31st May 2018 11:49
LONDON (Alliance News) - Shearwater Group PLC said on Thursday that its portfolio company, Xcina Consulting has won 30 new customers since its acquisition in July 2017.
Prior to its acquisition, Xcina was lossmaking at the level of earnings before interest, tax, deprecation and amortisation. Following these new client wins, Xcina is now trading profitably at the Ebitda level is ahead of management expectations.
In addition, Xcina has opened its first international US office, to better serve international clients.
"We are thrilled with the substantial progress Xcina Consulting has made since joining the group. Delivering GBP1 million worth of new business and becoming profitable in less than a year is a tremendous achievement for Mark and the team, and we are delighted the benefits of accessing the wider Shearwater group infrastructure are being realised so early on," said Chief Executive Officer Michael Stevens.
Shares in Shearwater were up 7.9% at 5.18 pence on Thursday.
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