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Cyber security firm ESCS reinstates CEO months after his resignation

The company, which works with companies ranging from start-ups and global organisations, reported an underlying loss of £0.5mln in the six months to the end of June

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ECSC believes its new structure will provide a strong platform to continue to deliver its growth strategy

Cybersecurity provider ECSC Group (LON:ECSC) said it had reappointed Ian Mann as CEO just months after the company’s founder resigned from the role.

Mann stepped down from the role and board in April after the firm reported sizeable losses in 2017 but re-joined the board as an executive director later that month. Interim CEO Lucy Sharp will now return to her previous role of COO following Mann’s return to the top job.

"The board has been pleased with the progress since the board changes earlier in the year and believes this new structure will give us a strong platform to continue to deliver our growth strategy,” David Mathewson, ESCS’s non-executive chairman said in a statement.

The company, which works with companies ranging from start-ups and global organisations, reported an underlying loss of £0.5mln in the six months to the end of June on revenues of £2.65mln and said its cash balance had fallen to around £1mln during the period, largely due to one-off payments relating to the management restructuring during the period.

ESCS, which did not declare an interim dividend, said it considered the cash balance sufficient to fund the ongoing growth and development of the company.
Shares in the company were 23% down at 90.50p in mid-morning trade.

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LSE:ECSC
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Market Cap: £6.76 m
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