23 45
---------- ---------- -------------
665 811 1,700
========== ========== =============
Interest expense (within finance expense) 199 213 374
========== ========== =============
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 Long-Term
Incentive Plan (the 'LTIP') and The Pebble Group Plc Group
Sharesave Plan (the 'SAYE').
On 28(th) March 2023, under the LTIP, the Group made awards of
1,655,496 conditional shares to certain Directors and employees. On
25(th) April 2023, under the SAYE, the Group granted awards of
417,932 conditional shares.
The Group recognised total expenses of GBP822,000 (period ending
30 June 2022: GBP638,000) in respect of equity-settled share-based
payment transactions for the period ended 30 June 2023.
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IR NKQBPDBKBNCK
(END) Dow Jones Newswires
September 05, 2023 02:00 ET (06:00 GMT)
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