LONDON (Alliance News) - ECSC Group PLC shares rose Thursday as the company said it anticipates an improvement in its cash position over the coming months.
Shares were trading up 13% at midday Thursday at 132.50 pence each.
The cyber security provider reported "strengthen momentum" in the first six months of 2018 with "good growth" in both its Managed Services and Consulting divisions.
In his annual general meeting statement, Chairman David Mathewson said the company signed three new three-year contracts worth an aggregate GBP900,000.
In the first half of 2018, the company's consulting unit added 50 new clients expanding the opportunity to "source new Managed Service contracts in the future".
"Finally, we are pleased to confirm that the further right-sizing of the cost base has been completed as planned, whilst maintaining the critical investments required to drive growth. Although there has been a one-off cash cost to this, the company continues to tightly manage its working capital and anticipates an improving cash position over the coming months," Mathewson said.
ECSC will release its half-year results on September 11.