Published on: April 27, 2022
Trading significantly ahead of estimates
Shearwater has published a trading update for the year ended 31 March 2022. As a result of a strong H2, revenues for the full year are materially ahead of our, and market, expectations, with management now expecting £35.5m for FY22, up 12% on FY21 and £2.0m ahead of our forecast. The update also states that EBITDA is expected to be in excess of £4.2m, ahead of our forecast of £4.1m. This statement, alongside recent contract wins, shows that management’s hard work in recent years is paying off. We have adjusted our FY22 figures to reflect this good news, and look forward to the final results in July as an opportunity to find out more and revisit our FY23 estimates.