Shearwater Group PLC Year End Trading Update (4469J)
April 27 2022 - 1:01AM
UK Regulatory
TIDMSWG
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 GBP35.5m (FY21: GBP31.8m) and
Adjusted EBITDA(2) in excess of GBP4.2m (FY21: GBP3.7m), 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 GBP5.6m as at 31 March 2022 (31 March 2021:
GBP7.3m ) as well as an undrawn revolving credit facility of
GBP4.0m.
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
Ben Jeynes / Max Gould - Corporate
Finance
Alex Pollen / Michael Johnson -
Sales +44 (0) 20 7397 8900
Berenberg - Joint Broker
Matthew Armitt / Mark Whitmore +44 (0) 20 3207 7800
Alma PR shearwater@almapr.co.uk
Susie Hudson / Caroline Forde / +44 (0) 20 3405 0205
Joe Pederzolli
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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