Shearwater Group PLC Trading update and New contracts secured (8881J)
December 29 2020 - 2:00AM
UK Regulatory
TIDMSWG
RNS Number : 8881J
Shearwater Group PLC
29 December 2020
29 December 2020
SHEARWATER GROUP PLC
("Shearwater", or the "Group")
Trading update
and
New contracts secured by Brookcourt with multinational
investment bank
Shearwater Group plc, the organisational resilience group, is
pleased to announce a trading update for Q3 FY2021 to date. The
Group also announces a number of contract renewals and new wins for
its group company, Brookcourt Solutions Limited.
Trading Update
Further to the Group's recent interim results announcement, Q3
trading has continued to be buoyant with recognised revenues for
October and November 39% ahead of the same two months in the prior
year, as previously announced delays in recognising secured orders
have come through in the current quarter . Strong momentum has
continued into December. This has materially reduced the
year-on-year revenue deficit reported for the first half and the
Group continues to track in line with profit expectations for the
full year.
New Contracts
Brookcourt Solutions Limited ("Brookcourt") has secured two
12-month contract renewals, and two new contract wins to be
delivered over a three year period, all for a British multinational
investment bank and financial services company.
The deals have a total value of circa GBP860,000 over the course
of the contracts and ensure that Brookcourt's client is using
effective cyber security solutions and tools to protect itself and
its customers against well-funded, motivated and organised
attackers. These important components will sit amongst the client's
already well advanced cyber security programme allowing it to
further reduce its overall risk.
These contracts demonstrate the increasing level of cyber
security threat organisations are currently facing, which demands
increased levels of protection. The contracts underpin the Group's
existing full year forecasts.
Phil Higgins, Group Chief Executive Officer of Shearwater,
commented:
"We are delighted to be delivering part of the cyber security
programme of one of the world's largest
multinational investment banks. It is a great example of how we
help improve a customer's overall security stance so that it can
better understand, manage and reduce its cyber security risk
through the use of leading edge technologies.
We are also very pleased with the good momentum seen in trading
so far in the second half, as delayed decision making begins to
unwind, underpinning our confidence in delivering against market
profit expectations for the full year."
Enquiries:
Shearwater Group plc www.shearwatergroup.com
David Williams c/o Alma PR
Phil Higgins
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
Alma PR shearwater@almapr.co.uk
Susie Hudson / Caroline Forde / +44 (0) 20 3405 0205
Harriet Jackson
About Shearwater Group plc
Shearwater Group plc is an award-winning organisational
resilience group that provides cybersecurity, advisory and managed
security services to help assure and secure businesses in a
connected global economy.
The Group's comprehensive cybersecurity solutions and services
maintain trust between users, assure the protection of information
assets and critical infrastructure, and support organisations'
operational effectiveness. Its capabilities include identity and
access management and data security, cybersecurity solutions and
managed security services, and security governance, risk and
compliance.
The Group is headquartered in the UK, 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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