Cyber Security 1 AB Reports Over 250 Percent Revenue Growth

Cyber Security 1 AB (NASDAQ:CYB1), a global company with operations primarily in Europe, South Africa, Turkey and the UAE announced its first half of 2019 financial results. Year-over-year revenue figures reached 33.13 million EU, rising 267.7 percent while it reported negative 763,000 EU in EBITDA as the company focused on securing new enterprise clients.

As quoted in the press release:

HIGHLIGHTS

• Total revenue growth increased by 267.7%, from 9.01m EUR H1 2018, to 33.13m EUR H1 2019

• Organic revenue (excluding 2018 acquisitions) increased by 121%, from 9.01m EUR H1 2018, to 19.91m EUR H1 2019.

• Group Gross Margin increased 86.8%, from 3.71m EUR H1 2018, to 6.93m EUR in H1 2019.

• Group Gross Margin for H1 2019 was 21% (Q1 2018 Gross Margin: 41%), underpinned by the integration of the Itway Turkey and Greece acquisitions in the Product space, CYBER1 continues to harness cross collaboration opportunities in those businesses.

• Group H1 2019 loss of EBITDA -763k EUR, (H1 2018 EBITDA -1.9m EUR). Based on continued harmonisation of operations and leveraging greater economies of scale, whilst maintaining a steady headcount increase.

• Credence Security Middle East and India increased revenue by 179%, from 2.11m EUR H1 2018, to 5.86m EUR H1 2019.

• Cognosec SA increased annual revenue by 131%, (6.25m EUR) from 4.75m EUR H1 2018, to 11.0m EUR H1 2019.

Click here to read the full press release.