Shearwater Group PLC Pre-close statement (4975I)
02 April 2020 - 5:00PM
UK Regulatory
TIDMSWG
RNS Number : 4975I
Shearwater Group PLC
02 April 2020
2 April 2020
SHEARWATER GROUP PLC
Pre-close statement
Shearwater Group plc (AIM: SWG, "Shearwater", "the "Group"), the
organisational resilience group, provides the following update for
the financial year ended 31 March 2020.
Reported unaudited underlying EBITDA(1) is expected to be in
excess of GBP3 million compared to a loss of GBP1.4 million in the
prior financial year, with the Group posting its fourth consecutive
quarter of profitable growth. Good cash generation in the period
has resulted in an unaudited cash balance of GBP3.0 million as at
31 March 2020.
The Group anticipates publishing a full year-end trading update
at the end of April 2020 and expects to publish its audited results
for the financial year ended 31 March 2020 in June 2020.
David Williams, Chairman of Shearwater, commented:
"With all the current uncertainty, we thought that we would
update our loyal shareholders as to the progress the Group has made
over the prior 12 months as quickly as possible after the year end,
before a more extensive update later in April.
"Thanks to the efforts of our highly experienced team, we have
been able to produce an impressive result with a substantial swing
from an EBITDA loss to profit and notably strong cash
generation.
"As noted in our COVID-19 update on 25 March 2020, our workforce
continues to provide continuity of service to our customers from
remote locations. I would like to take this opportunity to thank
them and also our customers for their unwavering dedication and
support as we collectively pull through this unprecedented
time.
"The world is recalibrating, and it is impossible to predict
with certainty the impact of the surreal events experienced since
the COVID-19 appeared in our lives. We have always maintained that
data and organisational resilience is one of the few areas in which
growth is more or less assured. Also, the current uncertainties are
providing us with interesting opportunities to expand our reach at
attractive valuations.
"Moreover, as a result of recently increased numbers of people
working from home, our software division has seen significantly
higher levels of activity which gives us confidence for the year
ahead.
"With good momentum as we enter the new financial year, we
remain confident of building on the considerable successes of
2019/20."
Note 1. Underlying EBITDA defined as profit before tax, before
one off exceptional items, share based payment charges, finance
charges, depreciation and amortisation.
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of those Regulations.
Enquiries:
Shearwater Group plc c/o Instinctif Partners
David Williams, Chairman
Phil Higgins, CEO
Cenkos Securities plc - NOMAD and Joint
Broker
Max Hartley / Ben Jeynes - NOMAD
Julian Morse / Michael Johnson - Sales +44 (0) 20 7397 8900
Berenberg - Joint Broker
Matthew Armitt / Mark Whitmore +44 (0) 20 3207 7800
Instinctif Partners shearwater@instinctif.com
Adrian Duffield / Chantal Woolcock +44 (0) 20 7457 2815
About Shearwater Group plc
Shearwater Group plc is an award-winning organisational
resilience group that provides cyber security and managed security
services to help assure and secure businesses in a connected global
economy.
The Group's comprehensive cyber security solutions and services
maintain trust between users, provide assurance around the
protection of information assets and critical infrastructure, and
support organisations' operational effectiveness. Its capabilities
include identity and access management and data security, cyber
security solutions and managed security services, and security
governance, risk and compliance.
The Group is headquartered in the UK with offices in the US, UK
and Europe, serving customers across the globe who are active in a
broad spectrum of industries.
Shearwater shares are listed on the London Stock Exchange's AIM
under the ticker "SWG". For more information, please visit
www.shearwatergroup.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTEAPLFELSEEFA
(END) Dow Jones Newswires
April 02, 2020 02:00 ET (06:00 GMT)
Shearwater (LSE:SWG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Shearwater (LSE:SWG)
Historical Stock Chart
From Jul 2023 to Jul 2024