Cyber Security 1 : CYBER1 announces solid revenue growth for Q3 2023

6 December 2023, 3:33 pm

CYBER1 announces solid revenue growth for Q3 2023

CYBER1 is pleased to announce steady growth in Q3 of 2023, with year-to-date performance of €33,9 million, up from €30,5 million in 2022.

The company operates in three segments - value-added distribution through TRINEXIA, a value-added reseller business called CYBER1 Solutions, and a Security Operations Centre, or C1SOC.

Robert Brown, President, and Executive Director of CYBER1, says the organisation is a group of companies that operates across 12 locations EMEA. "Our headquarters are in Sweden and we have196 employees. Our executive team boasts about 225 years of combined experience in the business."

He adds that the company had revenue of €46 million last year and it has enjoyed a growth of some 11% during the year across all the segments in which it operates. "We have a margin of €7.3 million, and our business can be split up into 49% new business, about 8% services, and the rest in renewal business."

Speaking of the company's performance compared to last year, Brown says business is up about 22% from 2022. "We also had a larger loss in 2022 than we have this year, and we believe this will be ironed out in the fourth quarter. All in all, we have an extremely positive outlook for the rest of the year, and if we look at how the business has grown, we are very happy with the growth that we've shown so far."

In terms of news and what's going on in the business, Brown says the company is very pleased to announce that CYBER1 Solutions South Africa managed to obtain its Level 1 Broad-Based Black Economic Empowerment (B-BBEE) status. This affirms its clear and ongoing commitment to transformation and equality. It is also good for our customers, as it helps with their BEE levels too, and for growing our business, as the company is now able to tender for more business thanks to its new status.

"In addition, we brought Ethel Nyembe on board, who has come to us from the banking sector. Ethel has been in banking for about 20 years, and joins us as Director - Strategic Customer Alliances, at CYBER1 Solutions, and as our BEE partner, brings a wealth of knowledge and experience to help us take our business to the next level, and help us spend our time and focus on the right areas, from a social responsibility point of view as well."

Looking at the various businesses and how they have performed, TRINEXIA has not had a bad quarter, with Africa and Southern Africa performing quite well. The Middle East has contributed a smaller portion of that, largely due to building and some changes within the business. "We expect these changes will come out in the fourth quarter and into next year."

In terms of CYBER1 Solutions, South Africa is the largest portion of that, but the company has also had some nice business come out of EMEA, and West Africa. "There is a big focus on our fourth quarter and significant growth across all the businesses for that."

When it comes to the company's growth strategy, Brown says: "Obviously, we must keep on growing the business. In the Middle East, we are busy opening an office in Saudi Arabia, as this is one of the largest markets in the region. This will be finished by the end of the fourth quarter, enabling us to bid for a lot more business in that region."

Another part of the company's strategy is consolidating with our vendors as part of our strategy, and we have formed an excellent partner across EMEA with Outseer. This partnership is starting to bear fruit already, along with some of the other technologies that we're busy integrating with the Outseer product."

Then in terms of CYBER1's SOC, there have been several additional customers who have been integrated into the SOC. "This is great and highlights additional growth in the SOC as we believe this will be one of our fastest growing areas. Finally, in terms of new business lines, we have our continued partnership with 9th BIT Consulting."

The company also achieved ISO 27001 certification, which reflects its relentless pursuit of excellence in providing the latest innovative cybersecurity services to customers, underpinned by a robust security infrastructure. "With this certification, we are excited to further develop our service offering across our customers globally."

As a certified Next-Gen SOC, there are a number of benefits that customers will realise, such as enhanced data protection; continuous improvement and adaptability; and improved business processes. In addition, customers will enjoy enhanced trust and credibility, as well as compliance with regulatory requirements.

If you would like to know more about the business, please visit https://cyber1.com/investor-relations/.

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