Last checked at 8 Jun 2023 07:00
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (as amended), which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018. Upon publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
08 June 2023
Shearwater Group PLC
("Shearwater", or the "Group")
Trading Update
Shearwater Group plc, the cybersecurity, advisory and managed security services group, announces an update ahead of its final results for the year ended 31 March 2023 (FY23).
Further to the Company's Trading Update announcement of 31 March 2023, the Group expects FY23 revenue to be in the region of £27.0m (FY22: £35.9m) with Adjusted EBITDA1 at around breakeven (FY22: £4.4m). The Group's net cash position as at 31 March 2023 was £4.0m and the business continues to maintain a healthy balance sheet which will be further strengthened through cash generation in FY24.
The current financial year has seen improving market conditions for Shearwater, with a strong pipeline across key industries, specifically in the banking and telecoms sectors. Amidst the ever-increasing threat of cybersecurity breaches, Shearwater's proven products and services remain important to organisations and provide opportunities for the Group to grow in FY24 and beyond.
Over the past two years, Shearwater has continued to invest in research & development in broadening and deepening the Group's product offering to enable the Group to maintain the strength of its positioning in the market. The latest product of this investment has been the release of SecurEnvoy's Access Management solution version 3. The solution helps organisations manage and control access to their systems and software. With SecurEnvoy's solution, organisations can enhance their security measures, ensure regulatory compliance, reduce supply chain risk and simplify the management of users accessing corporate systems via a single sign-on.
The improving outlook and growing pipeline of opportunities is providing the Group with a firm foundation on which to deliver solid, sustainable revenues and profit growth in the years ahead.
Final Results
The Group expects to announce its audited FY23 results before mid-August and will announce details of the retail investor presentation in the coming weeks.
Progressive Research
Progressive produces freely available research on Shearwater and an update is expected this week. Latest notes on Shearwater, can be viewed at https://www.shearwatergroup.com/investors/analyst-research/ or https://progressive-research.com/research/?taxonomy=progressive_id&term=shearwater-group-plc
Enquiries:
Shearwater Group plc David Williams Phil Higgins
| www.shearwatergroup.com c/o Alma PR |
Cenkos Securities plc - NOMAD and Broker Adrian Hadden / Ben Jeynes / Max Gould - Corporate Finance Alex Pollen / Michael Johnson - Sales
| +44 (0) 20 7397 8900 |
Alma PR Justine James / Joe Pederzolli | shearwater@almapr.co.uk +44 (0) 20 3405 0205 |
About Shearwater Group plc
Shearwater Group plc is an award-winning group providing cyber security, managed security and professional advisory solutions to help create a safer online environment for organisations and their end users.
The Group's differentiated full service offering spans identity and access management and data security, cybersecurity solutions and managed security services, and security governance, risk and compliance. Its growth strategy is focused on building a scalable group that caters to the entire spectrum of cyber security and managed security needs, through a focused buy and build approach. The Group is headquartered in the UK, serving customers across the globe across a broad spectrum of industries.
Shearwater shares are listed on the London Stock Exchange's AIM under the ticker "SWG". For more information, please visit www.shearwatergroup.com.