ECSC

Shares in ECSC were up more than 40% on Tuesday, after the company updated the market with a promising trading update for the year.

The cyber security services provider said it enjoyed revenue growth of over 30% to £5.4 million for the 2018 financial year.

The company also said that managed services revenue growth was up 50%. Consulting services revenue growth was also up over 25%.

Ultimately, the security firm said q4 trading remained strong, with results set to be in line with market expectations.

With regards to artificial intelligence technology, 95 new consulting clients were secured during the period.

As a result, the ECSC said its final cash balance came in at £650,000, alongside debts of £869,000.

Ian Mann, CEO of ECSC, commented:

“We are delighted to report such strong organic growth for the full year, and moving back into profit, with continued emphasis on our Managed Services recurring revenue. The team continues to acquire new clients, deliver quality service, and build a solid base for ongoing growth.”

David Mathewson, Non-Executive Chairman, commented:

“The performance reflects a focussed and motivated team delivering strong growth, whilst keeping tight control over costs and cash management.

Our programme of cost reductions in late 2017 and early 2018 improved our efficiency, whilst maintaining our service quality and growth capability.”

ECSC was founded back in 2000 and is headquartered in the UK. In 2018, the company received its second PCI Award for Excellence.

The company was also listed within SC Magazines’ Global top 50 companies in the cyber security market.

Shares in ECSC (LON:ECSC) are currently trading +41.88% as of 12:15PM (GMT).