(Alliance News) - Cybersecurity firm Shearwater Group PLC on Wednesday said the Covid-19 outbreak is leading to increased demand.
As people start remote working around the world due to Covid-19, Shearwater said its SecurEnvoy business is seeing a rise in demand for security software. This has led to new contract wins as well as upgrades to existing contracts.
Shearwater said it is "greatly" encouraged by the increased interest, and added it has yet to see any material hit to profit or cash flow due to the pandemic.
Chief Executive Phil Higgins said: "Whilst the coronavirus pandemic is a rapidly developing situation, we remain confident that we can continue to provide our customers with continuity of service and support at a time when their organisations are particularly susceptible to network penetration and data loss through both intentional and unintentional actions.
"The seismic shift towards remote working has driven increased demand in SecurEnvoy's multi-factor authentication solutions, which provides secure access across a range of platforms and apps."
Shares were 15% higher on Wednesday morning in London at a price of 209.00 pence each.
By George Collard; georgecollard@alliancenews.com
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Shearwater (SWG)