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Shearwater Group says its trading in line with expectations with “significant” revenue growth touted

The company said first-half revenue amounted to £16mln, up from £4.5mln in the same period a year ago with around 10% organic growth

Shearwater Group PLC - Shearwater Group says its trading in line with expectations with “significant” revenue growth touted
The business is "approximately two thirds second half weighted” chairman David Williams noted

Shearwater Group PLC (LON:SWG) used its half-year trading update to tell investors that it continues to trade in line with the board’s expectations.

In a statement, the organisational resilience (cyber security and managed security services) firm highlighted “significant growth” in revenue which increased to £16mln compared to £4.5mln in the comparative period of 2018. It added that around 10% of its growth came organically.

The company said that it expects to report around £1mln of earnings (underlying EBITDA) for the six month period.

It also highlighted a number of significant new contract wins during the first half including multi-year managed services contracts which are expected to underpin future revenue growth.

Cross-selling successes were also highlighted with the company noting 19 new contracts coming from existing customers. At the same time, some 45 new customer relationships were added to the business since April.

"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,” said David Williams, Shearwater chairman.

"For the current financial year, we are trading in line with our expectations, with the business approximately two thirds second half weighted.”

Williams added: “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."

Quick facts: Shearwater Group PLC

Price: 220 GBX

AIM:SWG
Market: AIM
Market Cap: £48.63 m
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