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Shearwater Group PLC   -  SWG   

Trading Update

Released 07:00 21-Jun-2018

RNS Number : 0662S
Shearwater Group PLC
21 June 2018
 

 

21 June 2018

 

SHEARWATER GROUP PLC

("Shearwater", the "Company" or the "Group")

 

Trading Update

 

Shearwater Group plc (AIM: SWG), the digital resilience group, is pleased to provide a trading update ahead of the release of its audited results for the financial year ended 31 March 2018.

 

Since the launch of the Company's new digital resilience strategy in January 2017, the Group has made significant progress towards its long-term objective of creating a broad portfolio of companies providing market leading digital resilience solutions:

 

§ For the financial year ended 31 March 2018, the Company generated unaudited revenues of approximately £6.3 million (2017: nil), reflecting 11 months of trading from SecurEnvoy and 8 months of trading from Xcina Consulting.

 

§ Since completing the acquisition of SecurEnvoy in May 2017, the business has achieved revenues of £3.4 million, representing 17 per cent. pro forma revenue growth compared to the pre-acquisition period. The business expanded its channel partnerships, established its international footprint and continued to develop its SaaS identity and access management portfolio.

 

§ Xcina Consulting (formerly Newable Consulting) which was loss making at the time of acquisition in July 2017, is now trading profitably at the EBITDA level and ahead of the Board's expectations as announced previously. The business has gained more than thirty new customers since joining the Group and achieved revenues of £2.9 million, representing pro forma revenue growth of 79 per cent. compared to the pre-acquisition period.

 

The Board is delighted with the progress the Company has made and it anticipates announcing full year results at the upper end of the Board's expectations during August 2018.

 

David Williams, Chairman of Shearwater, said: "Throughout 2018 we have continued to build upon the transformational steps taken since we launched our new digital resilience strategy.  Each of our portfolio companies has made substantial progress since joining the Group, and we are delighted that the investment we have made in creating a platform for growth is now starting to benefit our shareholders. 

 

We are still at the early stage of our development but under Mo's leadership we are confident that we can create a great British company encompassing a wide range of attractive assets within the digital resilience space.  Our recent acquisition of GeoLang is showing great promise and the quality of our M&A pipeline suggests that we will have the opportunity to substantially grow, both through further organic growth and potential acquisitions, during this new financial year."

 

 

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations. 

 

 

 

Enquiries:

 

Shearwater Group plc

David Williams

Michael (Mo) Stevens

 

www.theshearwatergroup.co.uk

+44 (0) 797 014 8016

+44 (0) 780 171 2582

Cenkos Securities plc - NOMAD and Broker

Max Hartley - NOMAD

Julian Morse / Michael Johnson - Sales

 

+44 (0) 20 7397 8900

Powerscourt - Financial PR

Ben Griffiths, Andy Jones

shearwater@powerscourt-group.com

+44 (0) 20 7250 1446


+44 (0) 77 5346 4637

 


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Trading Update - RNS