Shearwater Group PLC Half year trading update (9405Q)
October 24 2019 - 2:01AM
UK Regulatory
TIDMSWG
RNS Number : 9405Q
Shearwater Group PLC
24 October 2019
24 October 2019
SHEARWATER GROUP PLC
Half year trading update
Shearwater Group plc (AIM: SWG, "Shearwater" or the "Group"),
the organisational resilience group, today published a trading
update for the six months to 30 September 2019, with the Group
continuing to trade in line with the Board's expectations.
Group revenue saw significant growth to approximately GBP16.0
million (2018: GBP4.5 million), with approximately 10% of this
growth from organic sources. This has resulted in an expected
underlying EBITDA([1]) profit of approximately GBP1.0 million
(2018: loss GBP1.6 million).
During H1 2019, the Group secured a number of significant new
contract wins, including multi-year managed service contracts,
which underpin future revenue growth. A substantial number of live
cross selling opportunities were generated of which 19 were
converted into contract wins. Shearwater also secured 45 net new
customer relationships since April 2019.
David Williams, Chairman of Shearwater, said:
"We have seen good momentum in H1 with the execution of our
strategy yielding a materially improved financial performance,
resulting in our second consecutive quarter of profits and strong
organic revenue growth.
"For the current financial year, we are trading in line with our
expectations, with the business approximately two thirds second
half weighted. With our developing forward visibility and improving
cross selling opportunities, we are well positioned for long term
sustainable growth.
"Operating in the cyber security sector, we are well positioned
to benefit from one of the most certain growth areas; as for us,
there are now three certainties in life - death, taxes and
cyber-crime."
The Group expects to publish its interim results for the six
months ended 30 September 2019 during the week commencing 25
November 2019.
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of those Regulations.
Enquiries:
Shearwater Group plc c/o Instinctif Partners
David Williams, Chairman
Phil Higgins, CEO
Cenkos Securities plc - NOMAD and
Joint Broker
Max Hartley / Giles Balleny - NOMAD
Julian Morse / Michael Johnson -
Sales +44 (0) 20 7397 8900
Berenberg - Joint Broker
Matthew Armitt / Mark Whitmore +44 (0) 20 3207 7800
Instinctif Partners shearwater@instinctif.com
Adrian Duffield / Chantal Woolcock +44 (0) 20 7457 2815
About Shearwater Group plc
Shearwater Group plc is an award-winning organisational
resilience group that provides cyber security and managed security
services to help assure and secure businesses in a connected global
economy.
The Group's comprehensive cyber security solutions and services
maintain trust between users, provide assurance around the
protection of information assets and critical infrastructure, and
support organisations' operational effectiveness. Its capabilities
include identity and access management and data security, cyber
security solutions and managed security services, and security
governance, risk and compliance.
The Group is headquartered in the UK with offices in the US, UK
and Europe, serving customers across the globe who are active in a
broad spectrum of industries.
Shearwater shares are listed on the London Stock Exchange's AIM
under the ticker "SWG". For more information, please visit
www.shearwatergroup.com.
[1] Underlying EBITDA defined as profit before tax, before one
off exceptional items, share based payment charges, finance
charges, depreciation and amortisation
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END
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