Stockholm, Sweden- 09 August 2024 - Cyber Security 1 AB has released its H1 2024 report, detailing continued momentum from 2023, by recording a 15% revenue increase year over year, from €25,057k in H1 2023 to €28,700k in H1 of 2024.
Summary Highlights
· Group total revenue increased year over year by 15%, from €25,057k in H1 2023 to H1 €28,700 k in H1 of 2024.
· Gross margin has increased by 7% versus prior year, from €5,650k in H1 2023 to €6,018k in H1 of 2024.
· Operating Expenditure in H1 2024 has marginally increased by €389k, a 7% increase compared to H1 2023, deriving from increased commercial headcount and audit and professional fees related to establishing a new commercial office in Saudi Arabia.
· H1 2024 Group EBITDA has equated to a profit of €356k, compared to a profit of €384k in H1 2023.
The increases in both revenue and margin versus prior year are attributed to new enterprise customers being onboarded with our latest solutions and services, combined with additional upselling of solutions within existing security infrastructures.
"I am delighted to report that we have continued the strong momentum gathered in 2023, achieving year on year growth in our revenue and margin, whilst making investment in critical commercial expertise, that will aim to yield results in the second half of the year." Comments Robert Brown, Group President of CYBER1.
"We can now see the result of the long-term work of the present management, through the ability to offer state-of-the-art products and services to the market. We have complemented this approach, with an ability to have close analysis and control over our internal processes and expense monitoring. This continues to place CYBER1 in a strong position within the market both now and into the future."
"Looking ahead to the second half of the year, the foundations we have continued to build on are demonstrating results, particularly in our improved margins. Historically, the second half of the year showcases an uplift in revenue and greater profitability. Our aim is to continue to invest in the key areas of the business that will yield the most amount of commercial value, whilst aiming to identify future areas of growth. An example of this progress being realised can be found in establishing an office in Saudi Arabia, where there is a significant investment being realised in both the private and public sectors." Concludes Brown.
The report is available on our website: https://cyber1.com/investors
For further information, please contact:
Public Relations:
pr@cyber1.com
Mangold Fondkommission AB is the Company's Certified Adviser.
About CYBER1
CYBER1 is engaged in providing cyber resilience solutions and conducts its operations through presences in Sweden, South Africa, United Arab Emirates, Kenya and the UK. Listed on Nasdaq First North Growth Market (Nasdaq: CYB1.ST), the Group delivers services and technology licenses to enhance clients' protections against unwanted intrusions, to provide and enhance cyber resilience and to prevent various forms of information theft. CYBER1 had revenues of €52.90m in 2023.
For further information, please visit www.cyber1.com/investors.
For all company filings and reports, please visit: https://cyber1.com/investor-relations/results-reports/
This information is information that Cyber Security 1 is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-08-09 08:15 CEST.
