‘Substantial progress’ at Xcina Consulting with new clients and first international office

Advisory firm Xcina Consulting has secured a raft of new clients and generated revenues of £1m since it was acquired last year.

Digital services company Shearwater Group plc snapped up the London-based business in July 2017, when it had annual revenues of £2.4m but was loss-making at the EBITDA level.

AIM-listed Shearwater confirmed this morning (May 31) that Xcina is now trading profitability at the EBITDA level on a reported basis.

The company has secured more than 30 new customers since last summer.

On the back of that growth, Xcina has expanded with its first international office in the US, putting it in a better position to serve potential multinational clients.

Mo Stevens, group chief exec at Shearwater, said: “We are thrilled with the substantial progress Xcina Consulting has made since joining the group.

“Delivering £1 million worth of new business and becoming profitable in less than a year is a tremendous achievement for Mark [Child, executive MD of Xcina] and the team, and we are delighted the benefits of accessing the wider Shearwater Group infrastructure are being realised so early on.”

Mark Child commented: “The market for business and technology risk assurance and advisory services is rapidly evolving and we are really excited about the expansion of our capability beyond traditional GRC services which is enabling us to meet the digital, operational and regulatory resilience requirements of our growing client base.”

Xcina Consulting formerly traded as Newable Consulting.