23rd Jan 2020 10:37
(Alliance News) - ECSC Group PLC on Thursday said it has achieved breakeven in 2019, thanks to "record" performance in the second half of the year.
The AIM-listed cyber security services provider said revenue in 2019 grew by 10% year-on-year to GBP5.9 million, as client numbers improved by 24% to 118 customers.
ECSC also highlighted that it became cash generative in the second half of 2019, achieving adjusted earnings before interest, tax, depreciation and amortization of GBP200,000. In the first half of 2019, the company reported an adjusted Ebitda loss of GBP190,000.
"We are very pleased that the record trading in the second half resulted in double-digit organic annual revenue growth, and a return to adjusted Ebitda profitability," said Chief Executive Ian Mann.
He added: "The acceleration of new client acquisitions in 2019 should help to build a solid foundation for future growth."
ECSC shares were trading 5.7% lower in London on Thursday at 125.00 pence each.
By Evelina Grecenko; [email protected]
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