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Pin to quick picksShearwater Regulatory News (SWG)

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Year End Trading Update

27 Apr 2022 07:00

RNS Number : 4469J
Shearwater Group PLC
27 April 2022
 

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.

 

 

27 April 2022

 

Shearwater Group PLC

("Shearwater", or the "Group")

 

Year End Trading Update

 

Third consecutive year of adjusted EBITDA ahead of market expectations

 

Shearwater Group plc, the organisational resilience group that provides cybersecurity, professional advisory and managed security services, is pleased to provide the following trading update for the financial year ended 31 March 20221 with new contract wins driving year-on-year revenue growth.

 

Following a strong second half of trading, the Group expects to report FY22 revenue up c.12% to over £35.5m (FY21: £31.8m) and Adjusted EBITDA2 in excess of £4.2m (FY21: £3.7m), both ahead of market expectations. Revenue growth represented a mix of strong renewals from long term clients in addition to a number of significant new contract wins in the Group's Services division.

 

The Group continues to maintain a strong balance sheet with unaudited net cash of £5.6m as at 31 March 2022 (31 March 2021: £7.3m) as well as an undrawn revolving credit facility of £4.0m.

 

Phil Higgins, CEO of Shearwater, commented:

 

"I am delighted to report a strong performance for the Group, with both revenue and Adjusted EBITDA growth anticipated to be ahead of expectations. Our long-standing clients have continued to extend their business with us, a testament to the strength of our offering, and we have also won work with new customers looking to fortify their organisational resilience in today's uncertain world. We have returned to a revenue growth trajectory, underpinned by a strong financial position, and we remain excited for what the future holds."

 

David Williams, Chairman of Shearwater, said:

 

"It is pleasing to see Group wide efforts paying off with the delivery of another set of market-beating numbers. The potential for our business is evident."

 

1 All figures unaudited.

2 Adjusted EBITDA is defined as profit before tax, before one off exceptional items, share based payment charges, finance charges, impairment of intangible assets, fair value adjustments to deferred consideration, other income, depreciation and amortisation.

 

 

Enquiries:

Shearwater Group plc

David Williams

Phil Higgins

 

www.shearwatergroup.com

c/o Alma PR

Cenkos Securities plc - NOMAD and Joint Broker

Ben Jeynes / Max Gould - Corporate Finance

Alex Pollen / Michael Johnson - Sales

 

+44 (0) 20 7397 8900

Berenberg - Joint Broker

Matthew Armitt / Mark Whitmore

 

+44 (0) 20 3207 7800

Alma PR

Susie Hudson / Caroline Forde / 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.

 

 

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