Shearwater Group (SWG) expects to report revenue and adjusted EBITDA ahead of market expectations after delivering a strong second half, supported by continued growth in its services business and momentum from previously announced contract wins.
For the year ended 30 June 2026, the cybersecurity specialist expects revenue of about £42 million, up 33% on an annualised basis, while adjusted EBITDA is forecast to reach £2.5 million, an annualised increase of 41%. The performance builds on the strong progress achieved in FY25, which delivered annualised revenue growth of 29% and adjusted EBITDA growth of 91%.
The group also strengthened its financial position, ending the year with net cash of £5.6 million compared with £5.1 million a year earlier. Meanwhile, the board intends to seek shareholder approval for a proposed reallocation of capital between reserves on the balance sheet. This will provide the group with flexibility going forward to buy back its own shares and/or pay a dividend.
Looking ahead, Shearwater said it enters FY27 with positive momentum, underpinned by sustained demand for cybersecurity services and a healthy pipeline of opportunities. The board remains confident in the group's outlook as organisations continue to increase investment in cyber resilience.
“We are delighted to have delivered a second consecutive year of strong trading performance, achieving further growth in both revenue and EBITDA and building on the momentum established in FY25,” said Shearwater chief executive Phil Higgins.
“The cyber security landscape continues to evolve rapidly, with organisations across both the public and private sectors facing increasingly sophisticated and frequent cyber threats. We expect this trend to continue and the strong reputations of each of our group companies, built over a long period, aligned to the outstanding capability of our team, positions us well to capitalise on the opportunity that this creates.”
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Shearwater continues to demonstrate that its strategy is translating into consistent financial progress. A second consecutive year of strong growth, a rising cash balance and the prospect of future capital returns all point to a business entering FY27 with confidence, supported by resilient demand for cybersecurity services.