Business
Results for the six months ended 30 September 2021
Results for the six months ended 30 September 2021.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5251T\n Shearwater Group PLC\n 25 November 2021\n \n \n \n \n 25 November 2021\n \n \n \n \n \n SHEARWATER GROUP PLC\n \n \n (\"Shearwater\", or the \"Group\")\n \n \n \n \n \n Results for the six months ended 30 September 2021\n \n \n \n \n \n Enhanced margins across the Group and strong adjusted EBITDA growth\n \n \n \n \n \n Shearwater Group plc, the organisational resilience group, is pleased to announce its unaudited results for the six months ended 30 September 2021.\n \n \n \n \n \n Financial highlights:\n \n \n \n \n \n · \n Adjusted EBITDA1 of £1.3 million, an increase of 19% (H1 FY21: £1.1 million)\n \n \n \n \n \n · \n Improved adjusted EBITDA margin of 12% (H1 FY21: 10%)\n \n \n \n \n \n · \n Revenue of £10.6 million (H1 FY21: £11.2 million), driven by a number of contracts moving into the second half\n \n \n \n \n \n · \n Net cash of £4.4 million as at 30 September 2021, after increased investment expenditure during the period and settling £1.1 million VAT relating to the Covid-19 VAT deferral scheme introduced by the Government\n \n \n \n \n \n Business highlights: \n \n \n \n \n \n · \n Advisory revenues significantly ahead of the same period in the prior year, with enquiries back to pre-Covid levels. Pentesting now better understood as a compliance requirement\n \n \n \n \n \n · \n Increased Software revenues, with more features and new innovations now providing a springboard for further growth from our end customer base of over 1,000\n \n \n \n \n \n · \n R&D expenditure increased 67% to £421k as the push for organic growth gains momentum\n \n \n \n \n \n · \n c.50% of revenues have already been identified for our second half, of which c.90% comes from long term clients \n \n \n \n \n \n · \n Post period end, the final outstanding deferred consideration loan balance was repaid ahead of schedule, leaving the Balance Sheet debt free with c.£4 million net cash and substantial undrawn bank facilities\n \n \n \n \n \n · \n Confident outlook with the Group trading in line with the market's EBITDA expectations for the full year\n \n \n \n \n \n \n \n \n \n 1\n \n Adjusted EBITDA is defined as profit before tax, before one off exceptional items, share based payment charges,...