Shearwater Group PLC – Interim Results

Shearwater Group plc (AIM: SWG, “Shearwater”, the “Group”), the organisational resilience group, announces its unaudited results for the six months ended 30 September 2019.

 

Highlights

§ Group revenue up 262% at £16.3 million (2018: £4.5 million)

o  Underlying organic revenue[1] growth of 11%

§ Group Underlying EBITDA[2] of £1.0 million (2018: EBITDA loss of £1.6 million)

§ Adjusted earnings per share[3] of 2.23 pence (2018: loss 18.73 pence)

§ Acquisition of Pentest substantially expands security testing and “red teaming” capability

§ New software product developments, including launch of cloud hosted “as-a-service” offerings to complement on-premise solutions

§ Substantial number of live cross-selling opportunities generated – 19 converted into contract wins

Outlook

§ Double digit organic growth in H1 providing good momentum into H2

§ Secured multi-million-pound managed service contracts, underpinning revenue visibility

§ Group continues to trade well – in line with expectations for the full year

 

David Williams, Chairman of Shearwater, said:  

“We made notably strong progress during the first half including transforming our operational structure, adding important capabilities to the group and reporting our maiden half year of profitable performance.

“We are now a cohesive group capable of delivering a comprehensive range of products and services to better serve the needs of our increasing roster of clients.  

“The sector we serve is not only growing quickly but constantly evolving and we are alert to the potential to grow our business significantly, both organically and by selective acquisitions.”