The Pebble Group

Overview
Price performance
Financials
Research
Thematics

The Pebble Group provides digital commerce, products and related services to the global promotional products industry through two focused, complementary and differentiated businesses: Facilisgroup and Brand Addition.

The Pebble Group operates within the global promotional products market, estimated at $50bn. It is a highly competitive landscape, but distributor participants are predominantly small and local. The North American market is estimated by industry body PPAI to be worth over $25bn in FY22 and to have grown by 3.1% in FY23, slowing in H2. The total European market is a little smaller. The industry’s resilience is based on its utility and effectiveness as an advertising medium.

Latest Insights

TMT |
Update

21.03.24

The Pebble Group — Positioned to benefit from re-emerging confidence

TMT |
Flash note

18.01.24

The Pebble Group — FY23 trading update

TMT |
Update

22.11.23

The Pebble Group — Market headwinds in H2

TMT |
Flash note

05.09.23

The Pebble Group — Facilisgroup leads H123 performance

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Sector

TMT

Equity Analyst

Fiona Orford-Williams

Director, TMT

Milo Bussell

Associate Analyst, Consumer and Media

Key Management

Christopher Lee

CEO
Claire Thomson

CFO

Balance Sheet

Forecast net cash (£m)

10.6

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	3.3	3.3	(44.5)
Relative	0.1	0.1	(46.1)
52 week high/low	114.5p/51.0p

Financials

The Pebble Group’s FY23 results were as previously flagged. Facilisgroup, Pebble’s digital commerce segment, grew FY23 revenues by 8% after a H2 slowdown in gross merchandise value for its partners affected revenue earned from its preferred supplier base. At Brand Addition, selling into large, global brands, revenue from tech and consumer clients trailed FY22. Both group segments are well placed to benefit from rebuilding corporate assurance and continued investment, although precise timing is uncertain. Pebble has considerable financial resource, with £15.9m in net cash (excluding leases) at end-FY23. Management is proposing a doubled dividend of 1.2p and a £5m share buyback to enhance shareholder value.