REG - Smarttech247 Group - Interim results
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RNS Number : 3627G Smarttech247 Group PLC 28 April 2025
Certain information contained within this Announcement is deemed by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon
publication of this Announcement, this information is now considered to be in
the public domain.
28 April 2025
Smarttech247 Group PLC
("Smarttech247", the "Group" or the "Company")
Interim results
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 unaudited interim
results for the six months ended 31 January 2025.
Financial highlights
· Revenues increased by 21.4% to €6.49 million (six months to 31
January 2024: €5.35 million)
· Recurring revenue in the period has increased by 32% compared to
H1 2024, reflecting strong demand and continued expansion of our customer
base. Annual recurring revenue ("ARR") has increased to €9.4 million by the
end of the period compared to 31 July 2024. ARR is expected to increase
further as a result of new contracts being won post period end.
· Adjusted EBITDA of €128K (six months to 31 January 2023:
€125K) - see note 5. This excludes any income in relation to R&D tax
credits which would be expected in the full year
· The sales pipeline as at the period end has increased compared to
the sales pipeline at the end of H1 2024
· Cash balance of €1.9 million available at the period end - this
does not include the proceeds from the sale of the Group's shareholding in
Visibility Blockchain Limited ("Getvisibility") of €1.8 million which was
received in April 2025 (31 July 2023: €3.3 million)
Operational highlights
· Continued growth of the customer base in the UK, Europe and the
USA
· New multi-year contracts and additional sales secured:
o three-year agreement with an Irish public sector agency, worth
€860,000 in total, with the potential to extend by a further two years
o an existing US pharmaceutical customer renewed its current contract
for another year worth €300,000 per annum.
o a new MDR contract over three years with a hospital in Ireland worth
€150,000
o the renewal for five additional years of a contract with a leading
Irish university worth, in total, over €1 million
o additional sales to an existing US pharmaceutical customer worth
€150,000 over the next year
o a new additional contract with an existing automotive client
worth US$925,000 over three years.
· Further development of the Group's technology and product offering,
including VisionX, with a focus on enhancing its risk management features
which will increase the value for customers
· Implementation of an enhanced sales strategy with a focus on channel
and strategic partnerships. The sales pipeline is continuing to build in the
Middle East and Switzerland
· Appointment of Cavendish Capital Markets Limited as new corporate
brokers
· Numerous awards and industry recognition, including being
shortlisted for the Best Managed Security Service at the SC Awards Europe,
demonstrating excellence in managed security services. Smarttech247 also won
two ESG awards
Post-period end
· New multi-year contracts secured:
o the extension of an existing contract with a major hospital in
Ireland worth circa €500,000 over four years
o appointed to a multi-year cybersecurity framework agreement with a
major international London airport with a potential value of up to £7 million
across all four suppliers over its five-year term
· Successful Zero Day Con 2025 conference, organised and hosted by
Smarttech247, was held in March 2025 with over 600 senior security executives
and speakers from the FBI, National Cybersecurity Centre and other industry
leaders
· Sale of the Group's shareholding in Getvisibility to Forcepoint
for €1.8 million in March 2025
· Winner of the Most Socially Responsible Cybersecurity Firm and
the Gender Equality Excellence Awards at the AI Magazine CSR awards
Raluca Saceanu, Chief Executive Officer of Smarttech247, commented:
"Smarttech247 has continued to execute its strategy in the six months to 31
January 2025, winning new multi-year contracts and contract extensions and
growing recurring revenue by 32% compared to the prior period and increasing
ARR to €9.4 million.
As the cybersecurity landscape continues to evolve and we see new threats
daily, we are adapting our product offerings and technology to ensure we can
meet our clients' vital cybersecurity needs.
We are also actively progressing the delivery of our new products and continue
to build traction with international customers as evidenced by our growing
sales pipeline. Importantly, we are also well funded to support our expansion
strategy and the outlook for the remainder of the year is encouraging.
The Board remains committed to delivering shareholder value and I look forward
to updating the market on our further progress."
