Pebble Beach Systems Group (LSE:PEB) said it is on track to move into a net cash position during 2026 after cutting net debt (excluding IFRS 16 leases) to £1.9m at the year ended 31 December 2025 (2024: £3.7m).
Group revenue rose 7% to £12.2m, recurring revenue increased 8% to £6.6m with annualised recurring revenue at £6.7m, adjusted EBITDA grew 27% to £4.2m, adjusted profit before tax climbed to £3m (2024: £1.1m) and adjusted basic EPS rose to 2.7p (2024: 0.9p), producing a statutory profit before tax of £2.2m versus a £1.3m loss in 2024, the company said.
Total new orders were £13.9m, up 2% year-on-year, led by a 25% rise in project orders to £6.4m while support and maintenance orders were £7.5m with £0.9m of renewals signed after the year-end, and new customer wins included global streaming platforms and a major US sport rights holder.
The Board said cash conversion was strong at 94% of adjusted EBITDA, gross bank debt fell to £3.6m with cash of £1.6m at year-end, and strategic actions taken in Q1 refocused R&D, delivered annualised cash savings of £2m and incurred £0.8m of non-recurring restructure costs.
Tom Crawford said, "Pebble has delivered a strong performance and we expect the business to move into a net cash position in 2026", and the Board described trading in the first quarter of 2026 as encouraging.
