ECSC Group plc (AIM: ECSC), the provider of cyber security services, is pleased to announce an update on trading for the four months since the interim period end of June 2020.
· Group revenue for Q3 2020 has exceeded the average quarterly revenue for 2019, with Managed Detection and Response (MDR) recurring revenue up 22% compared with Q3 2019
· Adjusted EBITDA* profit exceeding £50k per month
· New major contract wins for MDR as previously announced, representing a significant proportion of the MDR order book
· Continued recruitment of sales partners with 16 new partners added (totalling 136 partners since the programme was launched in January 2019) generating 14 new sales opportunities in Q3
· Resumed recruitment in Security Operations Centres, partner and MDR sales and consultants to meet growing demand
· Record attendance at new webinar cyber security events, with over two-thirds of attendees being non-clients
*Adjusted EBITDA excludes one-off charges and share based charges. EBITDA is defined as Earnings before Interest, Tax, Depreciation and Amortisation.
Ian Mann, Chief Executive Officer of ECSC, commented:
"We are pleased to announce continued positive momentum in revenue and Adjusted EBITDA for Q3. ECSC is securing major contracts, adding partners to drive commercial opportunities and resuming recruitment, which demonstrates the resilience and strength of our business model in these challenging times.
"We believe the Group is well positioned to continue to deliver quality services meeting growing demand from existing and potential clients despite continuing COVID-19 related regional lockdowns."