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Thursday 25 November 2021

Shearwater revenues continue to slide

ShearwaterShearwater Group, the specialist cyber risk consultancy, has published interim results revealing a continuing decline in revenue, in contrast with significantly improved profitability. Revenue for the six months to 30 September 2021 was down 5.3% at £10.6m as the firm was hurt by the ongoing underperformance of its services arm. Gross profit rose by 11% to £4.1m whilst services revenue was down 7% to £8.7m and software revenue up 1% to £1.9m.

Shearwater has been struggling to address its revenue decline for some time. The company closed out its previous fiscal down 4%, as the pandemic hampered the company’s recovery (see: Strong H2 indicates Shearwater recovery). Whilst Shearwater’s fortunes did improve in the second half of its previous financial year, turnover appears to be proving a challenge once again.

Shearwater’s lacklustre performance is at odds with the strong growth occurring in the cyber security market. The sector is experiencing something of a boom, amid high demand off the back of accelerated digital transformation initiatives. Whilst management has indicated that timing issues are largely to blame, growth elsewhere indicates that significant opportunities are likely to exist in the marketplace.

Posted by: Jon C Davies at 09:50

Tags: ShearwaterGroup  

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