Shearwater Group PLC Update on acquisition of Xcina Consulting (7596P)
31 May 2018 - 4:00PM
UK Regulatory
TIDMSWG
RNS Number : 7596P
Shearwater Group PLC
31 May 2018
31 May 2018
SHEARWATER GROUP PLC
("Shearwater", the "Company" or the "Group")
Update on acquisition of Xcina Consulting
Shearwater Group plc (AIM: SWG), the digital resilience group,
is pleased to announce that its portfolio company, Xcina
Consulting, has won in excess of 30 new customers since the Group
acquired the business in July 2017 (the "Acquisition"), which have
already generated GBP1 million in incremental revenues for the
business.
Prior to Acquisition, Xcina Consulting (formerly Newable
Consulting) was generating GBP2.4 million of revenue and was loss
making at the EBITDA level. The attraction for the Group was the
quality of the incoming team and the opportunity to scale the
business.
Following the addition of these new client contract wins to
existing revenues, the Company is delighted to report that the
business is now trading profitability on a reported basis at the
EBITDA level and is ahead of the Board's expectations.
As a result of this growth, the business is also at the same
time, pleased to announce that it has opened its first
international office in the US, which will enable the Xcina
Consulting team to better serve its current and prospective
multinational clients.
Michael (Mo) Stevens, Group Chief Executive Officer of
Shearwater, said: "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."
Mark Child, Executive Managing Director of Xcina Consulting,
added: "The market for business and technology risk assurance and
advisory services is rapidly evolving and we are really excited
about the expansion of our capability beyond traditional GRC
services which is enabling us to meet the digital, operational and
regulatory resilience requirements of our growing client base."
Enquiries:
Shearwater Group plc www.theshearwatergroup.co.uk
David Williams +44 (0) 797 014 8016
Michael (Mo) Stevens +44 (0) 780 171 2582
Cenkos Securities plc - NOMAD
and Broker
Max Hartley - NOMAD
Julian Morse / Michael Johnson
- Sales +44 (0) 20 7397 8900
Powerscourt - Financial PR shearwater@powerscourt-group.com
Ben Griffiths, Andy Jones +44 (0) 20 7250 1446
+44 (0) 77 5346 4637
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END
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