(Alliance News) - Cybersecurity services firm ECSC Group PLC on Wednesday said annual revenue fell, though its loss narrowed and it has sealed "impressive contract wins" at the start of 2021.
Revenue in 2020 fell 4.1% to GBP5.7 million from GBP5.9 million in 2019. ECSC's pretax loss narrowed to GBP319,000 from GBP750,000. Sales & marketing costs were 13% lower at GBP1.7 million.
Its adjusted earnings before interest, tax, depreciation and amortization were much higher at GBP375,000, after breaking even in 2019.
The company has two divisions, Assurance and Managed Detection & Response. Assurance deals with, among other things, technical penetration testing, certification, and full cyber security reviews.
Managed Detection & Response, meanwhile, provides monitoring, alerting, and incident response to clients as well as rapid incident response for those that suspect they have been victim to a security breach.
"The group responded rapidly to the challenges posed by the pandemic, drawing up a strategy early on to manage the situation effectively and ensure business continuity. As a result, we are delighted to report growing adjusted Ebitda profitability and cash generation for the 2020 financial year," Chief Executive Officer Ian Mann said.
"Despite the impact of Covid-19 on the Assurance division in Q2, we began to see rapid recovery in Q3 and a return to growth of 6% in Q4 against Q4 2019, as well as an addition of 90 new clients to the division, which is testament to both our business resilience and market demand."
The "strong momentum" at the end of 2020 continued at the start of the new year, Mann said.
ECSC has recently notched "a number of impressive contract wins" in its Managed Detection & Response unit.
Shares in the company were 4.1% lower at 71.95 pence each in London on Wednesday.
By Eric Cunha; ericcunha@alliancenews.com
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