Pebble Group PLC on Wednesday guided for weaker annual earnings in 2023, after experiencing lower-than-anticipated order intake in Brand Addition.

Pebble Group is a Manchester, England-based provider of products and services to the global promotional products’ industry. Shares in the firm plummeted 31% to 60.75 pence each in London on Wednesday afternoon.

While Pebble expects Facilisgroup to see revenue growth over the full year, it said that order intake at Brand Addition has been worse than expected. As a result, group revenue is expected to be £124 million from £134.0 million a year prior.

However, the firm noted that stronger gross margins this year have been helping to mitigate revenue losses.

Subsequently, earnings before interest, tax, depreciation and amortisation are expected to be £16 million, down from £18.0 million the previous year.

Looking ahead, Pebble Group said that both of its businesses ‘remain strong financially’, are well differentiated within their respective markets and have a clear strategic plan.

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