Shearwater Group PLC Trading Update (0662S)
June 21 2018 - 2:00AM
UK Regulatory
TIDMSWG
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 GBP6.3 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 GBP3.4 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 GBP2.9 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 www.theshearwatergroup.co.uk
David Williams +44 (0) 797 014 8016
Michael (Mo) Stevens +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 shearwater@powerscourt-group.com
Ben Griffiths, Andy Jones +44 (0) 20 7250 1446
+44 (0) 77 5346 4637
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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