Business
Interim Results
Shearwater Group plc reported interim results for the six months ended 31 December 2025, with revenue increasing by 31% to £14.0m, driven by strong Services momentum and ongoing revenue from prior contract wins. Adjusted EBITDA was £0.0m, while adjusted administrative expenses decreased by 6% to £2.9m due to cost reduction initiatives. Cash and cash equivalents stood at £2.2m, impacted by short-term timing of project cash flows. The company secured significant contract wins, including a £7.3m extension with a mobile network operator, and expects margin improvement in the second half of the year, remaining confident in meeting full-year market expectations. Disclaimer*
About this update from Shearwater Group Plc
[{"type":"text","content":"\n\n17 March 2026\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.\nShearwater Group plc\n(\"Shearwater\", or the \"Group\")\n \nInterim Results\n \nStrong revenue growth and confidence in H2 delivery\n \nShearwater Group plc, the cybersecurity, advisory and managed security services group, announces its unaudited interim results for the six months ended 31 December 2025.\n \nFinancial Highlights\n\n\n\n\n· \n\n\nRevenue of £14.0m, an increase of 31% on the equivalent period in the prior year (Jul to Dec FY25 (restated): £10.7m) and an increase of 24% on the reported FY25 interim result (Apr to Sep FY25: £11.3m), reflecting organic growth and ongoing revenue from FY25 contract wins\n\n\n\n\n· \n\n\nAdjusted EBITDA profit of £0.0m (Jul to Dec FY25 (restated): £0.1m profit) and reported loss for FY25 H1 of £0.4m\n\n\n\n\n· \n\n\nAdjusted administrative expenses of £2.9m, down 6% on equivalent period in prior year (Jul to Dec FY25: £3.0m) reflecting successful cost reduction initiatives and restructuring implemented in FY25\n\n\n\n\n· \n\n\nCash and cash equivalents of £2.2m, negatively impacted by short term timing of project cash flow, with one material contract outflow unwound on 20 January 2026. Adjusting for this, the balance would have been £3.7m (31 Dec 2024: £3.6m).\n\n\n\n\n \nOperational Highlights\n\n\n\n\n· \n\n\nStrong Services momentum, underpinned by continued demand from blue‑chip customers across Telecommunications, Financial Services and Government\n\n\n\n\n· \n\n\nMaterial Services contract wins and expansions, including a £7.3m extension with a leading mobile network operator, expansion with a Central Government department\n\n\n\n\n· \n\n\nReturn to profitability in the Pentest business, following restructuring actions in FY25\n\n\n\n\n· \n\n\nContinu...