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24th October 2019

Shearwater Group announces significant growth in half-year trading update

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We have published our trading update for the six months to 30 September 2019, and are pleased to report that Group revenue has seen significant growth to approximately £16.0 million (vs. £4.5 million in 2018), with approximately 10% of this growth from organic sources.

This has resulted in an expected underlying EBITDA profit of approximately £1.0 million (vs. a loss of £1.6 million in 2018). In the first half of the year we secured a number of significant new contract wins across the Group , including multi-year managed service contracts, which underpin future revenue growth. A substantial number of live cross-selling opportunities were generated, of which 19 were converted into contract wins. We have also secured 45 net new customer relationships since April 2019.

We have seen good momentum in H1 with the execution of our strategy yielding a materially
improved financial performance, resulting in our second consecutive quarter of profits and
strong organic revenue growth.

Operating in the cyber security sector, we are well positioned to benefit from one of the most certain growth areas; as for us, there are now three certainties in life – death, taxes and cybercrime.

David Williams, Chairman, Shearwater Group plc