21st Jan 2021 11:30
(Alliance News) - ECSC Group PLC on Thursday said it expects to report an earnings improvement for 2020, amid a second half recovery at the cybersecurity firm's Assurance arm.
Shares in the company jumped 21% to 84.45 pence each in London on Thursday morning.
For 2020, adjusted earnings before interest, tax, depreciation and amortisation are expected to top GBP400,000, after 2019's break-even.
Revenue is predicted to slip 3.4% to GBP5.7 million from GBP5.9 million, the Bradford-based firm said.
"Despite the challenges posed by the Covid-19 pandemic, the group made solid progress during the 2020 financial year, and we are particularly pleased to report growing adjusted Ebitda profitability and cash generation," Chief Executive Officer Ian Mann said.
"The GBP3 million of group revenue in H2 illustrates the recovery in the Assurance division following the Covid-19 related impact seen in Q2. The continued growth in recurring Managed Detection & Response revenue demonstrates the resilience of this service line, and our effective strategy of winning consulting clients and converting them into long-term managed services clients."
By Eric Cunha; [email protected]
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