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5 Aug 2020 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
5 August 2020
ECSC Group plc
('ECSC', the 'Company' or the 'Group')
Trading Updatefor the six months ended 30 June 2020
Continued strong growth in recurring managed services revenues
ECSC (AIM: ECSC), the provider of cyber security services, is pleased to announce a trading update for the six months ended 30 June 2020*, delivering:
· Managed services recurring revenue up 25% to £1.17m (H1 2019: £0.94m)
· Managed services order book of £2.9m (30 June 2019: £2.7m)
· Consulting revenue up 4% to £1.24m (H1 2019: £1.19m)
· Group revenue of £2.61m (H1 2019: £2.63m)
· Adjusted EBITDA** profit for the period (H1 2019: £184k loss)
· Cash of £1.25m at period end (30 June 2019: £0.19m), including £0.77m of Covid-19 related medium-term government support. The Group's bank facility of £0.5m remains unutilised.
* All figures unaudited** Excludes one-off and share based charges
Final results for the period will be announced on Wednesday 23 September 2020.
COVID-19 Update
The Group's Covid-19 response continues to be led by the current medical and science-based advice, and guidance from the UK and Australian governments. ECSC has successfully maintained its ability to deliver remotely the full range of services, including 24/7/365 monitoring and incident response.
The Group's Covid-19 target of operating on a break-even Adjusted EBITDA** basis, was achieved in May, exceeded in June, and further improved upon in July. As a result of the continued growth, the Board has continued to implement a phased return of furloughed employees.
Ian Mann, CEO of ECSC, commented:
"I am pleased to report improved financial performance in a period that includes significant Covid-19 UK economic impact. Continued growth in managed services recurring revenue is a result of previously reported new client wins in addition to the successful contract renewals of all significant existing managed services. I am also delighted that the Group remained profitable in the period on an Adjusted EBITDA** basis. The steps taken in recent months by the Board and management should position the Group well for the remainder of the year."
Enquiries:
ECSC Group plc (including press enquiries)David Mathewson, Non-Executive ChairmanIan Mann, Chief Executive Officer | +44 (0) 1274 736 223 |
Allenby Capital (Nominated Adviser and Broker)David Hart/Asha Chotai (Corporate Finance)Tony Quirke (Sales) For more information please visit the following: https://investor.ecsc.co.uk/ Notes to Editors | +44 (0) 203 3285 656 |
AIM listed ECSC Group plc, is the UK's longest running, full service cyber security provider. Its consultancy-led approach, in addition to its custom methodologies and in-house proprietary technologies, enables ECSC to support all organisations across every sector. ECSC has significant intellectual property, including Artificial Intelligence delivering remotely managed cyber security breach detection.
Established in 2000, ECSC operates from two Security Operations Centres (SOCs), one in the UK, based in Yorkshire and the second in Brisbane, Australia allowing ECSC to provide true 24/7/365 cyber security monitoring, detection and incident response. ECSC also helps organisations test their cyber security, prevent breaches and achieve industry certifications.
The senior management team has over 80 years combined experience within the Company, and has delivered consecutive organic growth for the last 20 years.
ECSC's client list ranges from e-commerce start-ups to global organisations, and the Company counts 10% of the FTSE 100 amongst its clients.
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