Pebble Beach Systems Group (LSE:PEB) delivered a better-than-expected trading performance for the year ended 31 December 2025, with revenue increasing 6% to roughly £12.2 million and adjusted EBITDA rising 27% to around £4.2 million. Both metrics came in slightly ahead of market forecasts, reflecting solid demand across the group’s activities.
Growth was driven in part by an expansion in recurring revenues from support and maintenance contracts, which climbed 8% to approximately £6.6 million and now account for about 64% of revenues excluding third-party hardware. Project-related revenue also advanced, up 5% to £5.6 million, supported by stronger demand from streaming customers. Cash generation improved significantly over the period, with adjusted EBITDAC surging 206% to £3.2 million. This enabled the group to further strengthen its balance sheet, reducing net debt (excluding leases) by 48% to around £2.0 million following the repayment of an additional £1.0 million in bank borrowings. The board now expects Pebble Beach Systems to reach a net cash position by the end of 2026.
Management believes the combination of a healthier balance sheet, increasing levels of contracted recurring revenue and improving margins places the company in a stronger position to pursue growth opportunities. These include its established broadcast market as well as the expanding live and advertising-supported streaming segment.
From an outlook perspective, positive share price technical signals and recent corporate developments point to potential upside. However, this is tempered by ongoing financial and valuation challenges, including reported net losses and a negative P/E ratio. The company’s ability to translate its improving cash flow profile and strategic progress into sustained profitability will remain a key focus for investors.
More about Pebble Beach Systems
Pebble Beach Systems Group is a global software provider specialising in automation, integrated channel management and virtualised playout solutions for broadcast and streaming customers. Founded in 2000, the company supplies scalable systems used by Tier 1 broadcasters and streaming platforms in more than 70 countries, managing around 2,000 on-air channels across installations ranging from single-channel operations to deployments of more than 150 channels.
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