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Shearwater Group PLC - London-based cybersecurity services provider - Posts surging profit, as advisory work had a strong year. Pretax profit for the year ended March 31 jumps to £936,000 from £33,000 a year ago. Revenue grows 13% to £35.9 million from £31.8 million.
Earnings before interest, tax, depreciation and amortisation amounts to £4.4 million, up 19% from £3.7 million the prior year, delivering a blended adjusted Ebitda margin of 12%, in line with the prior year.
‘Key performance highlights include a strong year for advisory work, penetration testing and managed security services,’ explains Chief Executive Officer Phil Higgins.
He adds: ‘I am pleased to announce a year of double-digit revenue and adjusted Ebitda growth for the group. This market backdrop, alongside the strength of our teams and security of our financial position, provide us with great confidence into the current financial year and beyond.’
Cash at March 31 stands at £5.6 million, down from £7.3 million a year ago. Says it's encouraged by trading in the first quarter of the current financial year, in line with expectations, with good visibility of repeat revenue opportunities. Expects a strong sense of optimism in financial 2023.
Current stock price: 137.27 pence, down 1.2%
12-year-change: down 10%
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