Shearwater Group PLC CEO appointment and year end trading update (1140W)
April 12 2019 - 11:19AM
UK Regulatory
TIDMSWG
RNS Number : 1140W
Shearwater Group PLC
12 April 2019
12 April 2019
SHEARWATER GROUP PLC
(the "Company" or "Group")
Phil Higgins appointed Chief Executive and year end trading
update
The Company announces that following a restructuring of the
business, Michael Stevens, the Company's current Chief Executive
Officer, has agreed to step down from the Board and will leave the
business with immediate effect. Phil Higgins, Executive Director of
the Company has now been appointed as Chief Executive Officer of
the Group with immediate effect.
The Group will benefit from Phil's substantial industry
expertise, and as the founder of Brookcourt Solutions, the largest
division within Shearwater, is ideally placed to drive the future
growth of the business. He was appointed as an executive director
in December 2018.
Furthermore, the Group announces the following trading update
following the financial year ended 31 March 2019 and ahead of the
finalisation of its year end accounts. Reported revenue
(incorporating only 5.5 months of trading from Brookcourt
Solutions) is expected to be in the region of GBP23.5 million
compared to GBP6.4 million in the prior financial year. Reported
underlying EBITDA loss is expected to be in the region of GBP1.6
million compared to a loss of GBP1.0 million in the prior financial
year. Cash as at the 31 March 2019 was GBP0.6 million.
The Board are confident that the current year will see
significant growth, with Brookcourt Solutions, the Group's most
sizable acquisition to date, contributing a full 12 months. Since
it was acquired in October 2018, Brookcourt has continued to trade
in line with managements' expectations and underpins the confidence
in the Group's outlook.
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of those Regulations.
Enquiries:
Shearwater Group plc www.theshearwatergroup.co.uk
David Williams c/o Instinctif Partners
Cenkos Securities plc - NOMAD
and Broker
Max Hartley / Giles Balleny
- NOMAD
Julian Morse / Michael Johnson
- Sales +44 (0) 20 7397 8900
Instinctif Partners shearwater@instinctif.com
Adrian Duffield / Chantal Woolcock +44 (0) 20 7457 2815
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END
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