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Posted on December 11, 2018 by staff

Digital resilience group strengthens board as revenues soar

Digital resilience group strengthens board as revenues soar

Shearwater is a digital resilience group
Shearwater is a digital resilience group

Digital resilience company Shearwater Group has appointed a new executive director and published its latest half-year financial results.

The AIM-listed business reported revenue of £4.5 million for the six months to 30 September 2018, an increase of 118 per cent from £2.1 million a year earlier.

The significant rise reflects six months of trading from SecurEnvoy, Xcina and GeoLang.

Underlying losses widened from £100,000 to £1.6 million, which Shearwater said reflects its “continued investment across the portfolio”.

“We have continued to make good progress against our strategic aim of building a leading UK based digital resilience group,” added chairman David Williams.

“Our portfolio companies have shown good organic revenue growth, which we expect to continue into the second half and beyond.”

Shearwater has this morning also announced the appointment of Phil Higgins to its board as an executive director with immediate effect.

Higgins is the CEO and co-founder of Brookcourt Solutions, the cyber security specialist which Shearwater acquired in October 2018 for more than £30 million.

Established in 2005, Surrey-based Brookcourt has won over 20 industry awards to date and has longstanding relationships with multiple FTSE 100 and FTSE 250 companies. The company generated revenues of more than £22 million in its latest financial year.

“We are delighted to welcome Phil to the board,” added Williams.

“His experience and insight within the industry are second to none and we look forward to benefiting from his expertise as the Group continues to scale.”