Yorkshire cyber security group moves into profit
ECSC Group has released a trading update this morning, showing a profit of £0.4m.
Last year, the Bradford-based cyber security specialist broke even.
CEO, Ian Mann explained that despite the Covid-19 “challenges,” it had made “solid progress” during the 2020 financial year.
“We are particularly pleased to report growing adjusted EBITDA profitability and cash generation,” he said.
"The £3m of Group revenue in H2 illustrates the recovery in the Assurance division following the COVID-19 related impact seen in Q2. The continued growth in recurring MDR [Managed Detection & Response Division] revenue demonstrates the resilience of this service line, and our effective strategy of winning consulting clients and converting them into long-term managed services clients.
"ECSC is well-positioned in the growing cyber security marketplace, and we are now resuming our organic growth strategy and related recruitment activities.”
While group revenue reached £3m in the second half of the year, the first half was £2.7m, meaning the annual income was down year-on-year (2019: £5.9m).
Its MDR division performed strongly with a recurring revenue growth of 22% to £2.42m.