Pebble Beach Systems Group plc
Pebble Beach Systems Group plc is a UK-based (Epsom, Surrey), AIM-listed (ticker PEB) global software business, founded in 2000, specialising in designing, delivering and supporting advanced workflow automation systems (playout automation and integrated channel software) for television broadcasters and streaming companies. It has installations in more than 60 countries, serving single-channel to 150+ channel operators and currently supports over 1,000 channels worldwide, reaching customers mainly via third-party resellers/system integrators as well as a direct sales team.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (9), Company website (1)
FY2026Next report expected 2 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Pebble Beach Systems Group plc makes software that automates the running of TV channels for broadcasters and streaming companies. Revenue rose 6.8% to £12.2m in 2025, and it made a profit before tax of £2.2m, against a loss of £1.3m the year before. The report credits growing income from support contracts, more project orders, especially from streaming platforms, and a cost-cutting restructure completed early in 2025. That restructure brought £0.8m of one-off costs, while the 2024 loss was deepened by a large write-down in the value of past software development. Cash at the year end was £1.6m, and bank borrowings fell to £3.5m from £4.5m. No money was raised from shareholders and no dividend was paid: past losses currently block dividends, and the board has started a legal process to change that. Management said 2026 had started in line with expectations and expects cash to exceed debt during the year, though the board rates the industry's shift to cloud and streaming as a high risk. The auditor gave a clean opinion and raised no doubt about the company's ability to keep trading.
From the reportevery line sits on the page it namesWhat drove revenueGrowth in recurring support & maintenance (SLA) revenue via price rises, new agreements and renewals/extensions
Recurring revenue rose 8% to £6.6m (2024: £6.1m), c.64% of group revenue excluding third-party hardware (2024: 61%)
page 5AndNew project orders, particularly from streaming platforms
Project orders up 25% to £6.4m (restated 2024: £5.1m), with good demand from the streaming market; two of eight new customers added in 2025 were streaming companies
page 4What moved the margintailwindGross margin improvement from portfolio focus and cost reductions
Gross margin rose to 78% (2024: 77%); gross profit up 8% to £9.5m
page 5AndtailwindStrategic R&D refocus and cost base reduction completed in Q1 2025
Annualised cash savings of £2.0m achieved; R&D expenditure as % of revenue fell to 19.5% (2024: 24.3%); adjusted EBITDA margin rose to 34% (2024: 29%)
page 11What management saidTrading in Q1 2026 has started in line with expectations and the sales pipeline has encouraging opportunities in our core marketplace of international, national, regional and specialised broadcasters. We are also seeing more opportunities with streaming companies.
page 7After the year endIn April 2026, an extension to the existing Santander loan facility was agreed, maintaining the £3.6m facility until 28 April 2028, with a £1.0m per annum repayment schedule consistent with the previous agreement and a new EBITDA-to-debt-servicing covenant
page 76The dividendThe Directors do not recommend payment of a final dividend for FY2025 (2024: Nil). The Company has historic accumulated losses in its own retained profit and loss account which currently prevent it from making shareholder distributions; the Board has commenced a legal process (shareholder and Court approval required) to create distributable reserves via a reorganisation of Company reserves, intended to allow future dividends.
page 7Going concern and the auditAuditor S&W Audit (S&W Partners Audit Limited, formerly CLA Evelyn Partners Audit Limited) gave an unqualified/unmodified 'true and fair view' opinion with no material uncertainty on going concern. Two Key Audit Matters: (1) revenue recognition, particularly professional services revenue spanning year-end; (2) recognition of a £540k deferred tax asset. Going concern assessed to April 2027 (12 months beyond approval date), with forecasts stress-tested for a 50% reduction in 2026 project orders plus a further 50% reduction with 20% SLA revenue loss; Board concluded the Group would remain a going concern and meet bank covenants even in that scenario.
page 36The risks it names first- Technology transition risk - misjudging the pace/direction of the shift from linear/on-premises to streaming/cloud/IP architectures (rated High)p.15
- Competitive and market risk - hybrid/cloud-capable competitors, declining advertising revenue in Europe/North America outside live sportsp.15
- Key person and talent risk - small (~50 employee), highly specialised workforcep.15
- Customer concentration risk - project revenue concentrated in a small number of large international contracts; <8% of revenue from UKp.15
Read from C000983-AR-2025-website.
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