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ECSC posts first-half loss amid flat sales performance

By BFN News | 01:57 PM | Wednesday 23 September, 2020


Cyber security services group ECSC posted a first-half loss amid a broadly flat sales performance. Pre-tax losses for the six months through June amounted to £0.34m, compared to losses of £0.56m on-year. Revenue edged back to £2.61m, from £2.63m. ECSC did not declare an interim dividend. Adjusted earnings before interest, tax, depreciation and amortisation was £0.05m, compared to a loss of £0.18m on-year. Chief executive Ian Mann said the company had posted record levels of recurring revenues and orders within its managed detection and response division. That rise, he said, was partly driven by an increase in cyber security incidents as organisations accelerated an existing trend towards remote and cloud working during the Covid-19 pandemic. 'It is also pleasing to note that our assurance division is recovering strongly as clients are beginning to resume projects, with an increase in both revenues and bookings in this sector,' he said. 'We have so far exceeded our stated objective of maintaining a break-even adjusted EBITDA position throughout the Covid-19 crisis.' At 1:57pm: (LON:ECSC) ECSC Group Plc share price was +2.5p at 70p Story provided by StockMarketWire.com

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