ECSC Group PLC Trading Update (2118R)
February 28 2023 - 2:00AM
UK Regulatory
TIDMECSC
RNS Number : 2118R
ECSC Group PLC
28 February 2023
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information for the purposes of Article 7 under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR"). With the publication of this
announcement, this information is now considered to be in the
public domain.
28 February 2023
ECSC Group plc
('ECSC' or the 'Company' or the 'Group')
Trading Update for the 12 months ended 31 December 2022
ECSC Group plc (AIM: ECSC), the provider of cyber security
services, is pleased to announce an unaudited trading update for
the 12 months ended 31 December 2022.
Following a stronger second half of trading, the Group expects
to report revenues for the year ended 31 December 2022 of GBP5.8m
(2021: GBP6.1m), though it is now anticipated that the Group will
have incurred a small loss for the year at the adjusted EBITDA*
level.
The Assurance division (testing, standards and certification
services) saw a revenue growth of 10% in the second half of the
year to GBP1.62m (H1 2022: GBP1.48m). The Group expects to report
Assurance revenue for the year ended 31 December 2022 of GBP3.1m
(2021: GBP3.1m).
During the year, the Group won significant contracts in its
Managed Detection and Response (MDR) division across a range of
sectors. When combined with successful MDR renewals, the MDR order
book grow to GBP2.3m as at December 2022 (31 December 2021:
GBP2.2m).
The closing cash balance as at the end of December 2022 was
GBP0.6m and the Company had net borrowings of GBP0.9m as at that
date.
* Adjusted EBITDA is defined as Earnings before Interest, Tax,
Depreciation and Amortisation and excludes one-off charges and
share based charges.
Matthew Briggs, Chief Executive Officer of ECSC, commented:
"Since taking on the CEO role, I am pleased with the progress
made across a number of areas of the business and how the team is
responding. As we continue to re-shape the business, strategy and
operational efficiencies, we expect to see further improvements in
financial performance."
Enquiries:
ECSC Group plc
Ian Mann, Executive Chairman
Matthew Briggs, Chief Executive +44 (0) 1274
Officer 736 223
Allenby Capital (Nominated Adviser
and Broker)
David Hart/Piers Shimwell (Corporate
Finance)
Tony Quirke (Sales and Corporate +44 (0) 203 328
Broking) 5656
Press Enquiries +44 (0) 1274
Clare Macdonald, Marketing Director 736 223
Notes to Editors:
Founded in 2000, ECSC Group plc is the UK's longest running
'full-service' cyber security service provider. ECSC provides
expert security breach prevention, detection and response support
to organisations across all sectors.
ECSC operates from two Security Operations Centres (SOCs): one
in Yorkshire, UK, and the other in Brisbane, Australia. ECSC MDR
Division offers flexible 24/7/365 cyber security managed detection,
and response support to its clients. The Assurance Division
provides guidance, certification to industry standards, and
extensive testing services to allow organisations to improve, and
demonstrate, their cyber security effectiveness.
The Company's broad client base ranges from e-commerce start-ups
to global blue-chip organisations, including 10% of the FTSE
100.
For more information please visit the following:
https://investor.ecsc.co.uk/
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END
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