Shearwater Group plc
Shearwater Group plc is a UK-based, AIM-listed group providing cybersecurity, managed security and professional advisory solutions, operating through two divisions: Services (cybersecurity solutions, managed security, advisory and penetration testing via brands including Brookcourt Solutions and Pentest) and Software (proprietary multi-factor authentication/access management and data discovery tools via SecurEnvoy). Services generated 96% of FY26 revenue and Software 4%. The Group serves a blue-chip client base including FTSE 350, Fortune 500 and government customers across the UK and internationally.
FY2026 in sixty seconds
year to 30 Jun 2026 · approved 26 Oct 2026 · 96 pages · Company website
Shearwater Group plc, which sells cybersecurity services and software, reported revenue of £42.3m for the year to 30 June 2026, against £39.5m the previous time, though that earlier figure covered 15 months. Its loss after tax narrowed to £394k from £12.0m.
Large contract renewals and wins in its Services division lifted sales, but more of this work involved reselling other firms' products, which earns less. The earlier loss included an £11.1m write-down in the value of past acquisitions; there was no such charge this year. This year's figures included restructuring costs at the Software division, where sales fell.
Cash at the year end was £5.6m, up from £5.1m, with no bank borrowings and almost nothing raised from shareholders. No dividend was recommended, though a legal process is under way that could allow dividends or share buy-backs in future. Management said trading in the early months of the new year was in line with expectations, and contracted future revenue stood at £28.5m. The auditor raised no doubts about the company's ability to keep operating, but the report warns of reliance on certain large customers, with no guarantee that contracts will be renewed.
Major contract renewals and expansions in Services
c.£25m telecoms packet monitoring/forensics contract renewal (£12.5m recognised in FY26); £9m financial organisation Advanced Email Gateway contract (£2.7m impacting FY26); £7.3m mobile network operator contract (£3.5m impacting FY26)
page 9Mix shift toward third-party hardware/software resale in major Services contracts
Services gross margin fell from 21.6% to 18.7% due to structure of major programmes involving significant third-party software
page 9In the early months of FY27 Shearwater has traded in line with expectations. The level of interest in services of all companies within the Shearwater Group has remained high... we look forward to the remainder of FY27 and beyond with optimism.
page 11No dividend recommended for FY26 (FY25: £nil). A capital reduction process commenced in June 2026 (first stage approved by shareholders 13 October 2026) is intended to create distributable reserves enabling the Company to declare a dividend and/or undertake a share buy-back in the future
page 612 years on one page · FY2015–FY2026
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
34 figures restated in a later report
Every figure is read again from the following year’s report: 342 confirmed, 20 differ, 34 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2024 | −£635kFY2024 report | −£573kFY2025 report | |
| FY2024 | £0FY2024 report | not printedFY2025 report | |
| FY2024 | £0FY2024 report | not printedFY2025 report | |
| FY2024 | −£1kFY2024 report | not printedFY2025 report | |
| FY2024 | £6.9mFY2024 report | £6.9mFY2025 report | |
| FY2024 | −£2.2mFY2024 report | −£2.1mFY2025 report | |
| FY2024 | −£3.2mFY2024 report | −£3.2mFY2025 report | |
| FY2024 | −£3.3mFY2024 report | −£3.2mFY2025 report | |
| FY2024 | £22.6mFY2024 report | £24.4mFY2025 report | |
| FY2024 | −£301kFY2024 report | not printedFY2025 report | |
| FY2024 | £62.2mFY2024 report | £67.0mFY2025 report | |
| FY2024 | £17.4mFY2024 report | £21.6mFY2025 report | |
| FY2024 | £12.6mFY2024 report | £16.4mFY2025 report | |
| FY2024 | £46.0mFY2024 report | £45.7mFY2025 report | |
| FY2024 | £16.3mFY2024 report | £21.3mFY2025 report | |
| FY2024 | £1.7mFY2024 report | £1.7mFY2025 report |
18 more figures were restated in FY2015 to FY2023, which a free account opens.