The Pebble Group - On track, with further tender offer

Pebble Group's H125 update indicates trading is on track to meet FY25 market expectations, despite a difficult macroeconomic backdrop and currency headwinds. We have made small forecast revisions to reflect the latter. Facilisgroup is starting to see the benefits of investment shifting from product development to sales and marketing, translating into new partner wins, while Brand Addition's order values are picking up, with new contract wins set to contribute from H225. The group has healthy and improving cash conversion, with net cash at end H125 of £6.0m (excluding leases). A further share buyback via tender of up to £6.5m is set to be launched later this month, following the previous £3.6m programme, completed in May.

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