London United Kingdom – 27 April 2020 – Cyber Security 1 AB (Publ) (the “Company”) (“CYBER1”) (Nasdaq First North: CYB1), an international leader in Cyber Security services today announces its Q1 report, recording 9.12m EUR in revenue for the period.
Despite the wider global business landscape, the quarter results for core business were on par with our expectations. The business units have adapted quickly to the changing landscape and are well positioned to realise business prosperity over the coming quarters.
Group Highlight Information:
- Group Q1 revenue of 9.12m EUR in line with Group’s expectations;
- Group Q1 Gross margin up 3% for the quarter on a like for like basis;
- Group Q1 EBITDA of -1.26m EUR, compared to a loss of -160k EUR in Q1 of 2019;
- Group Q1 operating expenditure has been reduced by 19.77% (-856k EUR) versus Q1 2019.
- Items affecting comparability–
CYBER1 reported items affecting comparability of 12.5m EUR. This comprises of closure costs of -3.88m and -4.81m of goodwill impairment related to the divestment of Itway Greece and Turkey. In addition, a total of -1.72m EUR of costs related to the restructuring and impairment of investments in Cognosec Ltd. Theses have impacted the statement of income and comprehensive income.
Commenting on the report, CEO Daryn Stilwell stated: “The start of 2020 has seen a number of challenges faced by the business resulting in changes some of which have been unavoidable and brought about by the current economic uncertainty fuelled by the global spread of COVID-19 and others in line with the strategic intent of the business to move towards profitability.
In the face of all these challenges and changes, I would like to extend my thanks to the staff at CYBER1, who have continued to perform and adapt under pressure and drive the business objectives amidst an ever-changing landscape. From a strategic perspective, I am working closely with the board to provide a sound platform to support period of stabilisation for the company and an enablement of our sales strategy for 2020.”
This information is information that CYBER1 is obliged to make public, pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 27.04.2020 at 18:00 CET.
Mangold Fondkommission AB is the Company’s Certified Adviser.
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