City round-up: Pebble Group; Unbound Group; Inspired; DWF; Renold

Christopher Lee, chief executive of Pebble Group

Pebble Group, the Stretford-based corporate promotions specialist, is expecting record annual results, having seen half year revenues and profits increase.

Turnover for the six months to June 30, 2022, rose from £46.8m to £60.3m, while pre-tax profits of £2.8m were an improvement on the previous year’s £1.9m level.

Net debt has been reduced from £4.2m to £100,000.

The group’s Facilisgroup revenues were up 32% on figures a year ago, with total gross merchandise value (GMV), transacted through its technology expected to be between $1.3bn and $1.5bn, compared with $1.2bn a year ago.

Brand Addition revenue was up 29%, with gross profit margin at 29.9%, against 28.2% in 2021.

The group’s balance sheet is strong and working capital cycle is following its normal pattern, with the group’s net cash position at the full year expected to be in line with current market expectations.

The board said it expects a record year of results and for 2022 to be at least in line with recently upgraded market expectations.

No dividend payment is recommended as the board said it believes the opportunities ahead of the business are significant, in particular, investment opportunities in Facilisgroup, so it will retain cash in the business and not pay an interim dividend in 2022.

Chief executive, Christopher Lee, said: “We are continuing to deliver on our stated strategies for Facilisgroup and Brand Addition. Both businesses are performing well and we look forward to FY 22 and beyond with confidence.”

::

Unbound Group, the parent company of British footwear retailer Hotter Shoes, has announced the appointment of a new chief financial officer after Dan Lampard, its current CFO announced his intention to step down.

Gavin Manson, currently a non-executive director of the company, will take over as CFO with effect from 1 October 2022.

Gavin is a highly experienced listed company CFO, who has led digital and business transformation in the consumer sector in the UK and internationally for over 30 years.

He has been a director of Hotter Shoes since 2017 and was instrumental in developing the company’s growth strategy.

Gavin will step down as Chair of the Audit and Risk Committee also with effect from 1 October 2022 and a search for a replacement has commenced.

Kate Rock will be appointed as interim chair of the Audit and Risk Committee.

Together with CEO Ian Watson, Dan will present the company’s interim results for the six months to the end of July 2022 which will be announced on Tuesday 20 September 2022.

Neil Johnson, Chairman of Unbound Group, said: “The Board thanks Dan for his contribution to the Group through the AIM listing process and beyond, and we wish him well in his new role.

“We are delighted that Gavin has agreed to reassume an executive role as Chief Financial Officer. With his extensive and highly relevant public markets experience, and his deep knowledge of the business, he is ideally placed to support our Chief Executive Officer Ian Watson in delivering Unbound Group’s strategy.”

::

Lancashire-headquartered listed energy company Inspired has reported revenue and profit growth for the six months to the end of June 2022.

Inspired Energy has reported pre-tax profit of £2.43m, up from £940,000 for the same period in the prior year – a 159% jump.

Revenues climbed 24% from £32.62m to £40.45m.

The group’s order book remained consistent with levels seen at the end of 2021 being £67.5m at 30 June 2022.

Mark Dickinson, CEO of Inspired, said: “We are pleased to have delivered solid financial and operational progress during H1.

“The elevated volatility in the energy market has made energy procurement challenging for customers, and our staff have gone above and beyond during this time to support them.

“We have been delighted by the momentum achieved in the Optimisation and ESG divisions, as these offerings become ever more relevant to our customers in the current climate.

“Whilst the economic backdrop continues to present risks, our solid first half performance, strong market position and unique ability to support customers across a wide offering, provide us with confidence for H2 and beyond.”

::

DWF has appointed Matthew Doughty as Chief Growth & Strategy Officer (CSO) with effect from 9 September 2022.

Doughty will remain an Executive Director and will focus on the implementation of DWF’s strategy of providing integrated legal and business services to more of its key clients.

He will also lead on all inorganic expansion activities, in particular the delivery of a strong M&A pipeline, and will also remain the Board sponsor of the Group’s ESG strategy.

DWF also announced the appointment of Matthew Glenville as Group Chief Operating Officer (COO) with effect from 9 September 2022. He will be a member of the Executive Leadership Team and will have responsibility for pursuing operational excellence and delivering transformational change projects. The COO, who will not join the Board, will report to the CSO.

Glenville joins DWF from ICE Clear Europe, one of the world’s leading futures and options clearing houses, where since 2018 he has held the positions of COO, Chief Technology Officer and Chief of Staff.

Sir Nigel Knowles, Group CEO, said: “The creation of the CSO role and the appointment of a new COO will further strengthen our ability to ensure senior time and focus is given to our strategic and operational priorities.

“By further increasing our strategic focus on organic growth, we aim to accelerate the adoption of a wider range of our services among our largest clients, driving profitable revenue growth.

“Supplementing this with inorganic growth through selective M&A has long been part of our strategy.  We believe that the CSO role will bring additional focus to these areas, generating shareholder value. I look forward to continuing to work closely with Matthew in his new role.

“I am also delighted to welcome Matthew Glenville to DWF.

“His significant experience and proven operational track record will enable us to deliver on our ongoing and ambitious programme of transformation.

“In addition to his strong technical abilities, Matthew is an excellent influencer and communicator, enabling him to effectively collaborate with stakeholders to achieve strategic priorities.”

::

Renold

Renold, the Manchester-based industrial chains manufacturer, said the strong momentum experienced in the second half of the last financial year has continued into the new financial year.

In a trading update for the five months ended August 31, 2022, ahead of this morning’s annual general meeting, it said that, following the acquisition of Industrias YUK S.A. on August 4, 2022, full year expectations were increased to reflect the immediate earnings enhancement expected.

Sales revenue for the period, at £93m, represents an increase of 18.7% on the prior year equivalent period or an increase of 11.7% at constant exchange rates. Post-acquisition, YUK contributed £0.8m to sales during the period.

Order intake for the period was £97.9m. Excluding the impact of the £11m long term military contract announced in July 2021, this represents an increase of 15.3% over the prior year equivalent period or 7.6% at constant exchange rates. YUK contributed £0.8m to order intake.

Order books as at August 31, 2022, of £97.3m again represent a record high for the group. YUK contributed £3.9m to the order book.

Renold said that, while the board is mindful that global markets continue to be uncertain, with ongoing labour and energy cost inflation and supply chain disruption, the group’s trading momentum continues to be positive.

The group has record order books and the acquisition of YUK provides opportunities for synergies and further growth. Therefore, the board expects adjusted operating profit for the year to March 31, 2023, to be in line with recently increased market expectations, following the announcement of the acquisition of YUK.

Click here to sign up to receive our new South West business news...
Close