Business
Results for the year ended 31 March 2024
Results for the year ended 31 March 2024.
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 \n24 July 2024\nShearwater Group plc\n(\"Shearwater\", or the \"Group\")\n \nResults for the year ended 31 March 2024\nResilient performance in a challenging environment, with confidence in a return to growth during FY25\n \nShearwater Group plc, the cybersecurity, advisory and managed security services group, announces its final results for the year ended 31 March 2024.\n \nFinancial Highlights\n· Group revenue of £22.6m (FY23: £26.7m), impacted by a period of cautious customer spending.\n· Adjusted EBITDA1 of £0.9m (FY23: £(0.2)m).\n· Adjusted loss before tax2 of £(0.6)m (FY23: loss before tax of £(1.3)m).\n· Strong financial position with net cash as at 31 March 2024 of £5.0m (FY23: £4.0m), £3m higher than the cash position at the half year.\n· Recovering margins delivered in FY24 through an improved profile of business and cost control following the restructuring early in the year.\n \nOperational Highlights\n· Streamlined operations and enhanced synergies following the successful integration of Xcina into Brookcourt Solutions and GeoLang into SecurEnvoy.\n· Notable contract wins and renewals in Services across the banking, telecoms and retail sectors, alongside the strategically significant new focus on central government departments.\n· Three consecutive half years of stable Software sales with progress in the expansion of the Group's offering, positioning the division for growth and success.\n· Despite FY24 performance being impacted by customer caution surrounding budget allocations, customer engagement levels remained high and the Group continues to benefit from a customer base of blue-chip organisations spanning a breadth of sectors.\n· F...