Flat first half revenues of £2.6m for listed cyber security business
Bradford-based cyber security company ECSC Group recorded flat overall revenues of £2.6m in its unaudited interim results for the six months ending 30 June 2019.
The listed company’s turnover figures for the first half of this year were similar to the same period for 2018, but the firm noted it had seen a significant improvement in overall performance since the end of June this year.
Its Managed Services division revenue was up 63% to £1.24m (2018: £0.77m) with Consulting Services division revenue down 23% to £1.19m (2018: £1.56m), resulting in total revenue for the six months of £2.63m (2018: £2.65m).
The business recorded a gross Profit increase of 18% to £1.44m (2018: £1.22m), adjusted EBITDA loss of £0.19m (2018: £0.49m) and 59 new consulting clients secured, an increase of 18% on 2018.
And it highlighted record revenue in July of £0.62m, up 42% on the same month prior year (2018: £0.44m).
Chief Executive Officer Ian Mann said: “We are pleased that from the start of H2 the previously reported reduced level of consulting services demand has now been reversed, with consulting growth recovering strongly to match the continued growth in managed services recurring revenue and cyber incident response service.”
David Mathewson, Non-Executive Chairman, said: “Since period end, the return to profit, positive cash flow, and strong Q3/4 outlook are testament to the continued improvements across the business.
“The recent release of the first significant GDPR related cyber security breach fines highlights the continued need for ECSC’s proven expertise and long-established services which is now showing in our current trading.
“ECSC is well positioned in a growing cyber security marketplace, and we look forward with confidence to broadening our base of clients and delivering improved operating results.”
