Business
Trading Update
Trading Update.
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.\n08 June 2023\nShearwater Group PLC\n(\"Shearwater\", or the \"Group\")\nTrading Update\n \nShearwater Group plc, the cybersecurity, advisory and managed security services group, announces an update ahead of its final results for the year ended 31 March 2023 (FY23).\n \nFurther to the Company's Trading Update announcement of 31 March 2023, the Group expects FY23 revenue to be in the region of £27.0m (FY22: £35.9m) with Adjusted EBITDA1 at around breakeven (FY22: £4.4m). The Group's net cash position as at 31 March 2023 was £4.0m and the business continues to maintain a healthy balance sheet which will be further strengthened through cash generation in FY24.\n \nThe current financial year has seen improving market conditions for Shearwater, with a strong pipeline across key industries, specifically in the banking and telecoms sectors. Amidst the ever-increasing threat of cybersecurity breaches, Shearwater's proven products and services remain important to organisations and provide opportunities for the Group to grow in FY24 and beyond.\n \nOver the past two years, Shearwater has continued to invest in research & development in broadening and deepening the Group's product offering to enable the Group to maintain the strength of its positioning in the market. The latest product of this investment has been the release of SecurEnvoy's Access Management solution version 3. The solution helps organisations manage and control access to their systems and software. With SecurEnvoy's solution, organisations can enhance their security measures, ensure regulatory compliance, reduce supply chain risk and simplify the management of users accessing corporate systems via a single sign-on.\n \nThe improving outlook and growing pipeline of opportunities is providing the Group with a firm foundation on which to deliver solid, sustainable revenues and profit growth in the years ahead.\n \nFinal Results\nThe Group expects to announce its audited FY23 results before mi...