Business
Pre-close statement
Pre-close statement.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 4975I\n Shearwater Group PLC\n 02 April 2020\n \n \n \n \n 2 April\n 2020\n \n \n \n \n \n SHEARWATER GROUP PLC\n \n \n \n \n \n Pre-close statement\n \n \n \n \n \n Shearwater Group plc (AIM: SWG, \n \"Shearwater\", \"the \"Group\"), the organisational resilience group, provides the following update for the financial year ended 31 March 2020. \n \n \n \n \n \n Reported unaudited underlying EBITDA1 is expected to be in excess of £3 million compared to a loss of £1.4 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 £3.0 million as at 31 March 2020.\n \n \n \n \n \n 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.\n \n \n \n \n \n \n David Williams, \n \n Chairman of Shearwater, commented:\n \n \n \n \n \n \n \n \n \"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. \n \n \n \n \n \n \"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.\n \n \n \n \n \n \"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.\n \n \n \n \n \n \"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. \n \n \n &nb...