- Ends -
For further information please contact:
Smarttech247 Group PLC Tel: +353 21 206 6033
Ronan Murphy, Executive Chairman
Raluca Saceanu, Chief Executive Officer
Nicholas Lee, Finance Director
SPARK Advisory Partners Limited - Nominated Adviser Tel: + 44 (0) 20 3368 3550
Mark Brady/Angus Campbell
Cavendish Capital Markets Limited - Broker Tel: +44 (0) 20 7220 0500
Marc Milmo/Hamish Waller
Tim Redfern/Sunila de Silva - Broking
Yellow Jersey PR Tel: +44 (0) 20 3004 9512
Charles Goodwin/Annabelle Wills/Bessie Elliot
About Smarttech247
Smarttech247 is a multi-award winning automated MDR (Managed Detection &
Response) company. Its platform is trusted by international organisations and
provides threat intelligence with managed detection and response to provide
actionable insights, 24/7 threat detection, investigation and response.
The Company's services are geared towards proactive prevention, and it
achieves this by utilising the latest in cloud, big data analytics and machine
learning, along with an experienced incident response team.
Smarttech247's offices are located in Ireland, United Kingdom, Romania, Poland
and the USA. The Company was admitted to trading on AIM on 15 December 2022.
For further information please visit www.smarttech247.com
(http://www.smarttech247.com)
Chief Executive Officer's statement
Introduction
During the period under review, Smarttech247 has continued to make good
progress, focusing on building out its platform and developing new products.
Operational review
Contracts
It has been a good start to the Company's 2025 financial year with multiple
new contracts signed as highlighted below.
In August 2024, the Group signed a three-year contract,
worth €860,000, with an Irish public sector agency, with the potential to
extend the contract for a further two years.
In September 2024, a public tender worth €100,000 over three years was won
and in November 2024, an existing US pharmaceutical customer renewed its
current contract for another year, worth €300,000 per annum.
December 2024 was particularly busy and included a new MDR contract over three
years with a hospital in Ireland worth €150,000 over the life of the
contract, the renewal for five additional years of a contract with a leading
Irish university worth, in total, over €1 million and additional sales to an
existing US pharmaceutical customer worth €150,000 over the next year.
In January 2025, the Group entered into an additional contract with an
existing automotive client worth US$925,000 over three years. This new
contract will see an Endpoint Detection & Response (EDR) solution
integrated into the existing Managed Detection and Response (MDR) service
already supplied to Smarttech247's automotive client. This new EDR solution is
designed to detect, investigate and respond to threats on endpoint devices
such as computers, laptops, and servers, enhancing the client's existing
cybersecurity resilience.
Post-period end in March 2025, the Group announced the significant extension
of an existing contract with a major hospital in Ireland worth circa
€500,000 over four years which will involve the implementation of an EDR
solution into the hospital's existing VisionX MDR platform.
In April 2025, the Group announced that it had been appointed to a multi-year
cybersecurity framework agreement (the "Agreement") with a major international
London airport. The Agreement has a total potential value of up to £7 million
across all four suppliers over its five-year term, with a further one-year
extension available. While the Agreement does not guarantee minimum spend, it
establishes Smarttech247 as a trusted provider to one of the UK's most
high-profile transport hubs, offering a significant opportunity to generate
meaningful revenues over the life of the agreement.
Smarttech247's success in winning these multi-year contracts reaffirms our
position as a leader in cybersecurity services. These partnerships showcase
the strength of our technology, especially the VisionX MDR platform, and the
trust our clients place in our capabilities. By focusing on providing
recurring revenue through multi-year contracts and high renewal rates for
short-term projects, we ensure financial stability and growth for the Group.
These achievements not only validate our service quality but also serve as
strong reference points for future clients, supporting our continued global
expansion and competitive differentiation.
Partnerships
Smarttech247 continues to work with several leading industry players whose
products can be incorporated within its MDR platform as required. These
partners include Forcepoint, Microsoft, IBM and Crowdstrike.
Technology platform and innovation
Smarttech247 has continued to enhance and progress its technology platform and
product offering.
