Information Technology

Shearwater Group PLC

  • Market Cap (£m) 12.3
  • Listing AIM

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.

Recent Content

    FY23 trading update and outlook

    09/06/2023 Shearwater Group PLC

    Shearwater yesterday issued a trading update further to its previous trading update for the year ending 31 March […]

    Robust trading despite macro headwinds

    02/12/2022 Shearwater Group PLC

    Interim results for the six months ended 30 September 2022 show that Shearwater has delivered a robust trading […]

    Services driving impressive progress

    03/08/2022 Shearwater Group PLC

    Shearwater released an impressive set of estimate-beating FY22 results on 29 July. The revenue figure of £35.9m was […]

    Trading significantly ahead of estimates

    27/04/2022 Shearwater Group PLC

    Shearwater has published a trading update for the year ended 31 March 2022. As a result of a […]

More Content

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.

  • Adam Hurst

    Chief Financial Officer

    Adam qualified as a chartered accountant at Price Waterhouse. He moved into industry where he held a variety of positions including in corporate development at a large food manufacturer and then as Group Financial Controller at FTSE 100 company Tate & Lyle plc. This was followed by ten years in the media and entertainment sector with CFO roles including at Entertainment One Ltd and most recently at digital marketing company Yell Ltd.