LONDON: Shearwater Group PLC has announced that following a restructuring of the business, Michael Stevens, the Company’s current Chief Executive Officer, has agreed to step down from the Board and will leave the business with immediate effect. Phil Higgins, Executive Director of the Company has now been appointed as Chief Executive Officer (CEO) of the Group with immediate effect.
Shearwater Group will benefit from Phil’s substantial industry expertise, and as the founder of Brookcourt Solutions, the largest division within Shearwater, is ideally placed to drive the future growth of the business. He was appointed as an executive director in December 2018, a statement issued to London Stock Exchange said.
Furthermore, the Group announces the following trading update following the financial year ended 31 March 2019 and ahead of the finalisation of its year end accounts. Reported revenue (incorporating only 5.5 months of trading from Brookcourt Solutions) is expected to be in the region of £23.5 million compared to £6.4 million in the prior financial year. Reported underlying EBITDA loss is expected to be in the region of £1.6 million compared to a loss of £1.0 million in the prior financial year. Cash as at the 31 March 2019 was £0.6 million.
The Board are confident that the current year will see significant growth, with Brookcourt Solutions, the Group’s most sizable acquisition to date, contributing a full 12 months. Since it was acquired in October 2018, Brookcourt has continued to trade in line with managements’ expectations and underpins the confidence in the Group’s outlook.[the_ad id=”31605″]