Shearwater Group PLC Trading update and New contracts secured (8881J)

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RNS Number : 8881J

Shearwater Group PLC

29 December 2020

29 December 2020

SHEARWATER GROUP PLC

("Shearwater", or the "Group")

Trading update

and

New contracts secured by Brookcourt with multinational investment bank

Shearwater Group plc, the organisational resilience group, is pleased to announce a trading update for Q3 FY2021 to date. The Group also announces a number of contract renewals and new wins for its group company, Brookcourt Solutions Limited.

Trading Update

Further to the Group's recent interim results announcement, Q3 trading has continued to be buoyant with recognised revenues for October and November 39% ahead of the same two months in the prior year, as previously announced delays in recognising secured orders have come through in the current quarter . Strong momentum has continued into December. This has materially reduced the year-on-year revenue deficit reported for the first half and the Group continues to track in line with profit expectations for the full year.

New Contracts

Brookcourt Solutions Limited ("Brookcourt") has secured two 12-month contract renewals, and two new contract wins to be delivered over a three year period, all for a British multinational investment bank and financial services company.

The deals have a total value of circa GBP860,000 over the course of the contracts and ensure that Brookcourt's client is using effective cyber security solutions and tools to protect itself and its customers against well-funded, motivated and organised attackers. These important components will sit amongst the client's already well advanced cyber security programme allowing it to further reduce its overall risk.

These contracts demonstrate the increasing level of cyber security threat organisations are currently facing, which demands increased levels of protection. The contracts underpin the Group's existing full year forecasts.

Phil Higgins, Group Chief Executive Officer of Shearwater, commented:

"We are delighted to be delivering part of the cyber security programme of one of the world's largest

multinational investment banks. It is a great example of how we help improve a customer's overall security stance so that it can better understand, manage and reduce its cyber security risk through the use of leading edge technologies.

We are also very pleased with the good momentum seen in trading so far in the second half, as delayed decision making begins to unwind, underpinning our confidence in delivering against market profit expectations for the full year."

Enquiries:

 
 Shearwater Group plc                 www.shearwatergroup.com 
  David Williams                       c/o Alma PR 
  Phil Higgins 
 Cenkos Securities plc - NOMAD and 
  Joint Broker 
  Max Hartley / Ben Jeynes - NOMAD 
  Julian Morse / Michael Johnson 
  - Sales                             [phone] 
 Berenberg - Joint Broker 
  Matthew Armitt / Mark Whitmore      [phone] 
 Alma PR                              [e-mail] 
  Susie Hudson / Caroline Forde /      [phone] 
  Harriet Jackson 
 

About Shearwater Group plc

Shearwater Group plc is an award-winning organisational resilience group that provides cybersecurity, advisory and managed security services to help assure and secure businesses in a connected global economy.

The Group's comprehensive cybersecurity solutions and services maintain trust between users, assure the protection of information assets and critical infrastructure, and support organisations' operational effectiveness. Its capabilities include identity and access management and data security, cybersecurity solutions and managed security services, and security governance, risk and compliance.

The Group is headquartered in the UK, serving customers across the globe who are active in a broad spectrum of industries.

Shearwater shares are listed on the London Stock Exchange's AIM under the ticker "SWG". For more information, please visit www.shearwatergroup.com.

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December 29, 2020 02:00 ET (07:00 GMT)