Shearwater Group PLC - Statement re COVID-19 and contract wins
25 March 2020
Statement re COVID-19
The welfare of the Company's employees and customers is of the utmost importance and the significant majority of Shearwater's employees and customers are now working remotely. Following extensive stress-testing of its network access, everyday business tools and applications, the Group confirms that it is operating effectively and providing its services to its customers without interruption.
Shearwater's SecurIdentity MFA has enabled existing and new clients to promptly disseminate crisis and emergency information to their employees and also ensures that the customer's employee base can securely authenticate when accessing organisations' systems and networks via tokenless MFA, without the need for costly incremental infrastructure and hardware tokens.
The Company is greatly encouraged by the increased interest in its software products and has yet to see any significant impact on profitability or cash flow as a result of COVID-19. The Group looks forward to updating shareholders in a planned trading update during
"Whilst the Coronavirus pandemic is a rapidly developing situation, we remain confident that we can continue to provide our customers with continuity of service and support at a time when their organisations are particularly susceptible to network penetration and data loss through both intentional and unintentional actions.
"The seismic shift towards remote working has driven increased demand in
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+44 (0) 20 7397 8900
Berenberg - Joint Broker
+44 (0) 20 3207 7800
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+44 (0) 20 7457 2815
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
Shearwater shares are listed on the
This information is provided by RNS, the news service of the
Quick facts: Shearwater Group PLC
Market Cap: £41.78 m
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