Pebble Group PLC reported Tuesday a swing to pretax profit for 2020 on lower costs and despite a fall in revenue.
The U.K. provider of technology to the promotional-products industry made a pretax profit of 5.0 million pounds ($6.9 million) compared with a loss of GBP10.3 million in 2019, when it incurred a deferred payment of GBP13.5 million for the acquisition of Facilisgroup.
Adjusted earnings before interest, taxes, depreciation and amortization–which strips out exceptional and other one-off items–came in at GBP9.8 million, in line with the company’s guidance given in January for no less than GBP9.5 million. This compares with GBP15.2 million the prior year.
Revenue fell to GBP82.4 million from GBP107.2 million a year earlier.
No dividend was declared for 2020 but the company said it is reviewing the possibility of a dividend payout this year.
Pebble said 2021 has started well with a good performance in the first quarter across the business.