ECSC Group PLC Trading Update (2118R)

TIDMECSC

RNS Number : 2118R

ECSC Group PLC

28 February 2023

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

28 February 2023

ECSC Group plc

('ECSC' or the 'Company' or the 'Group')

Trading Update for the 12 months ended 31 December 2022

ECSC Group plc (AIM: ECSC), the provider of cyber security services, is pleased to announce an unaudited trading update for the 12 months ended 31 December 2022.

Following a stronger second half of trading, the Group expects to report revenues for the year ended 31 December 2022 of GBP5.8m (2021: GBP6.1m), though it is now anticipated that the Group will have incurred a small loss for the year at the adjusted EBITDA* level.

The Assurance division (testing, standards and certification services) saw a revenue growth of 10% in the second half of the year to GBP1.62m (H1 2022: GBP1.48m). The Group expects to report Assurance revenue for the year ended 31 December 2022 of GBP3.1m (2021: GBP3.1m).

During the year, the Group won significant contracts in its Managed Detection and Response (MDR) division across a range of sectors. When combined with successful MDR renewals, the MDR order book grow to GBP2.3m as at December 2022 (31 December 2021: GBP2.2m).

The closing cash balance as at the end of December 2022 was GBP0.6m and the Company had net borrowings of GBP0.9m as at that date.

* Adjusted EBITDA is defined as Earnings before Interest, Tax, Depreciation and Amortisation and excludes one-off charges and share based charges.

Matthew Briggs, Chief Executive Officer of ECSC, commented:

"Since taking on the CEO role, I am pleased with the progress made across a number of areas of the business and how the team is responding. As we continue to re-shape the business, strategy and operational efficiencies, we expect to see further improvements in financial performance."

Enquiries:

 
ECSC Group plc 
 Ian Mann, Executive Chairman 
 Matthew Briggs, Chief Executive        +44 (0) 1274 
 Officer                                 736 223 
Allenby Capital (Nominated Adviser 
 and Broker) 
 David Hart/Piers Shimwell (Corporate 
 Finance) 
 Tony Quirke (Sales and Corporate       [phone] 
 Broking)                                5656 
Press Enquiries                         +44 (0) 1274 
 Clare Macdonald, Marketing Director     736 223 
 

Notes to Editors:

Founded in 2000, ECSC Group plc is the UK's longest running 'full-service' cyber security service provider. ECSC provides expert security breach prevention, detection and response support to organisations across all sectors.

ECSC operates from two Security Operations Centres (SOCs): one in Yorkshire, UK, and the other in Brisbane, Australia. ECSC MDR Division offers flexible 24/7/365 cyber security managed detection, and response support to its clients. The Assurance Division provides guidance, certification to industry standards, and extensive testing services to allow organisations to improve, and demonstrate, their cyber security effectiveness.

The Company's broad client base ranges from e-commerce start-ups to global blue-chip organisations, including 10% of the FTSE 100.

For more information please visit the following: https://investor.ecsc.co.uk/

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February 28, 2023 02:00 ET (07:00 GMT)