Shearwater Group
SWG · AIM · Technology · mcap £16m · 66.0p
Shearwater provides cyber security, data protection and compliance services, mainly through its Brookcourt subsidiary, plus some software. Customers are large telecom, financial and UK government organisations, usually on multi-year contracts.
| Date | Type | Announcement | Day |
|---|---|---|---|
| 06 Aug 26 | Expanded Growth Opportunity on G-Cloud 15
Brookcourt and Pentest secured positions on G-Cloud 15 with expanded cybersecurity solutions portfolio. |
+0.8% | |
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Brookcourt G-Cloud solutions increase 31 to 55 approved solutionsSolutions increase percentage c.77%Recent G-Cloud 14 contract expansion c.£1m (December 2025)
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| 27 Jul 26 | Trading update | FY26 Trading Update
FY26 revenue and adjusted EBITDA ahead of market expectations; reallocation of capital reserves planned. |
+23.1% |
|
ahead expectations Revenue c.£42m (£39.5m)Revenue growth (annualised YoY) c.33%Adjusted EBITDA £2.5m (£2.2m)Adjusted EBITDA growth (annualised) 41%Net cash £5.6m (£5.1m)
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| 14 Jul 26 | US$1.2m global financial services contract
Brookcourt Solutions secures US$1.2m three-year contract with major Japanese financial group. |
+3.6% | |
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Contract value US$1.2mContract duration 3 years
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| 02 Jul 26 | Board update
Jonathan Entract appointed as Independent Non-Executive Director and Audit Committee Chair from 1 July 2026. |
+1.2% | |
| 01 Jul 26 | 5 Year c.£25m contract extension with global Telco
Brookcourt secured five-year contract extension worth c.£25m with global telecommunications provider. |
+16.2% | |
|
revenue slightly ahead, cash 20% below expectations expectations Contract value c.£25mContract term 5 yearsRevenue recognised in FY26 c.£12.5mFY26 revenue expectation slightly aheadCash at period end c.£5.6m (£5.1m)FY26 Adjusted EBITDA expectation £2.4m
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| 18 May 26 | AIM Rule 17 and Schedule 2(g)
Non-Executive Chair Robin Southwell's company Aeralis Ltd entered administration. |
+0.0% | |
| 29 Apr 26 | C.£1.8m contract win with major UK telco
Brookcourt Solutions awarded £1.8m contract with major UK telco for hardware platform and support services. |
+0.0% | |
|
Contract value £1.8m
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| 01 Apr 26 | Board Update
Non-Executive Director Giles Willits steps down after over a decade; replacement search underway. |
+4.0% | |
| 17 Mar 26 | Results | Half-year Results
Revenue grew 31% to £14.0m in H1 FY26; adjusted EBITDA flat; board confident of full-year delivery. |
−3.6% |
|
in line expectations Revenue £14.0m (£10.7m)Revenue growth 31%Adjusted EBITDA £0.0m (£0.1m)Adjusted administrative expenses £2.9m (£3.0m)Cash and cash equivalents £2.2m (£3.6m)Services revenue £12.9m (£9.4m)
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| 12 Mar 26 | £1.3m contract win with major UK telco
Brookcourt secured £1.3m contract with major UK telecoms provider for network monitoring solution. |
+1.2% | |
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Contract value £1.3m
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| 03 Feb 26 | C.£9m Contract renewal and expansion
Brookcourt secures c.£9m three-year cyber defence contract renewal and expansion with global financial organisation. |
+7.4% | |
|
supports FY26 market expectations expectations Contract value c.£9mContract term three yearsFY26 revenue recognition £2.7m
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| 15 Jan 26 | Board Update
David Williams steps down as Chair after a decade; Robin Southwell OBE appointed as successor from 31 January 2026. |
−1.1% | |
| 23 Dec 25 | Contract Expansion
