ECSC trading in line after IPO

Cyber security services provider ECSC Group announced an update on trading for the 15 months to 31 December on Wednesday.

The AIM-traded company said trading throughout the financial period had been “good”.

Both revenue and adjusted EBITDA for the period were expected to be in line with the board's expectations at the time of the IPO.

As at 31 December, the company had net cash of approximately £5m, providing the company with a sound financial platform to support its investment plans.

“I am pleased to report a positive first trading update to the market for ECSC as a publicly listed company,” said CEO Ian Mann.

“The group is already benefiting from its admission to AIM with a strengthened balance sheet and enhanced profile in the marketplace.”

Mann said the company’s listing enabled it to execute the first phase of its detailed organic growth strategy and to start scaling up the business.

“We have already made good progress in this regard.

“We have recruited all the new sales and delivery employees targeted for this stage of our plan, yielding an additional 26 sales personnel, making 37 in total.”

Mann said the quality of its new staff members was “excellent” with all the new recruits having successfully completed the new sales academy training and assessments.

“Market conditions continue to be favourable and we look forward to the 2017 financial year with confidence.”