Last checked at 31 May 2018 07:00
31 May 2018
SHEARWATER GROUP PLC
("Shearwater", the "Company" or the "Group")
Update on acquisition of Xcina Consulting
Shearwater Group plc (AIM: SWG), the digital resilience group, is pleased to announce that its portfolio company, Xcina Consulting, has won in excess of 30 new customers since the Group acquired the business in July 2017 (the "Acquisition"), which have already generated £1 million in incremental revenues for the business.
Prior to Acquisition, Xcina Consulting (formerly Newable Consulting) was generating £2.4 million of revenue and was loss making at the EBITDA level. The attraction for the Group was the quality of the incoming team and the opportunity to scale the business.
Following the addition of these new client contract wins to existing revenues, the Company is delighted to report that the business is now trading profitability on a reported basis at the EBITDA level and is ahead of the Board's expectations.
As a result of this growth, the business is also at the same time, pleased to announce that it has opened its first international office in the US, which will enable the Xcina Consulting team to better serve its current and prospective multinational clients.
Michael (Mo) Stevens, Group Chief Executive Officer of Shearwater, said: "We are thrilled with the substantial progress Xcina Consulting has made since joining the Group. Delivering £1 million worth of new business and becoming profitable in less than a year is a tremendous achievement for Mark and the team, and we are delighted the benefits of accessing the wider Shearwater Group infrastructure are being realised so early on."
Mark Child, Executive Managing Director of Xcina Consulting, added: "The market for business and technology risk assurance and advisory services is rapidly evolving and we are really excited about the expansion of our capability beyond traditional GRC services which is enabling us to meet the digital, operational and regulatory resilience requirements of our growing client base."
Enquiries:
Shearwater Group plc David Williams Michael (Mo) Stevens
| www.theshearwatergroup.co.uk +44 (0) 797 014 8016 +44 (0) 780 171 2582 |
Cenkos Securities plc - NOMAD and Broker Max Hartley - NOMAD Julian Morse / Michael Johnson - Sales | +44 (0) 20 7397 8900 |
Powerscourt - Financial PR Ben Griffiths, Andy Jones | shearwater@powerscourt-group.com +44 (0) 20 7250 1446 |
+44 (0) 77 5346 4637 |