Losses narrow at restructured cyber security firm
Cyber security service provider ECSC Group has narrowed losses to just over a million pounds following a turbulent 2018.
The listed Bradford-based company announced revenue growth of 35 per cent to £5.4 million while adjusted operating loss - which excludes one-off and share-based charges – was down to £1.03m.
ECSC floated on the London Stock Exchange in December 2016 but published a disappointing set of financial results for the 12-month period to 31st December 2017.
At the time the company reported lower than expected revenue growth and fell into the red with an operating loss of almost £3.2m after experiencing a number of challenges.
Ian Mann resigned as CEO but was reinstated in September as the company looked to restructure. It secured 95 new consulting service clients and launched a partner programme in 2018.
“The results reflect the extensive work completed internally within ECSC to control costs, implement improvements within sales, and leverage the capacity within the operational infrastructure,” chairman David Mathewson said.
“This improved performance is the result of a focused and motivated team delivering strong growth, whilst keeping tight control over costs and cash management.”
Mann commented: “We are delighted to report such strong organic growth for the full year, well ahead of the previous year, with continued emphasis on building our managed services recurring revenue supported by our consultancy services.
“The team continues to acquire new clients, deliver quality service, develop our technologies and build a solid base for ongoing growth.
“We believe we are well positioned to build on the strong organic growth achieved in 2018 and we look forward to the future with confidence.”
Established in 2000, ECSC describes itself as the UK's longest running 'full service' information and cyber security service provider.
It works with a range of sectors including education, retail, legal, financial and local authorities and its client list ranges from eCommerce start-ups to global organisations.