People and platform
In September 2024, Smarttech247 announced an enhanced sales strategy designed
to accelerate growth by introducing a new channel-based route to market. This
approach will broaden our market reach and is a key component of our ambitious
growth plans. To support this strategy, we have been investing in increasing
headcount across our key geographical markets, strengthening our presence and
capacity to serve clients worldwide. In particular, good progress is being
made in building a presence in Switzerland and the Middle East.
This strategic shift will see Smarttech247 place greater emphasis on channel
and strategic partnerships to target rapid expansion whilst enhancing customer
value across its global customer base. In parallel with this initiative, the
Company is also launching its Partnership Programme with incentives designed
to empower partners and drive mutual growth, with a key focus on efforts to
enhance Smarttech247's sales and service delivery with core strategic
partners. Previously, the Company's strategy focused on direct sales to
customers, but this new strategic shift will allow Smarttech247 to leverage
the successful partnerships the Company has curated.
Smarttech247 is in advanced discussions with leading systems integrators and
distributors to bring a range of its cybersecurity solutions, including
VisionX MDR, to a broader market, aiming to strengthen the Company's presence
in key regions and scaling operations to meet the growing global demand. This
new programme will provide Smarttech247's partners with the tools, resources
and support to help partners maximise revenue potential and deliver value to
customers via incentives including financial rewards, co-marketing
opportunities and access to training and certifications programmes.
To support this strategy, Smarttech247 has already been building out its
platform and expects to increase its headcount further in Ireland and across
other key markets over the next 12 months, expanding the Company's operations
in technical support, sales, marketing and partner support.
Industry awards and profile
Post-period end on 11 March 2025, Smarttech247 hosted its Zero Day Con 2025
conference for the fourth time. This event brings together leading technology
firms, industry experts and government officials to allow business leaders to
learn more about the latest cybersecurity trends. This year was again a very
successful conference with international cybersecurity industry participants
from a range of industries attending, including senior professionals from the
FBI, the Director of the National Cyber Security Centre, the CISO for
the Americas at Louis Vuitton, the CISO of the Health Service Executive, as
well as other industry leaders.
Financial review
In terms of financial performance, revenues have increased by 21.4% over the
prior comparable period to 31 January 2024 as a result of the winning of
several new contracts and the full-period impact of contracts won in the
previous period.
The Group continues to make good progress with its strategy to build ARR which
has increased to €9.4 million over the period. This is expected to increase
further as a result of new contracts being won post period end. The
recurring revenue component in the period has increased by 32% compared to H1
2024. Annual revenue is still generally weighted more towards the second half
of the year as demonstrated by past results.
Gross profit has increased as a result of increased sales, although gross
margins have reduced slightly as a result of lower margins associated with
third-party product sales within Group revenue.
Operating costs have increased compared to the prior period, principally as a
result of the growth in headcount as part of the build out of the platform.
Also, the amortisation charge associated with the Group's intangible assets
has increased during the period to reflect the completion of certain product
development work. Certain of the Group's costs continue to be capitalised as
they relate to product development, in accordance with the Group's accounting
policies.
Adjusted EBITDA and operating loss have been calculated in order to exclude
one off charges relating to items such as the costs associated with the issue
of share options. These charges have been added back given that they are one
off non-cash items (see note 5).
It should be noted that operating costs are relatively evenly spread over the
year, whereas as described above, historically, revenues tend to be weighted
towards the second half of the year which has historically led to a lower
operating result in the first half of the financial period compared to the
second half.
Cash has reduced over the period due to the positive EBITDA generated during
the period being offset by the continued investment in the development of
products and technologies which is clearly necessary and important for a
company in this sector. Whilst the Group's cash balance has reduced during the
period, the Group still retains a substantial balance at the period end and
this figure excludes the cash inflow of €1.8 million from the sale of the
Group's investment in Getvisibility, which was received in April 2025.
During the period, the Group appointed a new broker Cavendish Capital Markets
Limited, to help build the Group's profile with the market and investors.
The Group has also increased its level of shareholder engagement through a
series of investor meetings and an investor webinar.
