CYBER1 records highest quarterly revenue result of 14.04m EUR, with total year to date revenue growth of 113% and strong organic revenue growth of 69%
London United Kingdom – 31 October 2018 – Cyber Security 1 AB (Publ) (the “Company”) (“CYBER1”) (Nasdaq First North: CYB1), an international leader in Cyber security, GRC is pleased to announce the Q3 2018 results. The Company has achieved its highest quarterly revenue since listing on Nasdaq First North, with revenues of 14.04m EUR. This brings CYBER1’s total year to date (YTD) revenues to 23.11m EUR, demonstrating 69% organic growth of 7.53m EUR and 113% overall total growth of 14.04m EUR versus the same period in 2017.
Highlights
- Total revenue growth increased by 113%, from 10.9m EUR YTD Q3 2017, to 23.11m EUR YTD Q3 2018.
- Organic revenue increased by 69%, from 10.9m EUR YTD Q3 2017, to 18.43m EUR YTD Q3 2018.
- Group Q3 2018 EBITDA of 566k EUR, (Q3 2017 EBITDA -734k EUR).
- Credence Security UAE increased revenue by 88.99%, from 2.27m EUR YTD Q3 2017, to 4.29m EUR YTD Q3 2018.
- Cognosec South Africa increased revenue by 95.81%, from 6.21m EUR YTD Q3 2017, to 12.16m EUR YTD Q3 2018.
- Newly acquired former Itway subsidiaries record revenues of 2.88m EUR for Q3.
- Group Q3 2018 EBITDA of 566k EUR, (Q3 2017 EBITDA -734k EUR).
- CYBER1 entered into an Exclusive Agreement to acquire 100% of InfoNet (Infonet Bilgi Teknolojileri Ticaret Limited) a leading Cyber business, with 2017 audited revenues of 20m EUR and EBITDA of 1m EUR.
The third quarter results detailed in this report, demonstrates a significant milestone in the history of CYBER1. We have surpassed our 2017 annual revenue of 17.19m EUR by the end of Q3, recording a year to date (YTD) total of 23.11m EUR in revenue (with our historically largest revenue generating quarter still to come). Total YTD growth at the end of Q3 equates to 113% (12.21m EUR), when comparing the same period in 2017. More importantly, year-on-year improvements have been realised organically. When excluding all acquisitions since 2017, the strategic initiatives within the subsidiaries have yielded a 69% increase in revenue growth (7.53m EUR) when compared to YTD Q3 2017.
The process of harmonising the initial acquisitions since CYBER1 became a public listed company, has begun to bear significant opportunities across all regions. Each subsidiary in CYBER1 possesses unique and long established relationships with their clients. Cross selling opportunities are materialising, as our professional services offering and wide ranging vendor portfolio continues to expand. A number of clients utilise CYBER1 as their sole provider of cyber security solutions and services, enabling primary focus on their core businesses, safe in the knowledge that their resilience against security threats remains apparent. Combined with our retention of annual and multi-year contracts with our longstanding clients, CYBER1 has created a successful environment for Group companies to evolve as a single, cohesive entity.
As we approach the final quarter for the year, CYBER1 is committed to building on this successful nine-month period to realise 2018 as a defining year for the organisation. With more people connecting online and new technologies emerging, the vulnerabilities that we are able to eradicate and reduce becomes more paramount to all organisations. As a complete provider for all cyber security needs, CYBER1 continues its vision in becoming the sole partner for the biggest and most influential participants/companies around the globe.
Certified Adviser
Mangold Fondkommission AB is the Company’s Certified Adviser.
Telephone: +46 (0)8 5030 1550
E-mail: info@mangold.se
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Metcalfe / Miles Nolan
Investor Relations contact, CYBER1
Email: cyber1@investor-focus.co.uk
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 31.10.2018 at 17:00 CET.
ABOUT CYBER 1
CYBER1 (formerly Cognosec AB) is engaged in providing cyber resilience solutions and conducts its operations through physical presences in Sweden, South Africa, the UK, Kenya, Germany, Austria, Turkey, Greece, Italy, the Ukraine and the United Arab Emirates. Listed on Nasdaq First North (Nasdaq: CYB1.ST, [formerly Nasdaq: COGS.ST]) and as an American Depositary Receipt (OTCQX: CYBNY), 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 17.2m EUR in 2017 and employed 239 personnel at the end of Q3 2018. For further information, please visit www.cyber1.com/investors
For further information, please visit: https://cyber1.com
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