discovering, designing, delivering

Pebble Beach Systems Group Plc

Results for the half-year ended 30 June 2023

Peter Mayhead, CEO

Paul Inzani, Head of Finance

Agenda

  • Overview
  • Financial Review
  • Operational Review
  • Trading Outlook
  • Appendix - Case studies

2

Three key takeaways for today

Business growing despite

macro challenges and economic uncertainty

  • Revenue up 9% on H1 F22 to £5.5m despite slow start in order intake
  • Expecting to hit market expectations for the full year of £12m
  • Weighted pipeline remains strong at £8.7m giving the Business confidence that orders will increase following a challenging H1
  • Recurring revenue from support contracts up 13% to £4.6m

Continued investment

into software development

  • Oceans automation to provide cloud-native playout solution broadens our addressable market
  • Media Processing Engine to remove reliance on third party video capability
  • Pebble Control development progressing with added functionality

Strong operational

performance

  • Continued debt reduction, with further £0.5m reduction to £6.1m
  • Strengthening cash balance, with £0.95m, a 31% increase of FY22 balance
  • Net debt of £5.1m represents 1.6 x 12- month adj EBITDA
  • Appointment of a new Chief Commercial Officer in May with extensive industry experience

3

Key performance indicators

Order Intake

Revenue

Recurring support revenue

Adjusted EBITDA*

R&D expenditure

Cash generated from ops

Net Debt

  • Down 14% £4.4m H1 FY22: £5m
  • Up 9% £5.5m H1 FY22: £5m
  • Up 13% £2.5m H1 FY22: £2.2m
  • Up 5% £1.4m H1 FY22: £1.3m
  • Up 5% £0.9m H1 FY22: £0.8m
  • Up 179% £1.7m H1 FY22: £0.6m
  • DOWN 18% £5.1m H1 FY22: £6.3m

4

*Adjusted EBITDA, a non-GAAP measure, is EBITDA before non-recurring items, share based payment expense and foreign exchange movements. Adjusted earnings per share is calculated on the same basis as reported EPS before amortisation of acquired intangibles, share based payment expense and foreign exchange movements, after taking account of related tax effects.

** FY21 order intake has been adjusted to reflect a COVID-timing delays at the end of FY20

Operational highlights

International reach and operational excellence ensuring that the business is able to grow despite a challenging macro backdrop

Global

success

Operational excellence

  • Two significant successes across the Middle East, totalling £0.7m to help solidify our position in key market
  • Pipeline is forecasted to grow. Enquiries received following competitor announcement to 'end of life' their playout solutions
  • New £0.4m deal with state TV channel in Spain
  • New win in South America with Brazilian state funded broadcaster placing an order through our reseller
  • Hardware delivery lead times are coming back down to pre-COVID levels. This is reducing the need for buffer stock and our new COO has made a conscious effort to reduce the inventory balance
  • Investment in our new IP-native Oceans platform continues as planned
  • Capitalising on the emerging broadcast IP network market through investment in Pebble Control and Oceans

• Appointed Neil Maycock as new CCO, Neil brings with him a wealth of industry knowledge and has been

5

working closely with our product and sales teams to improve our commercial offering

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Disclaimer

Pebble Beach Systems Group plc published this content on 23 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2023 10:20:09 UTC.