Cyber Security 1 AB: Q1 2020 Report
CYBER1 records strong Q1 revenues of 9.12m EUR, whilst taking proactive measures for long term sustainability
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.
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:
European Investor Relations Contact:
Tim Metcalfe / Zach Cohen
CYBER1 Email: cyber1@investor-focus.co.uk
US-Investor Relations contact, CYBER1
Matt Glover: U.S Investor Relations contact, CYBER1
Email: cyber1@gatewayir.com
ABOUT CYBER1
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) 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 68.73m EUR in 2019. For further information, please visit www.cyber1.com/investors.
For further information please visit: www.cyber1.com
For all company filings and reports, please visit: https://cyber1.com/cyber1-investor-information/
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