UK cybersecurity firm Shearwater Group plunges on subdued outlook

Shearwater

31/03/2023 09:04

** Shares of Shearwater Group Plc  SWGS.L  plunge as much as
51.1% to a record low of 40p
    ** The cybersecurity and managed security services provider
forecasts FY23 revenue to be ~25% lower at about 27 mln pounds 
($33.4 mln) with adj core profit at around breakeven,
significantly behind market expectations
    ** Co says current year performance hurt mainly by delays in
orders being finalised with customers in its services and
software businesses
    ** Stock set to post worst day since December 2010, if trend
holds
    ** Including session's losses, stock down ~49% YTD

($1 = 0.8086 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))