StockMarketWire.com - Cybersecurity company Shearwater posted a narrower annual loss as it boosted sales.

Pre-tax losses for the year through March amounted to £1.3m, compared to losses of £6.9m on-year. Revenue rose 41% to £33.0m.

Underlying earnings before interest, tax, depreciation and amortisation was £3.4m, compared to an on-year loss of £1.4m.

Shearwater said that it had seen 'positive continued momentum' in current trading, in line with its expectations.

'I am pleased to report that the group has delivered an exceptional performance this year as we transition into underlying profitability and continue to grow within our chosen field of organisational resilience,' chief executive Phil Higgins said.

'As a group we have moved quickly to adjust both operationally and financially to the new external environment driven by COVID-19.'

'Whilst its impact on our clients varies markedly by industry we remain focused in delivering our high levels of service and expertise catering to all sectors by helping to provide resilience and ultimately, over the longer term, we expect the pandemic will drive demand for organisational resilience as part of a enhanced focus on digital transformation.'


At 2:09pm: [LON:SWG] Shearwater Group Plc share price was -8p at 189p



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