Shares in Shearwater Group PLC (AIM:SWG) fell 20% on Tuesday following the cybersecurity firm’s interim earnings call.
Results for the first half of 2023 underscored adjusted earnings (EBITDA) of £100,000 compared with £1.3mln in 2022, while net cash of £870,000 equated to an 87% year-on-year reduction.
Chief executive Phil Higgins commented: "As we move into the traditionally weighted second half, we are bolstered by a pipeline of further advisory work, penetration testing and managed security services opportunities, as well as the launch of our new software capability which have been received well.
With good visibility of revenues and an expanded, global footprint, there is growing momentum across the Group as we move into a more favourable macroeconomic environment in the second half, with confidence levels higher than they were this time last year."
AIM-listed SWG shares are currently changing hands at 90p, with a market capitalisation of £21.4mln.