ECSC Group PLC – Final Results

ECSC Group PLC – Final Results

ECSC Group plc (AIM: ECSC)  a leading provider of cyber security services, announces its audited final results for the year ended 31 December 2018.

Highlights

  • Organic revenue growth of 35% to £5.4m (2017: 9.5% to £4.0m*)
  • Managed Services division revenue up 56% to £1.7m (2017: 10% to £1.1m*)
  • Consulting Service division revenue up 27% to £3.1m (2017: 15% to £2.4m)
  • Gross Profit increase of 67% to £2.7m (2017: £1.6m*)
  • Adjusted EBITDA** loss of £0.6m (2017: loss of £2.9m**)
  • 95 new Consulting Service clients secured
  • Successful up-selling in line with ‘land and expand’ strategy
  • Partner Programme launched, expanding reach and routes to market
  • Continued investment in proprietary AI software

* Restated for 2017 and showing like-for-like comparison, due to IFRS 15 adoption from 1 January 2018
** Adjusted EBITDA loss excludes one-off charges and share based charges (note 18)

Ian Mann, CEO of ECSC, commented:

“We are delighted to report such strong organic growth for the full year, well ahead of the previous year, with continued emphasis on building our Managed Services recurring revenue supported by our Consultancy Services.  The team continues to acquire new clients, deliver quality service, develop our technologies and build a solid base for ongoing growth. We believe we are well positioned to build on the strong organic growth achieved in 2018 and we look forward to the future with confidence.

David Mathewson, Non-Executive Chairman, commented:

The results reflect the extensive work completed internally within ECSC to control costs, implement improvements within sales, and leverage the capacity within the operational infrastructure.  This improved performance is the result of a focussed and motivated team delivering strong growth, whilst keeping tight control over costs and cash management.

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