Outlook
Cyber-attacks are on the increase with serious consequences for the companies
involved. Smarttech247's combination of artificial intelligence-led managed
detection and response capabilities can help to significantly reduce the
impact and help manage the situation. With the threat landscape growing in
complexity, exacerbated by geopolitical tensions, the Company is well
positioned at the intersection of three major evolving growth markets:
security threat incidents, cloud adoption and cyber-security data generation.
Cloud mitigation is causing companies to redesign its systems, leading to new
cyber-security requirements which Smarttech247 can provide. There are
therefore clear opportunities for the future growth of the Group using the
platform that has been established.
The Group has continued its positive momentum into the 2025 financial year
with increasing revenues in the first half of the year compared to the
previous comparable period. Furthermore, with multiple new partnerships and
contract wins, management is positive about the prospects for the second half
of FY2025 and the year as a whole.
Raluca Saceanu
Chief Executive Officer
28 April 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 January 2025
Unaudited Unaudited
Six months to 31 Jan 2025 Six months to 31 Jan 2024
€'000
Note Restated *
€'000
Continuing operations
Revenue 6,494 5,350
Cost of sales 4 (4,190) (3,249)
Gross profit 2,304 2,101
Operating expenses 5 (2,687) (2,680)
Other operating income 16 -
Operating loss (367) (579)
Finance costs 6 (16) (22)
Loss before taxation (383) (601)
Income tax (85) (52)
Loss for the year from continuing operations (468) (653)
Total profit for the year attributable to equity holders of the parent
Other comprehensive income 46 (6)
Total comprehensive income for the year attributable to equity holders of the (422) (659)
parent
Basic and diluted earnings per share - euro 7 (0.38) (0.53)
* See Note 4 for details on restatement made to cost classifications in the
prior period.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 January 2025
Note Unaudited Audited
31 Jan 2025 31 July 2024
€'000
€'000
Non-current assets
Intangible assets 8 8,113 6,910
Property, plant and equipment 162 177
Right-of-use asset 10 248 265
Financial assets 1,181 1,175
Total non-current assets 9,704 8,527
Current assets
Trade and other receivables 9 3,793 5,928
Cash and cash equivalents 1,926 3,344
Total current assets 5,719 9,272
TOTAL ASSETS 15,423 17,799
Equity attributable to owners of the parent
Share capital 12 1,436 1,436
Share premium 12 6,365 6,365
Share based payment reserve 13 1,196 1,108
Other reserves 14 (1,215) (1,215)
Foreign exchange reserve 177 131
Retained earnings 3,974 4,442
Total equity 11,933 12,267
Non-current liabilities
Lease liability 10 227 241
Total non-current liabilities 227 241
Current liabilities
Trade and other payables 11 3,235 5,263
Lease liability 10 28 28
Total current liabilities 3,263 5,291
Total liabilities 3,490 5,532
TOTAL EQUITY AND LIABILITIES 15,423 17,799
CONSOLIDATED STATEMENT OF CASHFLOWS
For the six months ended 31 January 2025
Unaudited Unaudited
Six months to 31 Jan 2025 Six months to 31 Jan 2024
€'000 €'000
Cash flow from operating activities
Loss for the period (468) (653)
Adjustments for:
Interest payable 2 5
Lease liability finance charge 14 17
Share based payments 88 428
Impact of foreign exchange - -
Depreciation and amortisation 423 276
Fair value loss on revaluation of shares (6) -
Changes in working capital:
(Increase) / decrease in trade and other receivables 2,189 2,992
Increase / (decrease) in trade and other payables (2,017) (2,887)
Net cash inflow from operating activities 225 178
Cash flow from investing activities
Purchase of intangible fixed assets (1,582) (1,588)
Purchase of tangible fixed assets (18) (79)
Net cash outflow from investing activities (1,600) (1,667)
Cash flows from financing activities
Repayment of lease liabilities (27) (59)
Net cash inflow/ (outflow) from financing activities (27) (59)
Net increase in cash and cash equivalents (1,402) (1,548)
Cash and cash equivalents at beginning of period 3,344 6,062
Foreign exchange impact on cash (16) (5)
Cash and cash equivalents at the end of the period 1,926 4,509
Significant non-cash items in the period comprised:
- Vesting of employee share options to the value of €88,000 (31
January 2024: €428,000)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 January 2025
