REG - Shearwater Group PLC - Trading Update

ShearwaterAnnouncement

08/06/2023 07:00

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RNS Number : 0231C  Shearwater Group PLC  08 June 2023

This announcement contains inside information for the purposes of Article 7 of
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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 EBITDA(1) 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/
(https://www.shearwatergroup.com/investors/analyst-research/) or
https://progressive-research.com/research/?taxonomy=progressive_id&term=shearwater-group-plc
(https://progressive-research.com/research/?taxonomy=progressive_id&term=shearwater-group-plc)

 

Enquiries:

 Shearwater Group plc                                         www.shearwatergroup.com

 David Williams                                               c/o Alma PR

 Phil Higgins

 Cenkos Securities plc - NOMAD and Broker                     +44 (0) 20 7397 8900

 Adrian Hadden / Ben Jeynes / Max Gould - Corporate Finance

 Alex Pollen / Michael Johnson - Sales

 Alma PR                                                      shearwater@almapr.co.uk

 Justine James / Joe Pederzolli                               +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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