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ECSC swings to profit in first six months of 2020

Recurring revenue for the company's managed services arm also rose 25% in the period

ECSC Group PLC - ECSC swings to profit in first six months of 2020

ECSC Group PLC (LON:ECSC) has said it made an adjusted EBITDA profit for the first six months of 2020 following a jump in managed services recurring revenue.

In a trading update for the six months ended June 30, 2020, the cybersecurity group reported the turnaround from a £184,000 loss in the prior year, while its recurring revenue figure rose by 25% to £1.17mln.

WATCH: ECSC Group reports first half profit and strong growth in managed services

The company’s managed services order book also rose to £2.9mln from £2.7mln, while consulting revenues increased by 4% to £1.24mln.

ECSC said it has maintained its ability to deliver its services remotely during the coronavirus pandemic, adding that it reached its pandemic target of operating on an adjusted EBITDA breakeven in May and exceeded it in June.

The company also said it has continued a phased return of its furloughed employees as a result of its continued growth.

"I am pleased to report improved financial performance in a period that includes significant [coronavirus] UK economic impact.  Continued growth in managed services recurring revenue is a result of previously reported new client wins in addition to the successful contract renewals of all significant existing managed services”, ECSC chief executive Ian Mann said in trading upate.

“I am also delighted that the group remained profitable in the period on an Adjusted EBITDA basis.  The steps taken in recent months by the board and management should position the group well for the remainder of the year", he added.

Quick facts: ECSC Group PLC

Price: 70 GBX

LSE:ECSC
Market: LSE
Market Cap: £7 m
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ECSC Group reports first half profit and strong growth in managed services

ECSC Group PLC's (LON:ECSC) Ian Mann tells Proactive they made an adjusted EBITDA profit for the first six months of 2020 following a jump in managed services recurring revenue. The cybersecurity group saw its recurring revenues rise by 25% to £1.17mln in the period while the managed services...

on 5/8/20

2 min read