Share Capital Share Premium SBP Reserve Other Reserve Foreign Exchange Reserve Retained Earnings Total
€'000 €'000 €'000 €'000 €'000 €'000 €'000
At 1 August 2023 1,436 6,365 554 (1,215) 34 4,309 11,483
(audited)
Profit for the year - - - - - (653) (653)
Other comprehensive loss - - - - (6) - (6)
Total comprehensive loss for the period - - - - (6) (653) (659)
Transaction with owners
Share based payments - - 428 - - - 428
Total transactions with owners - - 428 - - - 428
Balance at 31 January 2024 - (unaudited) 1,436 6,365 982 (1,215) 28 3,656 11,252
At 1 August 2024 (audited) 1,436 6,365 1,108 (1,215) 131 4,442 12,267
Loss for the period - - - - - (468) (468)
Other comprehensive loss - - - - 46 - 46
Total comprehensive loss for the period - - - - 46 (468) (422)
Transaction with owners
Share based payments - - 88 - - - 88
Total transactions with owners - - 88 - - - 88
Balance at 31 January 2025 - (unaudited) 1,436 6,365 1,196 (1,215) 177 3,974 11,933
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the six months ended 31 January 2025
1. GENERAL INFORMATION
Smartttech247 Group plc is a public company incorporated in the United Kingdom
and listed on the Alternative Investment Market. The registered address is 165
Fleet Street, London, United Kingdom, EC4A 2DY. The principal activity of the
company and its subsidiaries (the "Group") is the provision of threat
intelligence with managed detection and response to provide actionable
insights, 24/7 threat detection, investigation and response.
2. BASIS OF PREPARATION
This unaudited condensed consolidated interim financial statements for the six
months ended 31 January 2023 and 31 January 2024 has been prepared in
accordance with IFRS accounting policies as applied at 31 July 2024, including
IAS 34 'Interim Financial Reporting'. The interim report does not include all
the notes of the type normally included in an annual financial report.
Accordingly, this report is to be read in conjunction with the annual report
for the year ended 31 July 2024, which was prepared under UK adopted
international accounting standards (IFRS), and any public announcements made
by Smartech247 plc during the interim reporting period and since.
There are no new standards, interpretations and amendments which are not yet
effective in these financial statements, expected to have a material effect on
the Group's future financial statements.
The financial information does not contain all of the information that is
required to be disclosed in a full set of IFRS financial statements. The
financial information for the six months ended 31 January 2024 and 31 January
2025 is unreviewed and unaudited and does not constitute the Group or
Company's statutory financial statements for those periods.
The interim financial information has been prepared under the historical cost
convention. The financial information and the notes to the historical
financial information are presented in euros, the functional and
presentational currency of the Group, and presented to the nearest €'000,
except where otherwise indicated.
Going concern
The directors have considered the principal risks and uncertainties facing the
business, along with the Group's objectives, policies and processes for
managing its exposure to financial risk. In making this assessment the
directors have prepared cash flows for the foreseeable future, being a period
of at least 12 months from the expected date of approval of these financial
statements.
The Group's forecasts and projections based on the current trends in trading
and after taking account of the funds held at the period end of €1.9
million, show that the Group will be able to operate within the level of its
cash reserves. Furthermore, the Group received an additional cash inflow of
€1.8 million in April 2025 from the sale of its shareholding in
Getvisibility which was announced in March 2025.
The directors therefore have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the foreseeable
future and consider the going concern basis to be appropriate.
3. SEGMENT REPORTING
The following information is given about the Group's reportable segments:
The Chief Operating Decision Maker is the executive Board of Directors. The
Board reviews the Group's internal reporting in order to assess performance of
the Group. Management has determined the operating segment based on the
reports reviewed by the Board.
