RNS11 Dec 2018 07:37
RNS Number : 0797K
Shearwater Group PLC
11 December 2018
11 December 2018
SHEARWATER GROUP PLC
Interim Results for the six months ended 30 September 2018
Shearwater Group plc (AIM: SWG, "Shearwater", the "Group"), the digital resilience group, announces its unaudited results for the six months ended 30 September 2018.
Financial highlights
§ Group revenue up 118% at £4.5 million (2017: £2.1 million), reflecting six months of trading from SecurEnvoy, Xcina, and GeoLang.
§ Group underlying EBITDA loss1 £1.6 million (2017: loss £0.1 million) reflecting continued investment across the portfolio.
§ Loss per share of 0.32p (2017: Loss per share 0.18p).
Events
§ Post period end: transformational £30.3 million acquisition of Brookcourt - moving Group to cashflow positive position and establishing fourth platform company.
§ Expanded SecurEnvoy's US channel partnerships network.
§ Acquired GeoLang and Crystal IT - rebranded Xcina Information Services.
§ Inaugural contract wins for GeoLang - transitioned business to revenue generating position.
Outlook
§ Solid organic growth coupled with strong performance in Brookcourt anticipated to deliver Group performance in line with full year expectations.
Board appointments
§ Phil Higgins, co-founder and Brookcourt CEO appointed Executive Director on 11 December 2018 - see separate announcement.
§ Paul McFadden appointed Finance Director on 17 October 2018.
[1] Underlying EBITDA is defined as profit before tax, before one off exceptional items, share based payment charges, finance charges, depreciation and amortisation
David Williams, Chairman of Shearwater, said:
"We have continued to make good progress against our strategic aim of building a leading UK based digital resilience group.
"Our portfolio companies have shown good organic revenue growth, which we expect to continue into the second half and beyond.
"Brookcourt's acquisition has significantly increased our presence in our sector - this should lead to a number of benefits for the whole Group including scaling and cross selling opportunities."