REG - RiverFort Global Opp - Investee Smarttech247

Riverfort Global OpportunitiesAnnouncement

27/04/2023 07:30

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RNS Number : 6170X  RiverFort Global Opportunities PLC  27 April 2023

27 April 2023

RiverFort Global Opportunities plc

("RGO" or the "Company")

Investment in Smarttech247 Group plc - Interim Results

RGO is pleased to note today's announcement by Smarttech247 Group plc
("Smarttech247") of its maiden unaudited interim results for the six months
ending 31 January 2023, extracts from which are set out below:

 

"Smarttech247 (AIM: S247), a multi-award-winning provider of AI-enhanced
cybersecurity services providing automated managed detection and response for
a portfolio of international clients, today announces its maiden unaudited
interim results for the six months ending 31 January 2023.

 

Operational highlights

 

·    Admitted to trading on AIM in December 2022 raising £3.7 million via
a placing of new ordinary shares

·    Continued growth of the customer base in the UK, Europe and the US

·    Multiple new contracts secured, including:

o  Three-year VisionX contract with a Fortune 150 leading automotive retailer
in the USA worth c.US$800,000

o  Three-year agreement with a large US tech company worth c.US$400,000

o  Two-year agreement with a prestigious Irish University worth c.€450,000

·    Headcount increased by 75% to deliver the proprietary technologies of
VisionX, Threathub and NoPhish

·    Dedicated sales operation now established leading to a growing sales
pipeline

·    New Women in Cybersecurity Academy launched in August 2022

·    Featured as a Fast 50 Technology Company by Deloitte Ireland in
November 2022

 

Post-period end

 

·    New and renewed contracts secured:

o  Existing contract with a global pharmaceutical client renewed for another
year which is worth c.US$615,000

o  Contract secured with a new client - a global pharmaceutical
organisation

o  New three-year contract worth over €100,000 with a leading climate
solution company

o  Extended the scope of an existing contract with a Fortune 500 customer

o  Signed a letter of intent for a three-year contract with a major European
financial services group

·    Successful Zero Day Con 2023 conference held in March 2023

·    Participation in new Managed Security Service Provider Program with
partner, Forcepoint, a global security leader, announced in April 2023

·    Shortlisted by Small Cap Awards for IPO of the Year and by Tech
Excellence Awards for Managed Security Service Provider for the Year

·    Grant of share options to employees

 

 

Financial highlights

 

·    Revenues increased by 19.4% to €4.62 million (31 January 2022:
€3.87 million)

·    Adjusted EBITDA increased by 59.7% to €1.15 million (31 January
2022: €0.72 million)

·    Cash of €7.00 million at the period end (31 July 2022: €2.36
million)

 

Raluca Saceanu, Chief Executive Officer of Smarttech247, commented:

"I am pleased to announce our first set of results as an AIM-quoted company.
Smarttech247 is already seeing the benefits from its admission with continued
revenue and EBITDA growth, and we are now well funded to support our expansion
strategy. We are actively progressing with the delivery of our new products
and traction with international customers is continuing to develop as
evidenced by our growing sales pipeline.

 

As Smarttech247 continues to establish itself as a key player in the
cybersecurity sector, we are pleased with the progress made to date, and look
forward to continued growth and strategic advances."

 

 

RGO's holding in Smarttech247 currently comprises 7,642,006 ordinary shares,
representing a 6.16% shareholding in the company. Based on yesterday's closing
price of Smarttech247 shares of 36 pence, the value of RGO's shareholding in
Smarttech2467 is £2.75 million.

The full text of the interim results can be found on the company's website
www.smarttech247.com (http://www.smarttech247.com)

For more information please contact:

 RiverFort Global Opportunities plc             +44 20 3368 8978
 Philip Haydn-Slater, Non-executive Chairman

 Nominated Adviser                              +44 20 7628 3396
 Beaumont Cornish
 Roland Cornish/Felicity Geidt

 Joint Broker                                   +44 20 7601 6100
 Shard Capital Partners LLP
 Damon Heath/ Erik Woolgar

 Joint Broker                                   +44 20 7562 3351
 Peterhouse Capital Limited
 Lucy Williams

 

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