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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Shearwater Group Plc | LSE:SWG | London | Ordinary Share | GB00BKT6VH21 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 44.00 | 43.00 | 45.00 | 44.00 | 44.00 | 44.00 | 23,937 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 26.69M | -8.18M | -0.3431 | -1.28 | 10.48M |
From Apr 2019 to Apr 2024
TIDMSWG
RNS Number : 1140W
Shearwater Group PLC
12 April 2019
12 April 2019
SHEARWATER GROUP PLC
(the "Company" or "Group")
Phil Higgins appointed Chief Executive and year end trading update
The Company announces that following a restructuring of the business, Michael Stevens, the Company's current Chief Executive Officer, has agreed to step down from the Board and will leave the business with immediate effect. Phil Higgins, Executive Director of the Company has now been appointed as Chief Executive Officer of the Group with immediate effect.
The Group will benefit from Phil's substantial industry expertise, and as the founder of Brookcourt Solutions, the largest division within Shearwater, is ideally placed to drive the future growth of the business. He was appointed as an executive director in December 2018.
Furthermore, the Group announces the following trading update following the financial year ended 31 March 2019 and ahead of the finalisation of its year end accounts. Reported revenue (incorporating only 5.5 months of trading from Brookcourt Solutions) is expected to be in the region of GBP23.5 million compared to GBP6.4 million in the prior financial year. Reported underlying EBITDA loss is expected to be in the region of GBP1.6 million compared to a loss of GBP1.0 million in the prior financial year. Cash as at the 31 March 2019 was GBP0.6 million.
The Board are confident that the current year will see significant growth, with Brookcourt Solutions, the Group's most sizable acquisition to date, contributing a full 12 months. Since it was acquired in October 2018, Brookcourt has continued to trade in line with managements' expectations and underpins the confidence in the Group's outlook.
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Enquiries:
Shearwater Group plc www.theshearwatergroup.co.uk David Williams c/o Instinctif Partners Cenkos Securities plc - NOMAD and Broker Max Hartley / Giles Balleny - NOMAD Julian Morse / Michael Johnson - Sales +44 (0) 20 7397 8900 Instinctif Partners shearwater@instinctif.com Adrian Duffield / Chantal Woolcock +44 (0) 20 7457 2815
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
April 12, 2019 12:19 ET (16:19 GMT)
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