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ECSC Group PLC

ECSC cuts interim losses, reports “record” revenues for July

For the six months ended 30 June, the cybersecurity firm reported an adjusted EBITDA loss of £190,000, down from a £490,000 loss in the prior year

ECSC Group PLC - ECSC cuts interim losses, reports “record” revenues in July

ECSC Group PLC (LON:ECSC) has narrowed its losses in the first half, while sales in its consulting arm continued to grow into the second half.

For the six months ended 30 June, the cybersecurity firm reported an adjusted EBITDA loss of £190,000, down from a £490,000 loss in the prior year, while revenues had remained relatively steady, dipping to £2.63mln from £2.65mln.

READ: ECSC increases rate of new client wins in first part of 2019, reiterates full-year guidance

Into the second half of the current year, ECSC said it had seen record levels of consulting bookings across its third quarter and into the fourth as well as record revenues in July of £620,000, up 42% year-on-year, alongside an adjusted EBITDA profit of £100,000.

The company also said current trading was “broadly in line” with expectations for the full year and it remained on track to reach EBITDA profitability for the current year.

Ian Mann, ECSC’s chief executive, said that from the start of the second half the previously “reduced” demand for consulting services had reversed, with growth in the division recovering “strongly” to match the performance of its managed services and cyber incident response businesses.

Investors were also upbeat on the positive outlook, with the shares surging 9% to 79p in early trading on Wednesday.

Quick facts: ECSC Group PLC

Price: £0.78

Market: LSE
Market Cap: £7.05 m
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ECSC Group pleased with strong recovery in consulting growth

ECSC Group PLC's (LON:ECSC) Ian Mann caught up with Proactive London's Andrew Scott to discuss their interim results to June 2019. The firm narrowed its losses in the first half, while sales in its consulting arm continued to grow into the second half. Mann says they've seen record levels...

1 week, 3 days ago

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