Shearwater Group Reports Pretax Loss for Fiscal 2023

London, UK – Shearwater Group, a cybersecurity company listed on the London Stock Exchange, announced a pretax loss for fiscal 2023. The loss was attributed to higher costs and lower revenue, primarily due to contract delays in the fourth quarter. However, the company stated that its performance in the first quarter met management’s expectations.

In light of this development, Paul McFadden, the Chief Financial Officer, will step down from the board. McFadden will continue in his position until a successor is appointed.

For the year ending March 31, the company reported a pretax loss of £9.6 million compared to a profit of £936,000 in the previous year. The revenue also declined from £35.9 million to £26.7 million.

The fourth quarter was particularly challenging for Shearwater Group, with order delays affecting both revenue and profitability. Despite these setbacks, the company took decisive action during this period to streamline and optimize its operations.

“We have emerged as a more agile and specialized business and are well-positioned to capitalize on future opportunities,” said Chief Executive Phil Higgins. He further emphasized that with the increasing threat of cybersecurity for organizations, combined with the company’s strong reputation and comprehensive offering, Shearwater Group is confident about its medium and long-term prospects.