21st Jun 2018 09:40
LONDON (Alliance News) - Cyber security company Shearwater Group PLC said Thursday it expects to post GBP6.3 million in revenue for the year to March-end, as it has made "significant progress towards its long-term objective".
The company said it progressed towards its objective of creating a broad portfolio of companies providing digital security solutions. The company did not generate any revenue in 2017 financial year.
The company said the 2018 financial year results depend largely on two acquisitions which made "substantial progress since joining the group".
SecurEnvoy, which was acquired in May 2017, achieved revenues of GBP3.4 million, representing a 17% pro forma revenue growth compared to the pre-acquisition period, the company said.
Prior to its acquisition in July 2017, Xcina Consulting was loss-making, while the company said "it is now trading profitably at the earnings before interest, tax, depreciation and amortisation level", with revenue of GBP2.9 million.
Last month, Shearwater said Xcina was trading ahead of market expectations after winning 30 new customers.
Shares in Shearwater were up 5.2% at 6.0 pence early Thursday morning.
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