Nebula Cloud Service Launch & Coronavirus Update

RNS Number : 9874N

ECSC Group PLC

27 May 2020

 

27 May 2020

ECSC Group plc

('ECSC' or the 'Company' or the 'Group')

Nebula Cloud Service Launch and
Coronavirus (COVID-19) Update

Nebula Cloud

ECSC Group plc (AIM: ECSC), a leading provider of cyber security services, is pleased to announce the launch of its new Nebula Cloud cyber security breach detection service.  This service takes the existing 24/7/365 managed service, which utilises the proven ECSC proprietary Kepler Artificial Intelligence (AI) technology and introduces new cloud-based service options designed for wider resellers and a lower entry price than traditional approaches.

Nebula Cloud enables users to collect, store, and use Artificial Intelligence to analyse IT system logs and generate 24/7 alerts to potential cyber security breaches.  This system, when combined with the ECSC mature Security Operations Centres, expert management, and incident response gives a fully functioning Security Orchestration, Automation and Response (SOAR) service.

The Nebula Cloud service has been launched this month through the expanding ECSC Partner Programme.  In addition, later this year, the Company plans to make the service available to the wider IT Reseller community through the Distribution channel.

COVID-19 Update

The Group's response continues to be led by the current medical and science-based advice and guidance from the UK and Australian governments.

Throughout this period, ECSC has maintained its ability to remotely deliver the full range of consultancy services.  The emergency incident response service continues in full operation and the Security Operations Centres remain operational 24 hours a day, 7 days a week.

Since the start of April, there has been a reduction in consulting bookings, with some clients delaying consulting projects.  This reduction was anticipated by ECSC's management who, in response, implemented various actions, including making use of the UK and Australian government employment support programmes.

There has been no reduction within the anticipated managed services recurring revenue.  The combination of the Q1 new managed service wins and ongoing contract renewals has resulted in order book growth to £2.7m (End 2019: £2.6, End 2018: £2.5m).  The sales and marketing teams continue to win new clients, with 43 since the start of the year.

The focus of the management actions was to reduce costs during this period of revenue reduction to enable the Group to achieve break-even.  The board is pleased to report that this aim was achieved in April with break-even on an Adjusted EBITDA basis (excluding one-off and share based charges).

With the recent additional funds from the successful equity fundraise and short-term tax payment support, the cash total as at Friday 22 May was £1.2m, including £0.5m of short-term UK government Covid-19 related delayed tax payments.  The bank facility of up to £0.5m remains unused.

Ian Mann, CEO of ECSC, commented:

"We are delighted that our Artificial Intelligence technologies continue to drive new innovative services.  The Nebula Cloud cyber security breach detection service has the potential to reach a much wider client-base, and enable more sales through our developing partner programme and traditional IT resellers.

"Whilst the current COVID-19 situation continues to dominate, the management team have moved rapidly to implement operational flexibility, and cost control measures, to maintain full operations within a prudent financial framework."

Enquiries:

ECSC Group plc (including press enquiries) David Mathewson, Non-Executive Chairman Ian Mann, Chief Executive Officer	[phone]
Allenby Capital (Nominated Adviser and Broker) David Hart Nicholas Chambers For more information please visit the following: https://investor.ecsc.co.uk/ Notes to Editors	[phone]

AIM listed ECSC Group plc, is the UK's longest running, full service cyber security provider.  Its consultancy-led approach, in addition to its custom methodologies and in-house proprietary technologies, enables ECSC to support all organisations across every sector.  ECSC has significant intellectual property, including Artificial Intelligence delivering remotely managed cyber security breach detection.  

Established in 2000, ECSC operates from two Security Operations Centres (SOCs), one in the UK, based in Yorkshire and the second in Brisbane, Australia allowing ECSC to provide true 24/7/365 cyber security monitoring, detection and incident response.  ECSC also helps organisations test their cyber security, prevent breaches and achieve industry certifications.

The senior management team has over 80 years combined experience within the Company, and has delivered consecutive organic growth for the last 20 years. 

ECSC's client list ranges from e-commerce start-ups to global organisations, and the Company counts 10% of the FTSE 100 amongst its clients. 

 

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