Technology

Shearwater Group plc

Market Cap (£m) 28.2
Listing AIM

Analysts

Company Description

Shearwater provides software and IT services to customers in the corporate and public sectors, with a focus on the cyber security market.  The business has been built through acquisition, sells both through a direct salesforce and via partners, and is active globally.

Investment Summary

In our view, Shearwater offers investors three key attractions: (1) exposure to the fast-growing and secular expansion opportunity of cyber security provision to corporate clients, a well-established and highly attractive market; (2) software-style gross (and, over time, operating) margins from high-quality own-IP software products, being cross-sold by large and strongly performing services businesses, notably Brookcourt but also Pentest and xcina; and (3) opportunity to enjoy medium-term earnings growth, driven by a "rebound" from depressed COVID-impacted trading, by a newfound clarity, drive and focus across the previously disparate group, and by acquisitions, which we believe are now likely to be effected as the group benefits from its stronger position and market backdrop.

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Company Management Team

  • Phil Higgins

    Group Chief Executive Officer

    Phil has over thirty years’ industry experience during which time he has been instrumental in the delivery of next generation technology solutions to many leading global FTSE 100 and FTSE 250 companies. Following a six-year secondment to the US as International Business Director for Info Products Europe (now SCC), Phil returned to the UK market in 2001. After a brief spell at NSC Global and three years at Repton (now CDW), he co-founded Brookcourt Solutions in 2005. In December 2018, Phil joined the Board of Shearwater as an Executive Director, and in April 2019 was appointed as Chief Executive Officer of Shearwater Group.

  • Paul McFadden

    Group Chief Financial Officer

    Paul has over ten years’ experience in senior finance positions within market leading digital information services, training and events businesses, creating and leading scalable finance functions within both a private and listed environment. Most recently, Paul was responsible for creating and leading a scalable shared service centre at Wilmington plc as the business grew substantially organically and via acquisitions in a five-year period.

Key Dates

Apr 2021
22nd
Q4 TU
Actual
Jul 2021
28th
Finals
Actual
Aug 2021
23rd
Q1 TU
Estimate
Sep 2021
22nd
AGM
Actual
Nov 2021
2nd
Q2 TU
Actual
Nov 2021
25th
Interims
Actual
Apr 2022
27th
Q4 TU
Actual
Jul 2022
28th
Finals
Estimate
Sep 2022
22nd
AGM
Estimate
Nov 2022
2nd
Q2 TU
Estimate
Nov 2022
25th
Interims
Estimate
Apr 2023
27th
Q4 TU
Estimate