31st Jul 2019 11:14
(Alliance News) - Cybersecurity firm Shearwater Group PLC on Wednesday reported a solid annual performance, while trading in its new financial year is going well.
Shares were 29% higher on Wednesday morning in London at 2.54 pence each.
The results, for the year to March, include a five-and-a-half month contribution from "transformational" acquisition Brookcourt Solutions, which was bought for GBP30.3 million.
Revenue for the year was GBP23.5 million, far higher than the GBP6.2 million a year before, and this reached GBP37.5 million if a full year from Brookcourt is included.
Shearwater's pretax loss did widen, on higher administrative expenses, to GBP6.9 million from GBP2.9 million.
"The acquisition of Brookcourt Solutions and its subsequent outperformance has materially transformed the group and provides an excellent foundation as we move forward," said Chair David Williams.
"The market opportunity for our unique collection of technology and solutions companies remains compelling, and we are now starting to deliver on our strategy."
Since the end of the financial year, Shearwater has been trading well, and in the first quarter posted a maiden profit on an underlying earnings before interest, taxes, depreciation, and amortisation basis.
There have a "a material number" of new customer wins since March, Shearwater continued, and it is still looking for "accretive" acquisitions.
"We've made an excellent start to the new financial year, delivering a quarterly profit and materially improving our cash position," added Williams.
"We are now set up for strong revenue growth and profitability as the complementary nature of our group companies is beginning to be realised."
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