ECSC Group PLC Trading Update (6161Z)
26 January 2022 - 6:00PM
UK Regulatory
TIDMECSC
RNS Number : 6161Z
ECSC Group PLC
26 January 2022
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information for the purposes of Article 7 under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR"). With the publication of this
announcement, this information is now considered to be in the
public domain.
26 January 2022
ECSC Group plc
('ECSC' or the 'Company' or the 'Group')
Trading Update
for the 12 months ended 31 December 2021
Increased Revenue and New Growth Loan
ECSC Group plc (AIM: ECSC), the provider of cyber security
services, is pleased to announce an unaudited trading update for
the twelve months ended 31 December 2021.
Highlights:
-- Group revenue growth up 8% to GBP6.14m (2020: GBP5.66m)
-- Assurance division revenue growth up 15% to GBP3.12m (2020: GBP2.72m)
-- Managed Detection & Response ("MDR") division recurring
revenue growth up 7% to GBP2.59m (2020: GBP2.42m)
-- Positive adjusted EBITDA* for the year
-- Agreed a new GBP1.0m loan
-- Cash at the period end was GBP1.17m, including new GBP1.0m
loan and GBP0.02m of Covid-19 related government support (31
December 2020: GBP1.12m, including GBP0.42m of Covid-19 related
government support).
* Adjusted EBITDA is defined as Earnings before Interest, Tax,
Depreciation and Amortisation and excludes one-off charges and
share based charges
Prior to the period end, ECSC entered a five-year GBP1.0m loan
agreement with BOOST&Co to provide additional funding to
support the Group's overall organic growth plans. The loan is
secured over the Group's assets and attracts interest at 9% per
annum. The loan agreement includes the option for the Company to
increase the size of the loan to GBP1.5m.
Ian Mann, Chief Executive Officer of ECSC, commented:
"We are delighted to report growth across both our MDR and
Assurance divisions, which is a testament to the continued efforts
and expertise of the team.
"We are also pleased to have secured the new loan which will
assist us in pursuing our growth plans.
"Cyber security continues to be a key priority for all
businesses, with most now recognising the importance in investing
in key solutions in order to avoid costly breaches and disruptive
down time."
Enquiries:
ECSC Group plc
David Mathewson (Non-Executive Chairman)
Ian Mann (Chief Executive Officer) +44 (0) 1274 736 223
Allenby Capital Limited (NOMAD and Broker)
David Hart / Piers Shimwell (Corporate
Finance)
Tony Quirke (Equity Sales) +44 (0) 203 3285 656
Yellow Jersey (PR and IR)
Sarah Hollins
Annabel Atkins
Matthew McHale +44 (0) 203 004 9512
Notes to Editors:
Founded in 2000, ECSC Group plc (AIM: ECSC) is the UK's longest
running full-service cyber security service provider. With an
extensive range of in-house developed proprietary technologies,
including advanced Artificial Intelligence (AI) systems, ECSC
provides expert security breach prevention and advisory support to
organisations across all sectors.
ECSC operates from two Security Operations Centres (SOCs): one
in Yorkshire, UK, and the other in Brisbane, Australia. ECSC offers
flexible 24/7/365 cyber security monitoring, detection, and
response support to its clients, either as a fully managed service
or to enhance an organisation's existing cyber security systems. In
addition, ECSC's Assurance division provides guidance,
certification to industry standards, and extensive testing services
to allow organisations to assess their cyber security
protection.
ECSC is led by a highly experienced senior management team with
over 80 years' combined experience within the company, and has
delivered consecutive organic growth for the last 20 years.
The Company's broad client base ranges from e-commerce start-ups
to global blue-chip organisations, including 10% of the FTSE
100.
For more information, please visit the following:
https://investor.ecsc.co.uk/
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