The Board considers that during the periods ended 31 January 2025 and 31
January 2024 the Group operated in the single business segment of Managed
Detection and Response capabilities to global organisations.
4. RESTATEMENT OF COST OF SALES / OPERATIONAL EXPENSES
Unaudited Unaudited
Six months to 31 Jan 2025 Six months to 31 Jan 2024
€'000
Restated *
€'000
Cost of sales - purchases 2,282 1,819
Cost of sales - direct costs 1,908 1,430
4,190 3,249
During the prior period ended 31 January 2024, certain costs, principally
wages and salaries, that were incurred in Poland and Romania were included
under general administration expenses. However, management have reviewed these
costs and believe they should be treated as cost of sales as they relate to
the costs of providing MDR services and so have been included in cost of sales
in the period ended 31 January 2025. Whilst this adjustment had been made
and described in the full year audited accounts for the period to 31 July 2024
and the previous comparable period, this adjustment was not included in the
interim results for the six months to 31 January 2024 when they were
originally published. For the two interim periods to be properly comparable,
the prior period has therefore been restated. This is purely a
reclassification between cost of sales and administration expenses with no net
change to the results of the prior period. The reclassification is believed to
give a more accurate position of gross margins within the financial
statements.
The impact of the reclassification adjustment to the cost of sales and
administrative expenses is set out below:
Unaudited Unaudited
Six months to 31 Jan 2024 Reclassification adjustment €'000 Six months to 31 Jan 2024
Previous period Restated
€'000
€'000
Cost sales - purchases 1,819 - 1,819
Cost sales - direct costs - 1,430 1,430
1,819 1,430 3,249
Within the restated figures for the period ended 31 January 2024, cost of
sales - purchases have reduced slightly and certain of the prior year's costs
included in administration expenses, principally wages and salaries have been
moved to cost of sales - direct costs resulting in a net increase of
€1,430,000.
Unaudited Unaudited
Six months to 31 Jan 2024 Reclassification adjustment €'000 Six months to 31 Jan 2024
Previous period Restated
€'000
€'000
Administrative expenses 4,110 (1,430) 2,680
4,110 (1,430) 2,680
Within the restated figures for the period ended 31 January 2024,
administration costs have reduced by €1,430,000, equivalent to the movement
in total cost of sales.
5. OPERATIONAL EXPENSES
The operating loss for the period is after charging:
Unaudited Unaudited
Six months to 31 Jan 2025 Six months to 31 Jan 2024
€'000
€'000
Amortisation of intangible fixed assets (379) (210)
Depreciation of right-of-use assets (16) (33)
Depreciation of tangible fixed assets (28) (33)
Share based payments - employee options (88) (428)
(511) (704)
Included within operational expenses are certain one-off costs that
principally relate to the issue of share options.
2025 2024
€'000
€'000
Operating loss (367) (579)
Add back:
Share based payments 88 428
Total one-off costs 88 428
Less other operating income (16) -
Adjusted operating loss (295) (151)
Add back depreciation and amortisation 423 276
Adjusted EBITDA 128 125
The charge for share based payments relates to the issue of share options to
employees as part of the Group share option scheme. Also, as part of the
listing, the outstanding convertible loan notes were converted into equity
which incurred a one-off associated cost in the comparative period.
6. FINANCE COSTS
Unaudited Unaudited
Six months to 31 Jan 2025 Six months to 31 Jan 2024
€'000
€'000
Interest on financial liabilities 2 5
Finance charge on lease liabilities 14 17
16 22
7. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is calculated by
dividing the profit or loss for the period by the weighted average number of
ordinary shares in issue during the period.
Six months to 31 Jan 2025 (unaudited) Six months to 31 Jan 2024 (unaudited)
Loss for the period from continuing operations - €'000 (468) (653)
Weighted number of ordinary shares in issue 124,078,982 124,078,982
Basic and diluted earnings per share from continuing operations - euro (0.38) (0.53)
Share options and warrants could potentially dilute basic earnings per share
in the future. These were not included in the calculation and no diluted
earnings per share presented as the Group is loss making and additional equity
instruments are anti-dilutive for the periods presented.
