REG - Smarttech247 Group - Update re. results for the year ended 31 July 2024

Smarttech247Announcement

06/01/2025 07:00

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RNS Number : 1909S  Smarttech247 Group PLC  06 January 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.

6 January 2025

Smarttech247 Group PLC

 

("Smarttech247", the "Group" or the "Company")

 

Update regarding the results for the year ended 31 July 2024

 

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, announces an update regarding the
Company's results for the year ended 31 July 2024 ("FY2024").

 

The audit of the accounts for FY2024 is currently in progress and the Company
expects to announce its final audited results in the second half of January
2025. Revenue for the year is expected to be in excess of €13 million, an
increase of over 8% year on year. The Company expects to report adjusted
EBITDA in excess of €1.3 million and adjusted operating profit in excess of
€750K. Unaudited cash as at 31 July 2024 was €3.3 million.

 

For FY2024, we achieved a 50% increase in annual recurring revenue ("ARR") on
an unaudited run-rate basis. ARR for FY2024 is therefore expected to represent
approximately 60% of total revenues for that year, which is a key performance
indicator reflecting the Group's growing strength and resilience. This
increase underscores our success in securing long-term, sustainable revenue
streams, and positions us strongly for continued expansion in the coming
years. In FY2024, we have also achieved a 100% client retention rate for MDR
clients, clearly demonstrating the quality of the service we provide.

As announced in our trading update in September 2024, the results for FY2024
reflect the investments made by the Group to expand our operations and
position the business for future growth In particular, we have invested
significantly in research and development, building out our sales capability
and in our operations in Romania, which support our MDR services as we look to
capitalise on the opportunities before us and continue our profitable growth
trajectory.

FY2024 saw the Group secure major new customer contracts across multiple
sectors including packaging, financial services and pharmaceutical, and expand
our platform and product offerings.  As we look forward, our sales pipeline
continues to build and is currently significantly greater than it was at the
same time last year.

 

FY2024 was a year of progress with our channel partner strategy, and we now
have signed strategic partnerships with industry leaders such as Cisco,
Google, AWS, and Splunk, enhancing our customer reach and service and platform
capabilities. We also expanded our geographical footprint into the Middle East
and Switzerland, positioning the Company for growth in these markets. The
Group was also recognised as a vendor in the Gartner Market Guide for Managed
Detection and Response for 2024, which is a notable achievement.

 

Further details on the FY2024 numbers and the strategic developments of the
Group will be provided at the time of publication of the audited results in
the second half of this month.

 

Raluca Saceanu, CEO of Smarttech247, commented:

 

"As we continue to expand and strengthen our operations, our focus remains on
long-term, sustainable growth. Our revenue and ARR continue to grow and our
current pipeline is strong. The strategic investments that we have made in the
year are critical for supporting our future ambitions and ensuring that we are
well-positioned to capitalise on the significant opportunities that the
industry brings and the demand for our products. We continue to be incredibly
excited about the future of our business."

 

-Ends -

 

*Smarttech247 is a recognised vendor in 2024 Gartner® Market Guide for
Managed Detection and Response.

 

 

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 / Adam Dawes

 Cavendish Capital Markets Limited - Corporate 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 Group's services are geared towards proactive prevention, and it achieves
this by utilising the latest technologies, 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 the London Stock Exchange
on 15 December 2022.

 

For further information please visit www.smarttech247.com
(http://www.smarttech247.com)

 

*Gartner disclaimers

 

Market Guide for Managed Detection and Response, 24 June 2024, Pete Shoard,
Andrew Davies, Mitchell Schneider, Angel Berrios, Craig Lawson.

 

Gartner does not endorse any vendor, product or service depicted in its
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warranties, expressed or implied, with respect to this research, including any
warranties of merchantability or fitness for a particular purpose.

 

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its
affiliates in the

U.S. and internationally and is used herein with permission. All rights
reserved.

 

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