TIDMSWG

RNS Number : 7596P

Shearwater Group PLC

31 May 2018

31 May 2018

SHEARWATER GROUP PLC

("Shearwater", the "Company" or the "Group")

Update on acquisition of Xcina Consulting

Shearwater Group plc (AIM: SWG), the digital resilience group, is pleased to announce that its portfolio company, Xcina Consulting, has won in excess of 30 new customers since the Group acquired the business in July 2017 (the "Acquisition"), which have already generated GBP1 million in incremental revenues for the business.

Prior to Acquisition, Xcina Consulting (formerly Newable Consulting) was generating GBP2.4 million of revenue and was loss making at the EBITDA level. The attraction for the Group was the quality of the incoming team and the opportunity to scale the business.

Following the addition of these new client contract wins to existing revenues, the Company is delighted to report that the business is now trading profitability on a reported basis at the EBITDA level and is ahead of the Board's expectations.

As a result of this growth, the business is also at the same time, pleased to announce that it has opened its first international office in the US, which will enable the Xcina Consulting team to better serve its current and prospective multinational clients.

Michael (Mo) Stevens, Group Chief Executive Officer of Shearwater, said: "We are thrilled with the substantial progress Xcina Consulting has made since joining the Group. Delivering GBP1 million worth of new business and becoming profitable in less than a year is a tremendous achievement for Mark and the team, and we are delighted the benefits of accessing the wider Shearwater Group infrastructure are being realised so early on."

Mark Child, Executive Managing Director of Xcina Consulting, added: "The market for business and technology risk assurance and advisory services is rapidly evolving and we are really excited about the expansion of our capability beyond traditional GRC services which is enabling us to meet the digital, operational and regulatory resilience requirements of our growing client base."

Enquiries:

 
 Shearwater Group plc               www.theshearwatergroup.co.uk 
  David Williams                     +44 (0) 797 014 8016 
  Michael (Mo) Stevens               +44 (0) 780 171 2582 
 Cenkos Securities plc - NOMAD 
  and Broker 
  Max Hartley - NOMAD 
  Julian Morse / Michael Johnson 
  - Sales                           +44 (0) 20 7397 8900 
 
 Powerscourt - Financial PR         shearwater@powerscourt-group.com 
  Ben Griffiths, Andy Jones          +44 (0) 20 7250 1446 
                                    +44 (0) 77 5346 4637

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

FURFKKDNCBKDBPN

(END) Dow Jones Newswires

May 31, 2018 02:00 ET (06:00 GMT)

Shearwater (LSE:SWG)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Shearwater Charts.
Shearwater (LSE:SWG)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Shearwater Charts.