Shearwater to publish delayed final results on 5 September

Cybersecurity, advisory, and managed security services provider Shearwater Group announced an alteration to the release schedule for its final results for the year ended 31 March on Friday.

The AIM-traded firm had now set the date for 5 September, which it said was due to the time required to complete the auditing process.

It came after an earlier announcement on 8 June when, recognising potential concerns stemming from the delay, the board offered an insight into the company’s trading prospects for the first quarter of the 2024 financial year.

The early trading update was optimistic, with the board confirming an upward trajectory in business performance.

That positive shift was credited to more favourable market conditions currently being experienced.

“A number of the delayed contracts have now been received and revenues in the first quarter exceed levels for the comparable period last year,” the Shearwater board said in its statement.

“The significant investment made in the software division is now delivering on a number of promising opportunities and with market conditions in the sector being more favourable, the board is confident in seeing a much improved financial performance in the current year.”

At 0839 BST, shares in Shearwater Group were up 21.36% at 47.33p.

Reporting by Josh White for Sharecast.com.