(Alliance News) - ECSC Group PLC on Wednesday posted annual revenue growth but a widened loss as costs increased.
The cybersecurity company's revenue rose 8.5% to GBP6.1 million in 2021, from GBP5.7 million in 2020.
However, its pretax loss widened to GBP522,000 from GBP319,000. Sales & marketing costs increased 18% to GBP2.0 million, from GBP1.7 million.
Adjusted earnings before interest, tax, depreciation and amortisation fell 56% to GBP165,000 from GBP375,000.
It was year of "good progress", however, Chief Executive Ian Mann, with revenue on the up in both of ECSC's divisions.
Revenue in the Bradford, Yorkshire-based firm's Assurance division rose 15% to GBP3.1 million, while in the Managed Detection & Response unit, it rose 5.6% to GBP2.9 million.
Managed Detection & Response 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 Assurance arm is charged with technical penetration testing, certification, and full cyber security reviews.
CEO Mann added: "Market demand remains strong as businesses continue to recognise the value of sound cyber security solutions to avoid costly breaches and disruptive down time, especially with the return to office working.
"Momentum has continued into Q1 2022, and we look forward to keeping the market updated on our progress."
ECSC shares rose 3.0% to 66.40 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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