Business
Final Results
Final Results.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (as amended), which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018. Upon publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n5 September 2023\nSHEARWATER GROUP PLC\n(\"Shearwater\", or the \"Group\")\n \nFinal Results\nImproving prospects, well-placed to capture significant market opportunity\n \nShearwater Group plc (AIM: SWG), the cybersecurity, advisory and managed security services group, announces its final results for the year ended 31 March 2023.\n \nHighlights:\n· Group revenue of £26.7m (FY22: £35.9m) primarily impacted by contract delays in Q4\n· Adjusted EBITDA1 of £(0.2)m (FY22: £4.4m), reflecting effect of lower revenues\n· Adjusted loss before tax2 of £1.3m (FY22: profit before tax of £3.0m)\n· Strong financial position with net cash as at 31 March 2023 of £4.0m (FY22: £5.6m)\n \nOperational Highlights:\n· Q4 characterised by order delays, materially impacting revenue and profitability\n· Decisive action taken during the period to streamline and optimise operations, ensuring the business emerges leaner and more productive\n· Although performance reflects the cautious approach to customer decisions, engagement levels remained high with 113 additional net new clients onboarded during the year\n· The Group continues to benefit from its strong customer base of blue-chip organisations across a range of sectors\n· The Group won five awards during the period including the title of 'Security Company of the Year 2022' from the Computing Security Awards for the second consecutive year\n \nBoard update\n· Paul McFadden, CFO has informed Board of his decision to step down from the Board, and will remain in place until a successor is appointed\n \nOutlook:\n· Strong prospects in light of improving market conditions, with an incre...