11th Dec 2018 11:55
LONDON (Alliance News) - Shearwater Group PLC on Tuesday said its revenue rose in the first half of its current financial year, but its loss widened on increased operating expenses.
In addition, the cyber security investment firm said it appointed Philip Higgins as an executive director with immediate effect.
Haggins is chief executive officer & co-founder of Brookcourt Solutions, which was acquired by Shearwater in October for GBP30.3 million.
"We are delighted to welcome Phil to the board. His experience and insight within the industry are second to none and we look forward to benefiting from his expertise as the group continues to scale," said Chairman David Williams.
Separately, Shearwater said its loss widened to GBP3.2 million in the six months to the end of September from GBP1.5 million reported for the same period a year earlier, as administrative costs jumped to GBP4.8 million from GBP3.0 million.
Meanwhile, revenue more than doubled to GBP4.5 million from GBP2.1 million year-on-year following the acquisitions of SecurEnvoy, Xcina Consulting, GeoLang and Xcina IS.
On a like-for-like basis revenue is 52% ahead of the prior year, with both software and services segments delivering good double-digit revenue growth.
Shearwater said, since the first half-end, trading across all portfolio companies has stepped up and the company intends to keep its focus on driving through operational performance.
"Our portfolio companies have shown good organic revenue growth, which we expect to continue into the second half and beyond," said Williams.
"While the group still has much to do for the remaining months of the financial year given the second half weighting in performance, the board remains confident of achieving full year expectations," he added.
Shearwater shares were trading 3.3% lower on Tuesday at 2.98 pence each.
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