Trading Update

Ecsc

28/02/2023 07:00

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RNS Number : 2118R  ECSC Group PLC  28 February 2023

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information for the purposes of
Article 7 under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). With
the publication of this announcement, this information is now considered to be
in the public domain.

28 February 2023

ECSC Group plc

('ECSC' or the 'Company' or the 'Group')

Trading Update for the 12 months ended 31 December 2022

 

ECSC Group plc (AIM: ECSC), the provider of cyber security services, is
pleased to announce an unaudited trading update for the 12 months ended 31
December 2022.

 

Following a stronger second half of trading, the Group expects to report
revenues for the year ended 31 December 2022 of £5.8m (2021: £6.1m), though
it is now anticipated that the Group will have incurred a small loss for the
year at the adjusted EBITDA* level.

 

The Assurance division (testing, standards and certification services) saw a
revenue growth of 10% in the second half of the year to £1.62m (H1 2022:
£1.48m). The Group expects to report Assurance revenue for the year ended 31
December 2022 of £3.1m (2021: £3.1m).

 

During the year, the Group won significant contracts in its Managed Detection
and Response (MDR) division across a range of sectors. When combined with
successful MDR renewals, the MDR order book grow to £2.3m as at December 2022
(31 December 2021: £2.2m).

 

The closing cash balance as at the end of December 2022 was £0.6m and the
Company had net borrowings of £0.9m as at that date.

 

* Adjusted EBITDA is defined as Earnings before Interest, Tax, Depreciation
and Amortisation and excludes one-off charges and share based charges.

 

Matthew Briggs, Chief Executive Officer of ECSC, commented:

"Since taking on the CEO role, I am pleased with the progress made across a
number of areas of the business and how the team is responding.  As we
continue to re-shape the business, strategy and operational efficiencies, we
expect to see further improvements in financial performance."

 

 

Enquiries:

 ECSC Group plc                                  +44 (0) 1274 736 223

Ian Mann, Executive Chairman

Matthew Briggs, Chief Executive Officer
 Allenby Capital (Nominated Adviser and Broker)  +44 (0) 203 328 5656

David Hart/Piers Shimwell (Corporate Finance)

Tony Quirke (Sales and Corporate Broking)
 Press Enquiries                                 +44 (0) 1274 736 223

Clare Macdonald, Marketing Director

 

Notes to Editors:

Founded in 2000, ECSC Group plc is the UK's longest running 'full-service'
cyber security service provider.  ECSC provides expert security breach
prevention, detection and response support to organisations across all
sectors.

ECSC operates from two Security Operations Centres (SOCs): one in Yorkshire,
UK, and the other in Brisbane, Australia.  ECSC MDR Division offers flexible
24/7/365 cyber security managed detection, and response support to its
clients.  The Assurance Division provides guidance, certification to industry
standards, and extensive testing services to allow organisations to improve,
and demonstrate, their cyber security effectiveness.

The Company's broad client base ranges from e-commerce start-ups to global
blue-chip organisations, including 10% of the FTSE 100.

For more information please visit the following: https://investor.ecsc.co.uk/

 

 

 

 

 

 

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