8. INTANGIBLE ASSETS
Website & Software licences Development costs Total €'000
€'000
€'000
Cost
At 31 August 2023 (audited) 1,227 4,158 5,385
Additions 85 3,323 3,408
At 31 July 2024 (audited) 1,312 7,481 8,793
Additions 48 1,534 1,582
At 31 January 2025 (unaudited) 1,360 9,015 10,375
Amortisation
At 31 July 2023 (audited) 1,153 298 1,451
Charge for the year 58 374 432
At 31 July 2024 (audited) 1,211 672 1,883
Charge for the period 37 342 379
At 31 January 2025 (unaudited) 1,248 1,014 2,262
Net book value
31 July 2024 (audited) 101 6,809 6,910
31 January 2025 (unaudited) 112 8,001 8,113
9. TRADE AND OTHER RECEIVABLES
31 January 2025 31 July 2024 (audited)
€'000
(unaudited)
€'000
Trade receivables 2,567 4,066
Accrued revenue 58 387
Tax and other receivables 606 898
Director's current account 68 65
Prepayments 494 512
3,793 5,928
10. LEASES
The Group had the following lease assets and liabilities:
31 January 2025 31 July 2024 (audited)
€'000
(unaudited)
€'000
Right-of-use assets
Properties 248 265
248 265
Lease liabilities
Current 28 28
Non-current 227 241
255 269
11. TRADE AND OTHER PAYABLES
31 January 2025 31 July 2024 (audited)
€'000
(unaudited)
€'000
Trade creditors 946 2,477
Other taxation and social security 356 609
Accruals 137 339
Deferred income 1,525 1,623
Other payables 269 215
3,235 5,263
12. SHARE CAPITAL
Number of £0.01 shares Share Capital Share premium
€'000 €'000
Balance at 31 July 2024 124,078,982 1,436 6,365
Balance at 31 January 2025 124,078,982 1,436 6,365
13. SHARE BASED PAYMENT RESERVE
31 January 2025 31 July 2024 (audited)
€'000
(unaudited)
€'000
Advisor warrants issued (1) 107 107
Employee options issued (2, 3) 1,089 1,001
1,196 1,108
( )
(1) On 15 December 2022, 863,115 warrants were issued to advisors and have
been fair valued in accordance with IFRS 2. The warrants have an exercise
price of £0.2966 and a time to expiry of 4 years from grant.
(2) On 30 November 2022, 4,541,290 employee options were granted under the
Group's LTIP. These options have different vesting conditions based on
performance milestones that can be viewed below.
(3) On 28 April 2023 and 23 May 2023 2,425,291 and 177,195 employee options
were granted under the Group's LTIP. These options have different vesting
conditions based on performance milestones as outlined below.
14. MERGER RESERVES
31 January 2025 (unaudited) 31 July 2024 (audited)
€'000
€'000
Merger reserve (1,215) (1,215)
(1,215) (1,215)
On 18 November 2022, the Company became the parent company of the Group when
it issued 87,499,999 £0.01 ordinary shares in exchange for 100% of the
ordinary shares in Zefone Limited. Zefone Limited has been shown as the
continuing entity. Intercompany transactions and balances between Group
companies are therefore eliminated in full. The equity presented is that of
Smarttech247 Group plc with the difference on elimination of Zefone Limited's
capital of €1,012,462 (£875,000) being shown as a merger reserve.
In the 2023, Zefone acquired Smart Systems Security Limited for €1,190
(£1,000) with the total identifiable net liabilities acquired being
€225,000, resulting in €226,000 being recorded to the merger reserve.
In 2022, Zefone acquired SmartTech247 SP Z.O.O. for €2,112 (10,000 Polish
Zloty) with the total identifiable net assets acquired being €26,000,
resulting in the €23,000 being recorded to other reserves.
15. EVENTS SUBSEQUENT TO THE PERIOD END
Other than the sale of the Group's shareholding in Getvisibility to Forcepoint
for €1.8 million in March 2025, there were no other events subsequent to the
period end that require disclosure.
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