This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (as amended), which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018. Upon publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

09 July 2025

Shearwater Group plc

("Shearwater", or the "Group")

FY25 Trading Update

FY25 financial performance ahead of market expectations, driven by contract wins and renewals

Shearwater Group plc, the cybersecurity, advisory, and managed security services group, announces an update on trading for the 15-month period ended 30 June 2025 ("FY25")*.

The Group has delivered a strong performance in the 9-month period since the announcement of H1 results, bolstered by a number of major contract wins and renewals within the Services segment of the business, as previously announced. As a result, FY25 revenue and adjusted EBITDA are anticipated to be slightly ahead of market expectations**, with expected Revenue of c.£41m, representing an annualised YoY increase of c.45% (FY24: £22.6m), and expected Adjusted EBITDA of c.£2.2m, an annualised YoY increase of c.100% (FY24: £0.9m).

The need for the Group's services continues to grow as organisations seek to navigate an increasingly complex cyber threat environment, with the costs of failure well-publicised over recent months. The improved outlook and growing pipeline of opportunities provides confidence in the ongoing delivery of growth in both revenue and EBITDA in FY26.

Phil Higgins, CEO of Shearwater Group, commented: "We are delighted to report a strong period of trading with significant growth delivered in both revenue and adjusted EBITDA.  Organisations across both public and private sectors are facing an ever-increasing cyber-security threat and the costs of failure have never been more apparent than over recent months.  Our Group Companies are all highly respected in their fields and together provide a unique blend of solutions to help organisations navigate this threat.  In this context, we enter FY26 with a strong pipeline and an expectation of delivering further growth in the year ahead."     

*As announced on 30 January 2025, the Group revised its year end from 31 March to 30 June to better align the Group's financial year with its customer procurement cycle. As a result, the accounting period was extended to be 15 months ending 30 June 2025.

**The company considers that current FY25 market expectations referred to in this announcement are revenues of £39.0 and adjusted EBITDA of £2.0m.

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About Shearwater Group plc

Shearwater Group plc is an award-winning group providing cyber security, managed security and professional advisory solutions to create a safer online environment for organisations and their end users. 

The Group's differentiated full service offering spans identity and access management and data security, cybersecurity solutions and managed security services, and security governance, risk and compliance. Its growth strategy is focused on building a scalable group that caters to the entire spectrum of cyber security and managed security needs, through a focused buy and build approach.

The Group is headquartered in the UK, serving customers globally across a broad spectrum of industries.

Shearwater shares are listed on the London Stock Exchange's AIM under the ticker "SWG".  For more information, please visit www.shearwatergroup.com.