The Pebble Group (PEBB ), a provider of digital commerce products, announced audited results for the year ended 31 December 2022 (FY22).
Pebble's revenues increased 16% year-on-year to £134m, compared to £115.1m in FY21.
Pebble's Facilisgroup business saw revenues up 31% year-on-year with total gross merchandise value transacted through its technology of US$1.4bn. Pebble's Brand Addition business saw revenue increase 15% in FY22 with a gross profit margin of 30.7%, up from 28.6% in FY21.
Pebble ended the year with net cash of £15.1m, ahead of market expectations. Adjusted EBITDA was up 17% to £88m, and a maiden final dividend was proposed for FY22 of 0.6p/share.
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Pebble recorded another year of solid growth, slightly ahead of markets expectations, driven by new product development at its two businesses. Group revenue was 16% ahead of FY21, and adjusted EBITDA was 17% ahead. Operating profit was also up 3% to £10.2m. As a result, Pebble announced a maiden dividend policy, proposing a final dividend of 0.6p/share for FY22, payable in June 2023.
Pebble intends for the maiden dividend to set off a progressive dividend policy, in the medium-term moving towards its stated position at IPO of making dividend payments of c. 30% of profit after tax.
Pebble's balance sheet remains strong with £15.1m in net cash, ahead of market expectations, and no amount drawn on its £10m committed revolving credit facility. So far trading in FY23 is in line with management expectations.
Pebble is in the process of listing its ordinary shares to be traded on the US OTC Market's OTCQX trading platform.
PEBB shares were up 6.8% in early afternoon trading.
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