Shearwater Replaces Boss With Insider, Expects Widened Loss

LONDON (Alliance News) - Shearwater Group PLC on Friday said that following a restructuring of ...

Alliance News 12 April, 2019 | 5:38PM
Email Form

LONDON (Alliance News) - Shearwater Group PLC on Friday said that following a restructuring of the business Chief Executive Officer Michael Stevens will step down from the board with immediate effect.

Stevens will be replaced by Executive Director Phil Higgins who has immediately been named CEO.

For the year ended March 31, the company expects its loss before interest, taxes, depreciation and amortisation to be around GBP1.6 million, widened from GBP1.0 million a year ago.

Revenue meanwhile, is guided up to GBP23.5 million from GBP6.4 million.

Cash as at the March end was GBP600,000.

Shearwater added that is expected that its current financial year with see "significant growth." This was after its largest acquisition to date - Brookcourt Solutions - continued to trade in line with management expectations.

Shares in the software company closed up 17% at 1.75 pence each.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Shearwater Group PLC 2.15 GBX 1.18 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.