LONDON (ShareCast) - (Sharecast News) - Promotional technology provider Pebble Group said on Tuesday that the "challenges of 2020" had been "safely navigated" despite posting annual declines on both the top and bottom lines on an adjusted basis.
Pebble said revenues had slumped 23.1% to £82.4m, while gross profits were down 22.6% at £31.0m, adjusted underlying earnings were 35.5% lower at £9.8m and adjusted pre-tax profits were 19.7% weaker at £6.1m.

Despite all this, earnings per share actually improved from 2.81p to 2.96p as the group swung to an operating profit of £5.7m and a pre-tax profit of £5.0m on a statutory basis - a marked turnaround compared to the prior year's statutory losses of £10.6m and £15.3m, respectively.

Pebble said it also believes its "differentiated market positions and strategies" would continue to provide it with "significant opportunities for growth", with the new financial year starting "well", with all areas of the business performing in line with management expectations and the board viewing prospects for the group with confidence.

Chairman Richard Law said: "Although our financial performance was impacted significantly in the first half of the year by Covid-19, the situation improved, through good management and improving markets, from the start of the second half of the year and gaining momentum in the final quarter."

As of 0900 GMT, Pebble shares were up 6.67% at 144.0p.

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