The Pebble Group remains on Berenberg’s ‘buy list after results

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The Pebble Group PLC (LON:PEBB) is in a prime position to benefit from the revival in the US$50bn promotional merchandise market, according to the London arm of the German investment bank, Berenberg.

“While growth will be modest at an industry level and negatively affected in full-year 2020 by COVID-19, it will recover, as it always does,” it added in a note to clients.

Berenberg reiterated its ‘buy’ advice and 160p price target – a 17% premium to the current share price.

Its analysis followed the release of annual results that revealed a 23% slump in revenues to £82.4mln leading to a near 20% fall in pre-tax profit to £6.1mln.

Pebble has two businesses operating in the promotional product market: Brand Addition, targeting large corporates, and Facilisgroup, an enterprise software provider.

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