Shares in Shearwater Group PLC (AIM:SWG) rose as much as 15% in morning trading on Wednesday before settling 5% higher, after the company announced a £4.4 million data security contract with a major UK telecoms and media provider.
The three-year deal, secured by subsidiary Brookcourt Solutions, will see the group deliver a data-centric security and compliance platform in partnership with a leading technology vendor.
The system will provide the client with enhanced data visibility, predictive analytics and automation to help secure sensitive information across its infrastructure.
The unnamed customer, described as a prominent provider of broadband, mobile and home services, selected Brookcourt to strengthen compliance and safeguard its digital operations.
Shearwater said the revenue from the contract will be recognised in the current financial year and is expected to drive strong year-on-year growth in both revenue and adjusted EBITDA. The group added that the deal supports its confidence in meeting full-year market expectations.
The win reinforces Brookcourt’s position as a key cybersecurity partner to large enterprises operating in highly regulated environments.
The stock was changing hands for 32.2p.