Safetech Innovations, a Romanian cybersecurity company listed on the Bucharest Stock Exchange, with offices in Bucharest, London, and Abu Dhabi, posts at the individual level a turnover of 34.9 million lei in 2022, a 52% increase compared to 2021 and a net profit of 10.2 million lei, a 70% appreciation compared to 2021.
This is the first reporting of financial results prepared according to IFRS standards after the listing of the company on the Main Market of the Bucharest Stock Exchange at the beginning of this month.
“In 2022, Safetech Innovations went through an extensive preparation process for listing on the Main Market of the Bucharest Stock Exchange. We are glad that we kept this promise to investors and that SAFE shares debuted on this market before the publication of preliminary financial results for 2022. Regarding financial performance in 2022, cybersecurity services contributed 43% to total turnover and implementing cybersecurity solutions contributed 57%. In 2022, we experienced an increase in the number of recurring contracts and at the client level, winning 14 new clients. At the level of cybersecurity services, our clients have turned to services to increase their level of protection, identify vulnerabilities and risks, and carry out compliance assessments. Also, based on these assessments and an action plan, more and more clients have decided to invest in cybersecurity solutions“, stated Victor Gansac, Chairman of the Board of Directors and CEO of Safetech Innovations.
The preliminary results for 2022 also include the company’s consolidated performance. These include the results generated by Safetech Innovations SA and Safetech Innovations Global Services Limited, the UK entity established in August 2022 in which Safetech Innovations holds a 67% stake. Thus, in 2022, the company recorded a turnover of 34.9 million lei and a net profit of 9.5 million lei at the consolidated level. The UK entity currently has five full-time employees, including the CEO, Anca Stancu, a sales director who will cover the UK and the US, UK strategic accounts director, and a partnerships and corporate sales manager. The London-based company has been accredited to participate in public tender procedures and has signed partnerships with international cybersecurity solutions providers such as DarkTrace, CheckPoint, and Cynet.
In 2023, Safetech Innovations targets the consolidation of the business in Romania by increasing the number of new clients and recurring contracts, as well as developing the subsidiary in the UK to become productive in terms of results. At the same time, this year, the company will focus on increasing the team’s technical capabilities, developing its products, and introducing new solutions to its portfolio.
“Opportunities in cybersecurity will continue to be on an increasing trend, considering that countries worldwide, including Romania, are actively looking to invest in this field due to the rapid and alarming increase in cyberattacks. Considering the current growth rate, the damage caused by cyberattacks will amount to about $11 trillion by 2025, a 300% increase from 2015, according to a report published by Global Data in August 2022. Moreover, in 2021, the cybersecurity market was valued at $220 billion and is expected to grow at a compound annual growth rate (CAGR) of approximately 9% between 2021 and 2026 to reach $2 trillion, according to the same report. However, our ambition is to grow faster than the market“, added Victor Gansac.
According to the consolidated revenue and expenses budget published at the beginning of February, in 2023, the company targets a turnover of 58.1 million lei and a net profit of 13.9 million lei.
Safetech Innovations is listed on the Main Market of the Bucharest Stock Exchange as of February 6, 2023, and trades under the symbol SAFE. Currently, the company has a market capitalization of 211 million lei.