CYBER1 announces strong Q4 2023 results


CYBER1 is pleased to announce its Q4 2023 financial report, which highlights a quarterly revenue growth of 16%, recording €18,833k in revenue for the fourth quarter, up from €16,241k in Q4 2022.

In addition, Q4 Gross Margin increased by 39% in comparison with the same period the year before through increased Next-Gen Security Operations Centre (SOC) sales, combined with growing vendor commercial partnerships.

According to Executive Director and President Robert Brown: “Looking back at the last quarter and the year as a whole, we are proud of the progress that has been achieved and we are also excited at the opportunities to develop further as an organisation and within our three business lines.”

He said during the last quarter of the year, several key strategic deals were closed, ensuring that the company continued its headline growth through expansion of customers and additional upselling.

Brown added that year-to-date (YTD) group revenue has increased by 13% year on year from €46,833k in 2022 to €52,754k in 2023, adding that this overall growth achievement is significant, as 51% of growth is derived from new business, not just from existing business within the organisation.

Gross margin for Q4 2023 YTD has been a significant success for the company, Brown said, increasing overall by €2,646k (28%). This growth has been achieved through closer collaboration with the company’s valued vendor portfolio, alongside a significant investment in professional services and SOC provisions.

Operating Expenditure for Q4 2023 YTD has continued the downward trend, decreasing in the financial year by €1,197k when compared to 2022. This 9% reduction has been achieved through greater alignment within the distribution segment (Trinexia), followed by greater technology and staffing efficiencies being realised within Cyber1 Solutions South Africa.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the full year have shown a return to positive results, recording €624k for 2023. This result is an improvement of €3,721k from the prior year.

“We have been making sure that we are focusing on costs and on where we’re going within the business within our technologies. In terms of the organisations that have helped contribute towards us, we did a lot of planning within Dubai last year, and that’s starting to see some better ventures that are bearing fruit,” Brown adds.

He stresses that the company’s Africa and our Southern Africa units have performed exceptionally well within the last quarter, both exceeding their targets, which is very good in terms of where the company is heading business-wise across the group.

“CYBER1 Solutions, our largest entity sitting in Southern Africa, had a very good fourth quarter, which helped improve results across the entire group, finishing with a revenue of about 10 million euros. This has been a significant contributor to the group’s success.”

Speaking of where the company is going from a growth point of view, he said positive results like these have seen several vendors request that the company take on additional territories, so the industry can expect news of expansion into the likes of Egypt, Tunisia, and Ivory Coast.

“This is due to the benefit of how we’re doing business. The adoption and onboarding are sky-high within South Africa, which we didn’t previously have. However, we have a strong relationship with partners across the rest of Africa, and with the expansion of our SOC, there are a fair number of clients who were included in the fourth quarter with longer-term contracts, which will start to improve revenue in the Security Operations Centre. “

Brown added that the company is focusing on adopting new customers in that region and mentioned that its continued partnership with 9th BIT Consulting is growing stronger by the day.

In other news, Brown announced that CYBER1 has appointed Renaldo Ferreira as the Acting Chief Financial Officer (CFO) effective from 1 February this year. “Ferreira brings a wealth of experience and expertise in financial management, strategic planning, and corporate governance. He has a proven track record of success while serving as the lead Financial Manager of CYBER1 Solutions South Africa. Moreover, he has experience serving as the Financial Manager at Federal Airlines, as well as his background in auditing.”

Looking ahead to this year, Brown says CYBER1 will continue to focus on its main strategic growth initiatives, including its vendor engagements, C1 SOC proliferation, expansion of our DevSecOps sales, and development of our key partnerships.

“We are very excited to build on a successful year and make 2024 the best year for the company in all areas, by driving excellence in all that we do,” he concluded.

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