Contract expansion with central Government department for threat intelligence services worth approximately £1 million over three years. |
−4.7% | |
|
supports the delivery of existing FY26 market expectations expectations Contract value c.£1 million
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| 10 Dec 25 | Block Admission
Block admission of up to 475,000 ordinary shares approved for LTIP option exercises. |
−1.1% | |
| 04 Dec 25 | £7.3m Contract Extension
Brookcourt secures £7.3m three-year contract extension with leading UK mobile network operator for data security services. |
+4.7% | |
|
supports delivery of market expectations expectations Total contract value £7.3mContract duration three yearsFY26 revenue recognition £3.5mThales Imperva DSF licences £6.1mManaged Services provision £1.2m
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| 11 Nov 25 | Results | Results for the 15-month period ended 30 June 2025
Revenue grew 29% annualised to £39.5m; adjusted EBITDA up 91% to £2.2m in 15-month period to June 2025. |
−13.8% |
|
slightly ahead (prior to revenue recognition policy change) expectations Revenue £39.5m (£24.4m)Adjusted EBITDA £2.2m (£0.9m)Adjusted EPS 3.0p (0.5p)Adjusted profit before tax £0.6m (loss of £0.6m)Cash £5.1m (£5.0m)Services division revenue (annualised) £37.0m
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| 21 Jul 25 | Issue of New Shares to Shearwater Group Plc
Ormonde Mining issued 5 million shares to Shearwater Group for 51.3% stake in Spanish exploration licences. |
+5.9% | |
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New shares issued 5 millionStake acquired 51.3%Ormonde ownership after acquisition 100%Total shares in issue post-admission 477,507,482
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| 09 Jul 25 | Trading update | FY25 Trading Update
FY25 revenue and adjusted EBITDA ahead of expectations, driven by contract wins and renewals. |
+26.9% |
|
ahead expectations FY25 Revenue c.£41m (£22.6m)FY25 Revenue YoY Growth (annualised) c.45%FY25 Adjusted EBITDA c.£2.2m (£0.9m)FY25 Adjusted EBITDA YoY Growth (annualised) c.100%
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| 28 May 25 | SWG company achieves landmark AI Certification
Brookcourt Solutions subsidiary achieves ISO 42001 AI Management Certification, one of first in UK. |
+10.3% | |
| 07 May 25 | £4.4m New Contract Win
Shearwater's Brookcourt wins £4.4m three-year data security contract with major UK telecom and media company. |
+7.9% | |
|
in line with market expectations expectations Contract value £4.4m
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| 02 Apr 25 | Contract Renewal
Brookcourt Solutions secured c.£8.4m two-year contract extension with multinational telco and media company. |
+9.5% | |
|
in line with market expectations expectations Contract value c.£8.4mContract duration two years
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| 10 Feb 25 | Update re Spanish Gold Licences
Ormonde acquires Shearwater's 51.3% stake in Spanish gold licences, increasing ownership to 100%. |
+1.5% | |
|
Consideration €50,000Consideration Shares issued 5,000,000Ormonde's stake after acquisition 100%Shearwater's previous stake 51.3%
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| 30 Jan 25 | Change of Year End and Grant of LTIP options
Year end moved from 31 March to 30 June; 1.2m LTIP options granted to staff including new CFO. |
+6.2% | |
|
on track to exceed revenue expectations and deliver adjusted EBITDA in line with market expectations expectations Extended period revenue expectation in excess of £38mExtended period adjusted EBITDA expectation approximately £2.0mTotal LTIP options granted 1,227,000Options granted to CFO Jonathan Hall 250,000Share capital dilution 5.1%Option exercise price 35.2p
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| 20 Dec 24 | £2.3m Contract wins
Shearwater wins £2.3m in new contracts including £1.5m email encryption deal with global financial services firm. |
