Highlights

  • Shearwater Group posts GBP 39.5m revenue, up 29% annualised, driven by Services division growth.
  • Adjusted EBITDA rises 91% to GBP 2.2m, reflecting improved operational efficiency and recurring contracts.
  • Group secures major telco contracts and gains G-Cloud 14 supplier status, expanding opportunities.

Shearwater Group plc (LSE:SWG) the UK-based cybersecurity and managed security services provider, reported audited results for the 15-month period ended 30 June 2025. Revenue reached GBP 39.5m, up from GBP 24.4m in FY24 (restated), representing annualised growth of 29%. Adjusted EBITDA grew 91% to GBP 2.2m, while adjusted profit before tax improved to GBP 0.6m from a GBP 0.6m loss in the prior period. Adjusted EPS increased to 3.0p per share, up from 0.5p.

The Group maintained a balance sheet, closing the period with GBP 5.1m in cash and no debt. Exceptional costs of GBP 11.3m included a GBP 11.1m non-cash goodwill and intangible impairment and GBP 0.2m in restructuring costs.

Operational Highlights
The Services division saw revenue rise to GBP 37.0m, an annualised growth of 34%, driven by repeat business from long-standing clients and new acquisitions. Key contract wins included a USD 12.8m five-year deal with a leading global telco for 5G network security and a GBP 8.4m contract renewal with a major telco for assurance solutions.

Shearwater also achieved supplier status on the UK Government’s G-Cloud 14 framework, enhancing public sector access. Investment in proprietary AI tools and ISO 42001 certification underscores the Group’s focus on innovation and responsible AI management. The software segment received updates to its Multi-Factor Authentication solutions, aiming to return it to growth in FY26.

Outlook
The Group anticipates continued sector growth due to increasing cyber threats and rising organisational cybersecurity spend. Its established expertise in Telco and Financial Services, combined with a strong balance sheet, positions Shearwater to capitalise on expanding public and private sector opportunities. The growing pipeline of contracts supports confidence in revenue and EBITDA growth for FY26.

CEO Phil Higgins commented: "The past 15 months have been a period of significant progress… Organisations are recognising the need to invest in their defences, creating further opportunities for Shearwater Group."

Share Performance of SWG

SWG was trading 10.57% lower at GBX 55.0 per share as of 11 November 2025 at the time of writing.