Shearwater (SWG) , a cybersecurity, advisory, and managed security services group, updated markets on Q1 2024 trading, confirming improved traction due to better market conditions.
The security services group said a number of its delayed contracts have now been received and revenues in the first quarter exceeded levels for the comparable period last year.
Investments in the group's Software Division have also begun to reap rewards, delivering on a number of promising opportunities, bolstered by more favourable market conditions in the sector.
Shearwater also said it expects to report its final results for the year ended 31 March 2023 on Tuesday 5 September.
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Shearwater provides technology solutions and professional advisory services focused on the cyber, security and regulatory requirements of corporate clients. It is split into two divisions, Software and Services.
Shearwater remains well positioned in a growing market, with Gartner forecasting global market revenue for information security and risk spending to surpass $220 billion by 2025. Additionally, the UK Government announced record investment in the country's cybersecurity sector in 2022, reaching £10.1 billion, which marks a 14% year-on-year growth.
Amidst the ever-increasing threat of cybersecurity breaches, Shearwater's proven products and services remain crucial to organisations. This is reflected in Shearwater’s long term relationships with many FTSE 350 and Fortune 500 clients, providing solutions that support its customers' critical infrastructure.
Financially, the company's cash stood at £4.0m as of June 2022, with a healthy balance sheet further strengthened through cash generation in FY24.
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