Shearwater Group PLC Statement re COVID-19 and contract wins (4679H)
March 25 2020 - 3:00AM
UK Regulatory
TIDMSWG
RNS Number : 4679H
Shearwater Group PLC
25 March 2020
25 March 2020
SHEARWATER GROUP PLC
Statement re COVID-19
Contract wins
Shearwater Group plc (AIM: SWG, "Shearwater", the "Company" or
the "Group"), the organisational resilience group, provides the
following update in relation to measures taken by the Company in
response to COVID-19 and on trading during March 2020.
The welfare of the Company's employees and customers is of the
utmost importance and the significant majority of Shearwater's
employees and customers are now working remotely. Following
extensive stress-testing of its network access, everyday business
tools and applications, the Group confirms that it is operating
effectively and providing its services to its customers without
interruption.
During March 2020, the universally substantial increase in
remote working has resulted in group company SecurEnvoy
experiencing an increase in demand for its security software
products and this increased level of interest has resulted in a
number of new contract wins and existing contract upgrades for its
SecurIdentity MFA multi-factor authentication ( "MFA") software
solution.
Shearwater's SecurIdentity MFA has enabled existing and new
clients to promptly disseminate crisis and emergency information to
their employees and also ensures that the customer's employee base
can securely authenticate when accessing organisations' systems and
networks via tokenless MFA, without the need for costly incremental
infrastructure and hardware tokens.
The Company is greatly encouraged by the increased interest in
its software products and has yet to see any significant impact on
profitability or cash flow as a result of COVID-19. The Group looks
forward to updating shareholders in a planned trading update during
April 2020.
Phil Higgins, Group Chief Executive Officer of Shearwater,
commented:
"Whilst the Coronavirus pandemic is a rapidly developing
situation, we remain confident that we can continue to provide our
customers with continuity of service and support at a time when
their organisations are particularly susceptible to network
penetration and data loss through both intentional and
unintentional actions.
"The seismic shift towards remote working has driven increased
demand in SecurEnvoy's multi-factor authentication solutions, which
provides secure access across a range of platforms and apps."
Enquiries:
Shearwater Group plc c/o Instinctif Partners
David Williams, Chairman
Phil Higgins, CEO
Cenkos Securities plc - NOMAD and Joint
Broker
Max Hartley / Ben Jeynes - NOMAD
Julian Morse / Michael Johnson - Sales +44 (0) 20 7397 8900
Berenberg - Joint Broker
Matthew Armitt / Mark Whitmore +44 (0) 20 3207 7800
Instinctif Partners shearwater@instinctif.com
Adrian Duffield / Chantal Woolcock +44 (0) 20 7457 2815
About Shearwater Group plc
Shearwater Group plc is an award-winning organisational
resilience group that provides cyber security and managed security
services to help assure and secure businesses in a connected global
economy.
The Group's comprehensive cyber security solutions and services
maintain trust between users, provide assurance around the
protection of information assets and critical infrastructure, and
support organisations' operational effectiveness. Its capabilities
include identity and access management and data security, cyber
security solutions and managed security services, and security
governance, risk and compliance.
The Group is headquartered in the UK with offices in the US, UK
and Europe, serving customers across the globe who are active in a
broad spectrum of industries.
Shearwater shares are listed on the London Stock Exchange's AIM
under the ticker "SWG". For more information, please visit
www.shearwatergroup.com.
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END
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