Technology
Shearwater Group PLC
Analysts
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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
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 […]
Cyber security for the next generation
26/11/2021 Shearwater Group plc
Shearwater is a group of businesses with a single purpose and common goal: working with clients to protect […]
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.
