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Shearwater reports record sales for the year

Shearwater reports record sales for the year

AIM-listed cyber security managed services firm Shearwater Group has announced record sales for the year ended 31 March, 2022.

The group saw total sales up 13% to £35.9m, and adjusted EBITDA rising 19% to £4.4m. The margin was maintained at 12%.

The adjusted profit before tax was up 24% to £3m. The company has zero debt and it had a net cash balance of £5.6m at year-end.

The average new customer spend was up 43% year-on-year, with 186 new customer wins in the period (FY21: 155 new customer wins).

There has been investment in international infrastructure to underpin future growth in new territories, the firm added.

Phil Higgins (pictured), CEO of Shearwater Group, said of the performance: “Key performance highlights included a strong year for advisory work, penetration testing and managed security services.

“Developing trusted long-term client relationships, whilst deepening our expertise, has allowed us to provide extended offerings to our blue-chip clients, resulting in securing some of the largest contracts in our history.”

He added: “Seeing the size of the opportunity in the identity and access management software space, we have continued to invest significantly in our platform catering to this area.

“This market backdrop, alongside the strength of our teams and security of our financial position, provide us with great confidence into the current financial year and beyond.”