AGM Statement

RNS Number : 4323R

ECSC Group PLC

30 June 2020

 

30 June 2020

ECSC Group plc

('ECSC', the 'Company' or the 'Group')

AGM Statement

Trading and
Coronavirus (COVID-19) Update

Trading and COVID-19 Update

ECSC Group plc (AIM: ECSC), a leading provider of cyber security services, including Artificial Intelligence-based managed services, announces that at today's Annual General Meeting ('AGM'), ECSC's Chairman, David Mathewson, will make the following statement to shareholders:

The Group's COVID-19 response continues to be led by the current medical and science-based advice, and guidance from the UK and Australian governments. ECSC has maintained its ability to remotely deliver the full range of consultancy services.  The emergency incident response service continues in full operation, and the Security Operations Centres remain operational 24 hours a day, 7 days a week.

A new managed service contract win of £190k over a three year period, utilising the ECSC Kepler AI technology confirms continued growth despite the current challenges all organisations are facing.  As anticipated since the start of April there has been a reduction in consulting bookings.  However, there has been continued growth within the managed services recurring revenue.  As such, for the period of January to May of this year, the Group revenue remains at the same level as for the equivalent period in 2019.

In addition, the Group target of operating on a break-even Adjusted EBITDA basis (excluding one-off and share based charges), was achieved in May and will be exceeded in June.  The Board has begun to implement a return of furloughed employees, with the first returning from 1 July.

The cash total as at Friday 26 June was £1.37m, including £0.77m of short-term UK government Covid-19 related delayed tax payments.  The bank facility of up to £0.5m remains unused.

Ian Mann, CEO of ECSC, commented:

"I am pleased that the management team, with support from across the business, has successfully navigated the complexities of adapting operations within a sound financial framework.  Building upon the increasing activity, and new client wins we have seen throughout June, I look forward to returning to sustained growth."

Enquiries:

ECSC Group plc (including press enquiries) David Mathewson, Non-Executive Chairman Ian Mann, Chief Executive Officer	[phone]
Allenby Capital (Nominated Adviser and Broker) David Hart Nicholas Chambers For more information please visit the following: https://investor.ecsc.co.uk/ Notes to Editors	[phone]

AIM listed ECSC Group plc, is the UK's longest running, full service cyber security provider.  Its consultancy-led approach, in addition to its custom methodologies and in-house proprietary technologies, enables ECSC to support all organisations across every sector.  ECSC has significant intellectual property, including Artificial Intelligence delivering remotely managed cyber security breach detection.  

Established in 2000, ECSC operates from two Security Operations Centres (SOCs), one in the UK, based in Yorkshire and the second in Brisbane, Australia allowing ECSC to provide true 24/7/365 cyber security monitoring, detection and incident response.  ECSC also helps organisations test their cyber security, prevent breaches and achieve industry certifications.

The senior management team has over 80 years combined experience within the Company, and has delivered consecutive organic growth for the last 20 years. 

ECSC's client list ranges from e-commerce start-ups to global organisations, and the Company counts 10% of the FTSE 100 amongst its clients. 

 

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