(Alliance News) - ECSC Group PLC on Wednesday said revenue for 2019 is expected to be broadly in line with current market expectations and the company expects to record profit on earnings before interest, taxes, depreiciation and amortisation basis, excluding impact of share-based payments.
Shares in ECSC were trading 8.4% lower at 71.00 pence each on Wednesday afternoon.
In 2018, the company recorded revenue of GBP5.4 million and adjusted Ebitda loss of GBP600,000.
The cyber security services firm noted that overall group revenue for the first five months to May end have been flat compared with the year ago period due to project delays caused by continued UK economic uncertainty.
However, it added its Managed Services Division has performed strongly in the period with 60% year-on-year revenue growth.
Year-to-date new client acquisition has grown strongly with 49 new client wins, ECSC said.
"We are delighted with the progress on developing the partner programme, and how quickly it is generating new client wins and revenue. We believe we are well positioned to build on the significant organic growth achieved in 2018, and the board remains confident of the group's ability to generate further strong revenue and profit growth during the 2020 financial year" Chief Executive Ian Mann said in his annual general meeting statement.
