REG - Shearwater Group PLC - Year End Trading Update

ShearwaterAnnouncement

27/04/2022 07:16

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RNS Number : 4469J  Shearwater Group PLC  27 April 2022

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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
2022(1) 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 EBITDA(2) 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                             www.shearwatergroup.com

 David Williams                                   c/o Alma PR

 Phil Higgins

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

 Ben Jeynes / Max Gould - Corporate Finance

 Alex Pollen / Michael Johnson - Sales

 Berenberg - Joint Broker                         +44 (0) 20 3207 7800

 Matthew Armitt / Mark Whitmore

 Alma PR                                          shearwater@almapr.co.uk

 Susie Hudson / Caroline Forde / 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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