2nd Apr 2020 12:54
(Alliance News) - Shearwater Group PLC on Thursday said it expects to reports underlying earnings for financial 2020, compared with a loss in the prior year.
The stock was trading 9.0% higher at 223.40 pence each on Thursday afternoon in London.
The cybersecurity firm expects underlying earnings before interest, tax, depreciation and amortization to be over GBP3.0 million for the year to the end of March. In comparison for financial 2019, the company reported a underlying Ebitda loss of GBP1.4 million.
Shearwater added that uncertainties amid the Covid-19 outbreak have provided it with opportunities to expand its reach, adding that the increase in people working from home has resulted in a "significant" increase in activity for its software division.
"Thanks to the efforts of our highly experienced team, we have been able to produce an impressive result with a substantial swing from an Ebitda loss to profit and notably strong cash generation. With good momentum as we enter the new financial year, we remain confident of building on the considerable successes of 2019/20," said Chair David Williams.
As at Tuesday, Shearwater had cash of GBP3.0 million.
Results for financial 2020 will be published in June.
By Ife Taiwo; [email protected]
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