- Challenging second half of 2023
- Revenue falls 4% for six months to 30 June
- Shares down 38% over the past year
Shares in Pebble Group (PEBB) fell over 2% to 58p in morning trading as the digital commerce company reported a 4% fall in revenue to £60.8 million for the six months ending 30 June.
Pre-tax profit for the period dropped 6% to £2.9 million from t£3.3 million last year.
In July the group said in a trading update that weaker sales knocked the company’s performance in the second half of 2023.
Pebble group said it has made ‘strong operational progress’ with client retention remaining positive and expects full year performance to meet expectations.
The company also announced that as of 6 September, £800,000 of up to £5 million has been returned to shareholders under its share buyback problem launched in May 2024.
Separately the group has hired a new non-executive chair, Anne de Kerkhcove which will ‘allow [the] CEO to fully focus on this his core responsibilities and bringing additional technology expertise to the board,’ says Shore Capital’s Roddy Davidson.
LONG-STANDING BLUE-CHIP RELATIONSHIPS
Davidson is upbeat saying the digital commerce company has a ‘modest valuation in the context of these growth dynamics’ which include its ‘leading market position and longstanding partnerships with blue-chip brands.’
Davidson also points to the group’s ‘recurring revenue base and broad geographical footprint (including a strong position in the very important US market).’
