Stockholm, Sweden– 30 November 2020 – Cyber Security 1 AB (Publ) (the “Company”) (“CYBER1”) (Nasdaq First North: CYB1), an international leader in Cyber Security services today announces its Q3 2020 report, recording 5.61m EUR in revenue for the period.
- Total Group revenue for CYBER1 equated to 5.61m EUR for Q3 2020. Following the half year results, the business has been able to reduce the prior year revenue gap down to 16.45% versus the previous year, from an original 30% in Q1 2020.
- Total year to date revenue for the Group equated to 21.62m EUR.
- Group Gross margin has increased year over year by 12%, from 28% in Q3 2019 to 40% in Q3 2020. A blend of additional services sold to clients, as well as more profitable vendor solutions being utilised has equated to one of the largest margin increases ever recorded within the company.
- Group operating expenditure has been reduced year over year by 4.8% on an organic basis, versus Q3 2019. Further quarterly results will see the benefit of these harmonisation initiatives, particularly due to a number of exceptional items incurred in Q1 2020 that will not be repeated in 2021.
- Group Q3 2020 EBITDA of -1.53m EUR, compared to a loss of -688k EUR in Q3 of 2019.
- DRS recorded revenue of 2.97m EUR in Q3 2020, versus 2.19m EUR in Q3 2019. The year to date revenue of 14.36m EUR is 8.85% higher versus the same period in 2019.
- Credence Security Middle East & India recorded revenue of 1.93m EUR in Q3 2020, versus 2.63m EUR in Q3 2019. The Covid-related restrictions in the region have limited business expansion, however the entity is working to utilise its traditionally strongest quarter in Q4, to reduce the gap from the start of the year.
- Credence Security South Africa recorded Q3 revenue of 152k EUR in Q3 2020, versus 482k EUR in Q3 2019.
- Protec (Kenya) recorded Q3 revenue of 274k EUR in Q3 2020, versus 383k EUR in Q3 2019.
Beyond the Quarter & Other News
- After the quarter period, Advisor and Acting CEO Peter Gustafsson has been replaced with Robert Brown as CEO. Robert is a former CEO of Cyber Security 1 AB and Founder of Dynamic Recovery Services & Credence Security and is well positioned to manage the company through this important period.
- Beyond the quarter, non-executive Board Member Robert Blase confirmed he was unable to continue his duties as a Board Member and has stepped down.
- Cyber Security 1 AB (publ) held an EGM on 26 November 2020, by way of postal voting procedure. The EGM resolved to elect Pekka Honkanen and Zeth Nyström as new Board Members. The Board composition is confirmed as: Johannes Bolsenbroek (Chairman) and Alan Goslar together with the newly elected Pekka Honkanen and Zeth Nyström.
- CYBER 1 has requested an extension to the Swedish Courts for an additional three months to complete the reconstruction. Commenting on the publication of the report, CEO Robert Brown stated: “The quarter has been one of focussing on the stabilisation of the parent company, whilst continuing to make progress in our commercial efforts amongst our subsidiaries. I have been working closely with the Managing Directors, to prioritise and develop key vendor relationships and services, to ensure we are at the cutting edge of demand with our offering. Moving into our traditionally highest performing quarter in Q4, I am excited to see how far we can close the gap and set the strong foundations for a prosperous 2021 and beyond.”
For further information, please contact:
Investor Relations Contact:
Mangold Fondkommission AB is the Company’s Certified Adviser.
CYBER1 is engaged in providing cyber resilience solutions and conducts its operations through physical presences in UK, Sweden, Kenya, South Africa, United Arab Emirates and the United States. 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 68.73m EUR in 2019.
For further information, please visit www.cyber1.com/investors.
For all company filings and reports, please visit: https://cyber1.com/cyber1-investor-information/
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 2020-11-30 15:30 CET.