Manchester-based branded merchandise firm The Pebble Group plc said on Wednesday its adjusted profit before tax rose 171.4% to £7.6 million in 2019 and revenue rose 15.3% to £107.2 million.

However, amid the coronavirus crisis, The Pebble Group said its financial performance guidance has been withdrawn for full-year 2020 and 2021 “until there is visibility on the lifting of lockdown restrictions.”

In his outlook, Pebble Group CEO Christopher Lee said: “The group made substantial progress in FY19 and the foundations for growth were firmly put in place with the successful IPO in December.

“Whilst the new financial year started well in all areas of the business, COVID-19 is undoubtedly having a major impact our financial performance which will continue in the weeks ahead until the effects of the disruption start to dissipate.

“We have taken rapid action to support our people and to mitigate the effects of the COVID-19 on our business operations.

“The group’s balance sheet is strong and our proven growth strategy is unchanged. 

“We remain confident in the long-term prospects for the group and are well-placed to benefit as normal business activity resumes.”