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02 Apr 2019 | 10:01

GRC profits hurt by increase in investment spend and fall in billings

Cyber security group GRC International said annual profits were hurt by a ramp-up in investments and fall in billings against an uncertain macro-economic and political backdrop. Billings for H2 were down 31% to £7.0m from £10.1m the same period a year ago and for the year were down 3% to £15.8m. '2018/19 was a year of significant investment in new business areas and geographies which, as expected, has impacted short-term profitably,' the company said. But the company did report that demand its cyber security services continued to be very strong.

'Given the strong exit run rate to the period, we are cautiously optimistic about the outlook for the new financial year and maintain our guidance for 2020,' the company added. 'Whilst we are not yet seeing any pickup in our GDPR services following the spike (as explained above) in the run up to 25 May 2018, we continue to expect to see some significant fines by the Information Commissioner's Office for breaches of the regulations and renewed efforts by companies to become compliant.'

At 10:01am: (LON:GRC) GRC International Group Plc share price was 0p at 70p

Story provided by StockMarketWire.com
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