REG - ECSC Group PLC - AGM Statement

EcscAnnouncement

14/06/2018 07:05

RNS Number : 3293R
ECSC Group PLC
14 June 2018
 


 
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.
 
14 June 2018
ECSC Group plc
("ECSC" or the "Company")
 
AGM statement
ECSC (AIM: ECSC), the proven provider of cyber security services, will hold its Annual General Meeting ("AGM") later today.
 
ECSC's Chairman, David Mathewson, will make the following statement at the AGM.
 
"ECSC is pleased to update investors as to the Company's progress in the first 6 months of 2018. The momentum of the business has continued to strengthen over recent months and the Company is trading in line with market expectations established at the start of the year, with good growth in both Managed Services and Consulting.
 
In accordance with our strategy to increase the proportion of Managed Services revenue and long-term contracts, three new three-year term contracts were won in the period, contributing at least £900,000 to the long-term order book. Each of these client wins utilises our new proprietary artificial intelligence technology.
 
Other Managed Services revenue growth is being driven by client renewals, expanded services, and upgrades to full 24/7/365 service. Increasing the proportion of recurring revenues will remain our strategy to improve the visibility and quality of our revenues moving forwards.
 
Consulting continues to be a successful route to new Managed Services contracts and the addition of over 50 new consulting clients in H1 2018 expands our opportunities to source new Managed Service contracts in the future.
 
Finally, we are pleased to confirm that the further right-sizing of the cost base has been completed as planned, whilst maintaining the critical investments required to drive growth. Although there has been a one-off cash cost to this, the Company continues to tightly manage its working capital and anticipates an improving cash position over the coming months.
 
We look forward to updating investors with our full H1 results on Tuesday 11 September 2018."
 
 
Enquiries:
 




ECSC Group plc
David Mathewson (Chairman)
www.ecsc.co.uk   


+44 (0) 1274 736 223














Stockdale Securities (NOMAD and Broker)


+44 (0) 20 7601 6100




Robert Finlay
Henry Willcocks
David Coaten
 
 








Notes to Editors
 
ECSC is a proven provider of cyber security services with a blue-chip client base that offers a comprehensive range of solutions.
 
The Company has over 16 years' experience in the design, implementation and management of cyber security solutions. ECSC's consultancy-led approach, and its combination of custom methodologies and in-house proprietary technologies, enables the Company to provide individually tailored services to its clients. The Company has significant intellectual property, including bespoke products delivering remotely managed cyber security services and custom-made internal support and delivery systems.
 




 




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