Safetech Innovations posts doubling of turnover and net profit in Q1 2024

Safetech Innovations, a Romanian cybersecurity company listed on the Bucharest Stock Exchange with offices in Bucharest, London and Abu Dhabi, posts an individual turnover of 11.7 million lei in the first quarter of 2024, up 95% compared to the same period last year, and a net profit of 2.7 million lei, a 132% appreciation compared to the first three months of 2023. In the first quarter of 2024, at the individual level, cybersecurity services contributed 30% to total turnover, and implementing cybersecurity solutions contributed 70%.

“The financial results recorded in the first three months of this year highlight the effectiveness of our strategies of continuously adapting the business model to the dynamics of the cybersecurity sector. This reflects our deep understanding of cybersecurity in a landscape where the demand for advanced information security services and solutions is constantly growing. In this context, we are prepared to respond efficiently and promptly to the complex cybersecurity needs of entities from various economic sectors. Therefore, we remain committed to improving our operational and financial performance throughout this year, particularly at the consolidated level. The results generated in the first quarter demonstrate that we are on track to record a solid performance this year, in line with the revenue and expense budget approved by our shareholders at the GSM at the end of April this year “, declared Victor Gansac, Chairman of the Board of Directors and CEO of Safetech Innovations.

In the first quarter of the year, Safetech Innovations signed recurring contracts for monitoring and responding to cybersecurity incidents with four new clients, and a significant contract was announced in February, with a value of approximately 3.6 million lei. In addition, the company signed three contracts for projects with European funds with a total value of 4 million lei, which are carried out within multinational consortiums at the European level. In addition, Safetech Innovations won a new project with European funds worth 6.2 million lei, which is expected to be signed by the end of Q2 2024.

Regarding the results at the consolidated level, in the first quarter of 2024, the turnover amounted to 11.9 million lei, a 99% increase compared to the first quarter of 2023, and the net profit recorded the value of 1.4 million lei, a 409% increase compared to the same period of the previous year. Consolidated results include the performance of Safetech Innovations SA and Safetech Innovations Global Services Limited (Safetech UK), a UK entity.

In the first three months of this year, Safetech UK recorded revenues of 0.2 million lei. In 2024, the strategy set by Safetech Innovations management for this entity is to focus on attracting a higher volume of lower-value contracts to increase brand awareness in this market. Also, the focus on obtaining small-scale contracts favors a more agile reaction to opportunities in this market and ensures a continuous flow of revenue, eliminating the extended periods of negotiation and project start, as happens with large-scale contracts.