The Pebble Group (LSE: PEBB)

Currency in GBP

Last close As at 04/12/2023


0.50 (0.93%)

Market capitalisation


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 best statistics are available for the North American market, estimated by industry body PPAI to be worth over $25bn in FY22 (+13% y-o-y, and matching 2019 levels: Q123 growth lower at 3.3%, Q223 improved at 5.6%), with the total European market a little smaller. The industry’s resilience is based on its utility and effectiveness as an advertising medium.

Latest Insights

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Pebbles in wide calm Ocean



Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Milo Bussell

Associate Analyst, Consumer and Media

Key Management

  • Christopher Lee


  • Claire Thomson


Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (38.6) (36.8) (36.1)
Relative (40.3) (36.5) (35.0)
52 week high/low 118.5p/55.0p


The Pebble Group is experiencing tougher trading conditions in its second half year, particularly in its Brand Addition segment, which provides global brands with their promotional goods requirements. As has been the case more widely across the sector, spending from tech, and some consumer, clients has been under pressure, given the macroeconomic backdrop. We have aligned our FY23 forecasts with the revised guidance and adjusted FY24 from the lower base. The fundamental proposition of both business segments remains sound, with higher growth prospects in the digital commerce SaaS business, Facilisgroup. The group has a strong balance sheet, with end-FY23 net cash (excluding leases) set to be around £15.1m.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 115.1 15.4 10.9 5.12 10.5 5.9
2022A 134.0 18.0 12.4 5.77 9.4 5.0
2023E 124.0 16.0 9.7 4.49 12.0 5.6
2024E 128.5 16.5 10.1 4.55 11.9 5.5




MediaWatch – November 2023: Still waiting…



MediaWatch – July 2023

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