Pan-European cyber security services firm ECSC Group has posted “strong” interim results for the six months ended 30 June, with organic revenue growth of 43%, helped by the introduction of the General Data Protection Regulation.
Year-over-year sales were £2.65m, up from the £1.85m last time, and managed services recurring revenue jumped 52% to £770,000. Consulting services growth was 36% to £1.56m. EBITDA losses were cut from £1.5m last year to £500,000.
There were new managed service wins valued at £900,000 and the addition of 50 new consulting clients. New artificial intelligence technology was also introduced into the firm's global security operations centres to improve its services to clients.
Ian Mann, CEO of ECSC, said: "We are pleased to report our revenue growth, with particular emphasis on our managed services recurring revenue. New client acquisitions and conversion to recurring revenues is a powerful combination to deliver growth and exploit the post-GDPR regulatory environment."
ECSC completed an IPO in 2016 and costs quickly stacked up as it expanded. After a range of cost-cutting measures over the last year, the company now says it is on the way to breaking even. It's second quarter was stronger than the first in terms of sales and new clients.