- Shearwater's portfolio company, Xcina Consulting, has won in excess of 30 new customers since the group acquired the business in July 2017.

The new customers have already generated £1 million in incremental revenues for the business.

Prior to acquisition, Xcina Consulting (formerly Newable Consulting) was generating £2.4 million of revenue and was loss making at the EBITDA level.

Following the addition of the new client contract wins, the business is now trading profitability on a reported basis at the EBITDA level and is ahead of the board's expectations.

The business has also opened its first international office in the US.

Michael (Mo) Stevens, group chief executive officer of Shearwater, said: "We are thrilled with the substantial progress Xcina Consulting has made since joining the group. Delivering £1 million worth of new business and becoming profitable in less than a year is a tremendous achievement for Mark and the team, and we are delighted the benefits of accessing the wider Shearwater Group infrastructure are being realised so early on."

At 8:51am: [LON:SWG] Shearwater Group Plc Ord 1p prev. Aurum share price was +0.25p at 5.05p

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