- Business consultancy Shearwater posted a first-half loss as clients tightened their belts during the Covid-19 crisis.

Pre-tax losses for the six months through September amounted to £0.78 million, compared to losses of £1.47 million year-on-year.

Revenue slumped 32% to £11.2 million, though underlying earnings before interest, tax, depreciation and amortisation edged up to £1.1 million, from £1.0 million on cost cutting.

Shearwater did not declare an interim dividend.

'Organisational resilience continues to grow in strategic importance for businesses around the world, presenting a huge long-term growth opportunity for Shearwater,' chief executive Phil Higgins said.

'Over the period under review we have continued to execute on our strategic roadmap, making ourselves even more capable to deliver on that opportunity.'

'We have achieved a robust financial performance in the period, with underlying EBITDA in line with the prior year, and we have continued to strengthen and streamline our operations with a focus on securing new customers, enhanced cross sales and product innovation.'

'Looking forward, we continue to explore M&A opportunities to accelerate our product roadmap, alongside driving organic growth initiatives.'

'We are on track to deliver against market profit expectations for the year and have great confidence in the opportunities for the group in the longer term.'

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