Shearwater locks in renewals and inks fresh deals with mystery investment bank

Organisational resilience group Shearwater said on Tuesday that it had secured two 12-month contract renewals and reached two new agreements with an unnamed British multinational investment bank and financial services company.

Shearwater said the new deals had a total value of roughly £860,000 and underpinned its existing full-year forecasts.

The AIM-listed group also highlighted that third-quarter trading had continued to be "buoyant", with recognised revenues for October and November 39% ahead of the same two months in the prior year.

Shearwater added that strong momentum had continued into December, materially reducing the year-on-year revenue deficit reported for the first half.

Chief executive Phil Higgins said: "We are delighted to be delivering part of the cybersecurity programme of one of the world's largest multinational investment banks.

"We are also very pleased with the good momentum seen in trading so far in the second half, as delayed decision making begins to unwind, underpinning our confidence in delivering against market profit expectations for the full year."

As of 1020 GMT, Shearwater shares were up 9.25% at 152.40p.