Shearwater Group PLC - Pre-close statement
2 April 2020
Reported unaudited underlying EBITDA1 is expected to be in excess of
The Group anticipates publishing a full year-end trading update at the end of
"With all the current uncertainty, we thought that we would update our loyal shareholders as to the progress the Group has made over the prior 12 months as quickly as possible after the year end, before a more extensive update later in April.
"Thanks to the efforts of our highly experienced team, we have been able to produce an impressive result with a substantial swing from an EBITDA loss to profit and notably strong cash generation.
"As noted in our COVID-19 update on
"The world is recalibrating, and it is impossible to predict with certainty the impact of the surreal events experienced since the COVID-19 appeared in our lives. We have always maintained that data and organisational resilience is one of the few areas in which growth is more or less assured. Also, the current uncertainties are providing us with interesting opportunities to expand our reach at attractive valuations.
"Moreover, as a result of recently increased numbers of people working from home, our software division has seen significantly higher levels of activity which gives us confidence for the year ahead.
"With good momentum as we enter the new financial year, we remain confident of building on the considerable successes of 2019/20."
Note 1. Underlying EBITDA defined as profit before tax, before one off exceptional items, share based payment charges, finance charges, depreciation and amortisation.
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.
Cenkos Securities plc - NOMAD and Joint Broker
+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: £41.66 m
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