27th Nov 2019 11:06
(Alliance News) - Cyber security firm Shearwater Group PLC said Wednesday its interim loss halved as revenue surged amid strong progress in transforming the business.
For the six months ended September, pretax loss improved to GBP1.5 million from GBP3.2 million the year prior. This was after revenue more than tripled to GBP16.3 million from GBP4.5 million the year before, up 11% on an organic basis.
"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," Chair David Williams said.
"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," Williams added.
London-based Shearwater does not pay an interim dividend.
"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", Williams said.
Shares in Shearwater were 1.2% higher at 246.00 pence in London on Wednesday.
By Ahren Lester; [email protected]
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