+4.0% | |
|
in line with market expectations expectations Total contract wins £2.3mBrookcourt Solutions major contract £1.5mOther services contract wins £0.8m
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| 26 Nov 24 | Results | Half-year Results
Interim results show revenue growth to £11.3m but EBITDA turned negative; announced $12.8m five-year contract win. |
−8.2% |
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in line with expectations expectations Group Revenue £11.3m (£10.5m)Adjusted EBITDA £(0.4m) (£0.6m)Net Cash £3.0m (£2.2m)Brookcourt Contract Win $12.8mServices Revenue £10.2m (£9.3m)Software Revenue £1.1m (£1.2m)
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| 20 Nov 24 | Notice of Investor Presentation
CEO and CFO to present interim results on 27 November 2024 via Investor Meet Company platform. |
+2.9% | |
| 07 Nov 24 | Contract Wins and Notice of Results
Secured three-year contract worth £3.7m with major British media and telecoms company; approved G-Cloud supplier status achieved. |
−1.4% | |
|
Contract value c.£3.7mContract term 3 yearsG-Cloud 14 framework initial period 18 months
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| 25 Sep 24 | Board Update
Jonathan Hall appointed to Board as CFO; interim CFO Adam Hurst departs. |
+0.0% | |
| 27 Aug 24 | Board change | CFO Appointment
Jonathan Hall appointed Chief Financial Officer, joining the Board at end of September 2024. |
+3.8% |
| 24 Jul 24 | Results | Results for the year ended 31 March 2024
Revenue fell 15% to £22.6m due to customer budget deferrals, but adjusted EBITDA returned to profit and net cash strengthened. |
+17.1% |
|
in line expectations Group revenue £22.6m (£26.7m)Adjusted EBITDA £0.9m (£(0.2)m)Adjusted loss before tax £(0.6)m (£(1.3)m)Net cash £5.0m (£4.0m)Services revenue £20.2m (£23.8m)Services adjusted EBITDA £1.5m (£0.1m)
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| 19 Jul 24 | Contract Win and Notice of Results
Brookcourt Solutions secured a three-year contract worth $4.8 million with a leading British telecommunications company. |
+10.4% | |
|
Contract value $4.8 millionContract duration three years
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| 03 Apr 24 | Trading update | FY24 Trading Update
FY24 revenue £22.5m significantly below expectations; Adjusted EBITDA returned to profit at under £1m despite contract delays. |
−12.1% |
|
below expectations Revenue FY24 c.£22.5m (£26.7m)Adjusted EBITDA FY24 just under £1m (£(0.2)m)Cash at year end £5m (£4m)Market consensus revenue expectation £32.5mMarket consensus Adjusted EBITDA expectation £2.5m
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| 04 Jan 24 | Contract Wins
Brookcourt secures three-year contracts with global bank and UK government department totalling US$3.15m and £0.84m. |
+9.8% | |
|
Global bank contract value US$3.15mGlobal bank contract term three yearsGovernment department contract value £0.84mGovernment department contract term three years
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| 22 Nov 23 | Results | Half-year Results
H1 revenue £10.5m, slightly down, but adjusted EBITDA improved to £0.6m. Company expects to meet full year management expectations. |
−7.1% |
|
Revenue £10.5m (£10.8m)Adjusted EBITDA £0.6m (£0.1m)Adjusted loss before tax £0.1m (£0.5m)Cash £2.2m (£0.9m)New clients won 41Government agency contract win £1.3m
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| 21 Nov 23 | Change of Nominated Adviser and Broker
Nominated Adviser and Broker changed from Cavendish Securities plc to Cavendish Capital Markets Limited. |
+7.7% | |
| 20 Nov 23 | Board Update
Adam Hurst appointed to Board; Paul McFadden resigned as Director following handover completion. |
+0.0% | |
| 10 Oct 23 | Board change | Interim CFO Appointment
Adam Hurst appointed as Interim CFO on six-month contract; Paul McFadden remains during transition. |
+2.6% |
Company filings. Not investment advice.