StockMarketWire.com - Cyber security company Shearwater reported a narrower first-half loss as it boosted sales, both from acquisitions and its existing operations.

Pre-tax losses for the six months through September amounted to £1.5m, compared to losses of £3.2m on-year.

Revenue more than tripled to £16.3m, up from £4.5m on-year, with underlying organic revenue up 11%.

Underlying Ebtida amounted to £1.0m, swinging from a loss of £1.6m.

The company said the organic revenue growth achieved in the first half had provided good momentum for the second half.

'We made notably strong progress during the first half including transforming our operational structure, adding important capabilities to the group and reporting our maiden half year of profitable performance,' chairman David Williams said.

'We are now a cohesive group capable of delivering a comprehensive range of products and services to better serve the needs of our increasing roster of clients.'

'The sector we serve is not only growing quickly but constantly evolving and we are alert to the potential to grow our business significantly, both organically and by selective acquisitions.'



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