CYBER1 H1 REPORT 2023: CYBER1 expands on its strong Q1 start to 2023
Stockholm, Sweden– 10 August 2023 – Cyber Security 1 AB has released its H1 2023 report, detailing continued momentum, recording a 30% revenue increase year on year from €19,266k in H1 2022 to €25,057k in H1 of 2023.
Summary Highlights
· H1 Group total revenue increased year on year by 30%, from € 19,266k in H1 2022 to H1 €25,057k in H1 of 2023.
· Gross margin has increased by 3% versus the prior year, to 23% for H1 2023.
· H1 2023 Group EBITDA has equated to a profit of € 384k, compared to a loss of - € 1,486k in H1 2022.
· Operating Expenditure in H1 2023 marginally decreased by €162k, a 3% decrease compared to H1 2022 as part of its planned cost containment measures.
Gross margin for H1 is 3% up on the prior year, mainly attributable to the refreshed group strategy of the establishment and utilisation of the Next-Gen Security Operating Centre (SOC) offering, combined with innovative vendor partnerships to increase the company’s margin.
Operating Expenditure for H1 has marginally decreased by €162k compared to 2022, a decrease of 3% as part of its planned cost containment measures. Overall, the combination of increased revenues, improved margin and stricter cost control measures, the business has turned a positive EBITDA result of € 384k compared to a loss in H1 2022 of € 1,486k.
“We have been able to achieve year-on-year improvements in several areas, demonstrating our dedication to continuous growth and innovation. These efforts have allowed us to optimise costs, improve operational efficiency and offer even greater value to our customers.” comments Robert Brown, Group President of CYBER1.
“Looking forward to the remainder of the year, our outlook is focused on continued growth and unlocking of greater synergies within our business offerings. The successful streamlining of our operations and efficient pooling of resources enables us to invest in the commercial areas of growth. We are committed to enhancing our margins by introducing additional services and leveraging new technologies within our existing customer base across EMEA.” concludes Brown.
The report is attached to the release, as well as available on our website: https://cyber1.com/investors
