CYBER1 is pleased to announce that its revenues are up 30% in the first half of this year to €25 million, and with that, a margin of €5,6 million and an EBITDA result of €394,000.
This is a significant improvement from this time last year when it had a negative -€1.4 million.
Robert Brown, Group President and Executive Director, added that CYBER1 has been listed on the Nasdaq North Growth Market for six years, has been around for more than 26 years, and has 225 years of combined managerial experience.
“We have 196 staff, annual revenue of €47 million, and have a regional presence in Europe, the Middle East, India, and Africa (EMEIA) across 12 locations.”
Operationally, the CYBER1 offering is split into three segments, Brown adds. Value-added distribution through TRINEXIA, value-added reseller via CYBER1 Solutions, and a Next-Gen Security Operations Centre, or C1SOC. “Across all segments, we are continually trying to improve what we do, and that includes our share price.”
According to him, in a recent publication, Mangold Insight stated that CYBER1’s share price is undervalued, given the company’s high profitability as well as high growth. “If you’d like some more information on that, please feel free to reach out and read the Mangold Insight newsletter or look on our website.”
Mangold Insight is Mangold Fondkommission’s commissioned analysis service whose purpose is to contribute to new investor perspectives and raise the stock market’s eyes for small and medium growth companies listed on the trading venues Spotlight Stockmarket, NGM, Nasdaq First North Growth Market and Nasdaq Stockholm.
Continuing on the company’s major achievements, Brown said its Next-Gen Security Operations Centre has won a new customer, in the form of a very large security organisation that has awarded the company a five-year SOC contract.
In addition, C1SOC has achieved ISO 27001 certification. Conformity with ISO 27001 means that an entity has put in place a system to manage risks related to the security of data owned or handled by the business and that this system respects all the best practices and principles laid out in the International Standard.
“That’s a significant change for our SOC, and we believe that we will see more organisations moving their business to our SOC, based on the new certifications.”
Speaking of TRINEXIA, Brown says there are three territories, namely the Middle East and India, Africa and Southern Africa. “Our best performing of these has been Africa, with Southern Africa closely behind. We had a slight downturn in the Middle East due to restructuring, but we believe in Q3 and Q4 this will change significantly.”
In terms of CYBER1 Solutions, he says the Southern Africa division has performed the best and has seen a significant revenue increase. “Our East Africa division has had a few deals slip into the second half of the year, and our Middle East Division has also seen significant growth from last year.”
Brown discussed the company’s growth strategy too. “We are currently looking at some more regional offices in India and Saudi Arabia, to leverage operational hubs for low-cost, high-growth expansion. We believe that these offices will give us more leverage into the different territories and assist our partners in growing the business with us.”
He said the company has a consolidated vendor approach, to enable it to engage with the latest innovative technologies, with the best possible commercial terms. “We have also formed a great partnership with CYE in Southern Africa, which will help us with our enterprise customers to better understand their vulnerabilities, how those vulnerabilities can be accessed, and how we can help them improve their posture.”
Finally, the company’s continued DevSecOps partnership with 9th BIT Consulting is continuing to flourish, and seeing a convergence of DevOps and cybersecurity that can be sold within CYBER1’s customer base. “We are also spending significant time working on different business opportunities with various clients, and believe that this will bear some good fruit in the second half of the year.”
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Mangold Fondkommission AB is the Company’s Certified Adviser.
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 €46.83m in 2022.
For further information, please visit www.cyber1.com/investors.
For all company filings and reports, please visit: cyber1.com/cyber1-investor-information/