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.

Target	Promise	Said	Status
2024
31 Mar 2024	Meet full-year FY24 management expectations	22 Nov 2023	✗ Missed · target changed
	“Board currently expects to meet full year management expectations based on the visibility of the sales opportunities” Result April 2024 update said revenue of £22.5m was well below consensus £32.5m and EBITDA below £2.5m. “Revenue in FY24 is expected to be c.£22.5m (FY23: £26.7m), with Adjusted EBITDA1 returning to profit compared to the prior year at just under £1m”3 Apr 2024 · FY24 Trading Update “The Company considers current consensus market expectations, ahead of this trading update, for the year ended 31 March 2024 are for revenues of £32.5m and Adjusted EBITDA of £2.5m.”3 Apr 2024 · FY24 Trading Update
26 Nov 2024	Provide full trading update with interim results on 26 November 2024	7 Nov 2024	✓ Kept
	“The Group will provide a full update on trading together with its interim results, which will be announced on 26 November 2024” Result Interim results were published on 26 November 2024. 26 Nov 2024 · Half-year Results
2025
30 Jun 2025	Return to revenue and profit growth in FY25	3 Apr 2024	✓ Kept
	“Confidence in returning to growth in FY25 and in delivering solid, sustainable revenue and profit growth in the years ahead.” Also stated 24 Jul 2024 Result 15-month period revenue grew 29% annualised and EBITDA rose 91% to £2.2m. 11 Nov 2025 · Results for the 15-month period ended 30 June 2025
30 Jun 2025	Deliver FY25 results in line with market expectations	26 Nov 2024	✓ Kept
	“expected to support the Group in delivering results for the period in line with market expectations, which would represent significant annualised growth in both revenue and Adjusted EBITDA from FY24” Also stated 20 Dec 2024 · 2 Apr 2025 Result July 2025 update said FY25 revenue and EBITDA were ahead of expectations. 9 Jul 2025 · FY25 Trading Update
30 Jun 2025	Revenue above £38m for the 15 months to June 2025	30 Jan 2025	✓ Kept
	“the Company therefore expects to report revenues in excess of £38m” Result 15-month revenue was £39.5m. “Revenue of £39.5m (FY24 (restated): £24.4m1), representing annualised growth of 29%”11 Nov 2025 · Results for the 15-month period ended 30 June 2025
30 Jun 2025	Adjusted EBITDA of about £2.0m for the 15 months to June 2025	30 Jan 2025	✓ Kept
	“adjusted EBITDA of approximately £2.0m” Result Reported adjusted EBITDA was £2.2m. “Adjusted EBITDA2 of £2.2m (FY24 (restated): £0.9m1), up 91% on an annualised basis”11 Nov 2025 · Results for the 15-month period ended 30 June 2025
2026
30 Jun 2026	£3.0m adjusted EBITDA in FY26 for full LTIP vesting	30 Jan 2025	✗ Missed
	“Full vesting in FY26 would only occur on the delivery of £3.0m in Adjusted EBITDA” Result FY26 adjusted EBITDA was £2.5m, below the £3.0m needed for full vesting. “expected adjusted EBITDA of £2.5m, an annualised increase of 41% (FY25: £2.2m)”27 Jul 2026 · FY26 Trading Update
30 Jun 2026	Deliver further growth in revenue and EBITDA in FY26	30 Jan 2025	✓ Kept
	“Growing pipeline of opportunities provides confidence in the ongoing delivery of growth in both revenue and EBITDA in FY26” Also stated 9 Jul 2025 · 11 Nov 2025 Result FY26 revenue c.£42m and EBITDA £2.5m, up from £39.5m and £2.2m, ahead of expectations. “expected revenue of c.£42m, representing an annualised YoY increase of c.33% (FY25: £39.5m for 15-month period), and expected adjusted EBITDA of £2.5m, an annualised increase of 41% (FY25: £2.2m)”27 Jul 2026 · FY26 Trading Update
30 Jun 2026	Return Software segment to growth in FY26	11 Nov 2025	… In progress
	“with objective of returning Software segment of the business to growth in FY26” Result Not yet due.
30 Jun 2026	Full-year FY26 performance in line with market expectations	17 Mar 2026	✓ Kept
	“Board remains confident of delivery of full-year performance in line with market expectations.” Result FY26 revenue and EBITDA ahead of market expectations. “Strong H2 performance drives full-year revenue and adjusted EBITDA ahead of market expectations”27 Jul 2026 · FY26 Trading Update
Today · 10 Oct 2026
31 Dec 2026	Expand G-Cloud products for public sector from 32 to 55	17 Mar 2026	✓ Kept
	“expanding the number of Shearwater products available to public sector organisations from 32 to 55” Result August 2026: Brookcourt approved on G-Cloud 15 with 55 solutions, up from 31. “Brookcourt has increased the number of approved technologies and specialist services available through G-Cloud by c.77%, from 31 on G-Cloud 14 to 55 on G-Cloud 15.”6 Aug 2026 · Expanded Growth Opportunity on G-Cloud 15