SWG Shearwater Group Plc

7 November 2024

Shearwater Group PLC

("Shearwater", or the "Group")

Contract Win, G-Cloud Supplier Status Approved and Notice of Results

Shearwater Group plc, the cybersecurity, advisory, and managed security services group, is pleased to announce that its subsidiary, Brookcourt Solutions ("Brookcourt"), has secured a significant three-year contract with a major British media and telecommunications company. It also announces that it has achieved 'approved supplier' status with the Crown Commercial Service ("CCS"), G-Cloud 14 framework, which all public sector organisations can use to buy cloud-based computing services such as hosting, software and cloud support.

Contract win with British Media and Telecoms giant

Brookcourt has secured a significant three-year contract, valued at c.£3.7m. The contract will be recognised in the current financial year and contributes towards the FY25 revenue target.  It includes a comprehensive renewal of endpoint security platforms, along with advanced Data Loss Prevention (DLP) and Identity Protection solutions, reinforcing the client's security posture for years to come.

Approved supplier status with the Crown Commercial Service

Brookcourt's recognition as 'approved supplier' with the CCS is strategically significant and aligns with Shearwater's recent focus on expansion into Government departments.

Brookcourt is now able to provide a broad array of cybersecurity services designed to address the unique cybersecurity challenges faced by public sector organisations. The portfolio includes solutions enhanced by generative artificial intelligence (AI), providing buyers with powerful tools to streamline operations through automation and technological innovation.

The G-Cloud 14 framework will operate for an initial period of 18 months, extendable up to two years - doubling the term of the previous framework. Contracts awarded through this framework may run for up to four years, allowing Brookcourt to deliver sustained, high-quality cybersecurity solutions to public sector clients.

Notice of Results

The Group will provide a full update on trading together with its interim results, which will be announced on 26 November 2024.

Phil Higgins, CEO of Shearwater, commented:

"Securing approved supplier status on the Crown Commercial Service's G-Cloud 14 framework underscores our commitment to delivering innovative, high-impact cybersecurity solutions for the public sector, and demonstrates the value of the Shearwater offering.

This achievement, alongside our significant new contract with a leading British media and telecommunications company, reaffirms our dedication to empowering clients with next-generation security tools, including advanced AI-driven solutions.

We look to the future with confidence, bolstered by increased levels of customer engagement, deepened expansion into central government and a growing pipeline of opportunities."

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About Shearwater Group plc

Shearwater Group plc is an award-winning group providing cyber security, managed security and professional advisory solutions to create a safer online environment for organisations and their end users.

The Group's differentiated full service offering spans identity and access management and data security, cybersecurity solutions and managed security services, and security governance, risk and compliance. Its growth strategy is focused on building a scalable group that caters to the entire spectrum of cyber security and managed security needs, through a focused buy and build approach.

The Group is headquartered in the UK, serving customers globally across a broad spectrum of industries.

Shearwater shares are listed on the London Stock Exchange's AIM under the ticker "SWG".  For more information, please visit www.shearwatergroup.com.