ECSC Group PLC Trading Update (3830M)
January 21 2021 - 2:00AM
UK Regulatory
TIDMECSC
RNS Number : 3830M
ECSC Group PLC
21 January 2021
This announcement contains inside information as stipulated
under the UK Market Abuse Regulations ("MAR"). With the publication
of this announcement, this information is now considered to be in
the public domain.
21 January 2021
ECSC Group plc
('ECSC' or the 'Company' or the 'Group')
Trading Update
for the 12 months ended 31 December 2020
Growing Profits and Strong COVID-19 Recovery
ECSC Group plc (AIM: ECSC), the provider of cyber security
services, is pleased to announce a trading update for the twelve
months ended 31 December 2020.
Highlights*
-- Adjusted EBITDA** profit in excess of GBP0.4m (2019: break-even)
-- Managed Detection & Response (MDR) division recurring
revenue growth of 22% to GBP2.42m (2019: GBP1.98m)
-- Group revenue of GBP5.7m (2019: GBP5.9m)
-- 90 new Assurance division clients (2019: 118)
-- Cash of GBP1.12m at period end (31 December 2019: GBP0.35m),
including GBP0.42m of COVID-19 related medium-term government
support relating to VAT and PAYE deferral. The Group's bank
facility of GBP0.5m remains unutilised.
* Financial information for the year ended 31 December 2020
remains subject to audit
** Adjusted EBITDA is defined as Earnings before Interest, Tax,
Depreciation and Amortisation and excludes one-off charges and
share based charges
Ian Mann, Chief Executive Officer of ECSC, commented:
"Despite the challenges posed by the COVID-19 pandemic, the
Group made solid progress during the 2020 financial year, and we
are particularly pleased to report growing adjusted EBITDA
profitability and cash generation.
"The GBP3m of Group revenue in H2 illustrates the recovery in
the Assurance division following the COVID-19 related impact seen
in Q2. The continued growth in recurring MDR revenue demonstrates
the resilience of this service line, and our effective strategy of
winning consulting clients and converting them into long-term
managed services clients.
"ECSC is well-positioned in the growing cyber security
marketplace, and we are now resuming our organic growth strategy
and related recruitment activities. I would like to thank the whole
team for an outstanding performance under challenging
circumstances."
Enquiries:
ECSC Group plc
David Mathewson (Non-Executive Chairman)
Ian Mann (Chief Executive Officer) +44 (0) 1274 736 223
Allenby Capital Limited (NOMAD and Broker)
David Hart / Asha Chotai (Corporate Finance)
Tony Quirke (Sales and Corporate Broking) +44 (0) 203 3285 656
Yellow Jersey (PR and IR)
Sarah Hollins
Annabel Atkins
Matthew McHale +44 (0) 203 004 9512
Notes to Editors:
Founded in 2000, ECSC Group plc (AIM: ECSC) is the UK's longest
running full-service cyber security service provider. With an
extensive range of in-house developed proprietary technologies,
including advanced Artificial Intelligence (AI) systems, ECSC
provides expert security breach prevention and advisory support to
organisations across all sectors.
ECSC operates from two Security Operations Centres (SOCs): one
in Yorkshire, UK, and the other in Brisbane, Australia. ECSC offers
flexible 24/7/365 cyber security monitoring, detection, and
response support to its clients, either as a fully managed service
or to enhance an organisation's existing cyber security systems. In
addition, ECSC's Assurance division provides guidance,
certification to industry standards, and extensive testing services
to allow organisations to assess their cyber security
protection.
ECSC is led by a highly experienced senior management team with
over 80 years' combined experience within the company, and has
delivered consecutive organic growth for the last 20 years.
The Company's broad client base ranges from e-commerce start-ups
to global blue-chip organisations, including 10% of the FTSE
100.
For more information please visit the following:
https://investor.ecsc.co.uk/
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