Business
Half-year Report
Half-year Report.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n \nRNS Number : 7162Z Shearwater Group PLC 19 December 2017 \n\n \n \n \n19 December 2017\n \nSHEARWATER GROUP PLC\n(\"Shearwater\" or the \"Company\" and, together with its subsidiaries, the \"Group\")\nInterim Results for the six months ended 30 September 2017\n \nShearwater Group plc (AIM: SWG), the digital resilience group, is pleased to announce its unaudited interim results for the six months ended 30 September 2017.\n \nThe unaudited interim results of the Group reflect approximately 4.7 months of trading from SecurEnvoy (acquired in May 2017) and 2.2 months of trading from Newable Consulting (acquired in July 2017 and rebranded Xcina Consulting). Trading in both businesses continues to be in line with the Board's expectations and since acquisition have generated in aggregate £2.1 million of revenue and contributed £0.9 million of underlying EBITDA to the Group in the period.\n \nStrategic and operational highlights\n§ Completed the acquisitions of SecurEnvoy in May 2017 and Newable Consulting in July 2017, subsequently rebranded Xcina Consulting\n§ Launched Xcina, the Group's new information security and assurance business\n§ First B-2-C multifactor authentication (\"MFA\") contract won by SecurEnvoy under its expanded growth strategy\n§ 13 new corporate customers won by Xcina Consulting since acquisition\n§ Development and rollout of SecurEnvoy's Version 9 update to their industry leading MFA solution, SecurAccess\n \nFinancial highlights\n§ Group revenue of £2.1 million (2016: £nil)\n§ Cash balance of £3.7 million (2016: £0.3 million)\n \nDavid Williams, Chairman of Shearwater Group commented: \"These are our first set of results since welcoming SecurEnvoy and Newable Consulting to the Group. Trading in both businesses continues to be in line with our expectations and we are investing in these portfolio businesses to make the most of the considerable opportunities we are seeing within their respective markets. \n \n\"Much has been achieved during the period under review, but we have barely scratched the surface. The digital resilience sector offers considerable growth potential and we are fortunate to have an industry leading team in place to capitalise on this potential.\n \n\"It is my firm belief that 2018 will be a particularly exciting one f...