Safetech Innovations posts revenues of 30.2 million lei in the first half of 2024 and an approximately 60% increase in net profit

Safetech Innovations (BVB: SAFE), a Romanian cybersecurity company listed on the Bucharest Stock Exchange with offices in Bucharest, London, and Abu Dhabi, posts individual revenues of 30.2 million lei in the first half of 2024, a 53%increase compared to the same period last year. In addition, the company recorded a turnover of 22.7 million lei, a 68% increase, and a net profit of 6.1 million lei, a 58% appreciation compared to the first six months of 2023.

“The first half of 2024 was marked by notable achievements for Safetech Innovations, again demonstrating our firm commitment to sustainable growth and innovation in cybersecurity. With solid positive progress both individually and on a consolidated basis, the activities in the first half of 2024 reflect our commitment to streamlining operational strategies and improving financial performance locally and within the UK entity. Therefore, the results generated in the first half of the year give us confidence that we are on the right track to meet the financial objectives set out in the revenue and expense budget approved at the General Shareholders’ Meeting at the end of April this year. Additionally, we remain optimistic about the prospects for the year’s second half, being engaged in four EU-funded projects and other cybersecurity projects provided to clients from various industries. We maintain our commitment to operational efficiency while also seeking to capitalize on existing opportunities in our sector,” said Victor Gansac, Chairman of the Board and CEO of Safetech Innovations.

In the first half of 2024, at the individual level, cybersecurity services contributed 31% to the total turnover, while implementing cybersecurity solutions contributed 69%. Additionally, in the first six months of the year, the company added 18 new clients from the Romanian market to its portfolio.

At the consolidated level, which includes the performance of the UK entity, Safetech UK, the company recorded revenues of 30.6 million lei, a 56% increase compared to the first half of 2023, and a turnover of 23.2 million lei, a 72% increase compared to the first half of last year. The net profit reached 4.2 million lei, an 186% increase compared to the first six months of 2023. Therefore, the strategy Safetech Innovations’ management implemented at the beginning of 2024 for this entity, focusing on a higher volume of smaller contracts, is starting to yield positive results.

The company’s teams are currently engaged in four EU-funded projects with a total value of over 10 million lei. Additionally, at the end of July, Safetech Innovations won a significant new contract for a research and development project, funded under the National Research-Development and Innovation Plan for the Period 2022-2027 (PNCDI IV), with a total value of 13 million lei, of which the budget allocated to the company is 7 million lei.

Safetech Innovations is listed on the Main Market of the Bucharest Stock Exchange as of February 6, 2023, and is traded under the SAFE symbol.

____________________

About Safetech Innovations

Since 2011, Safetech Innovations S.A. has been providing customized cybersecurity services and solutions tailored to the needs of each organization. The company’s portfolio of services and solutions includes consulting for governance, risk management, and compliance (GRC) in security, security testing and vulnerability management, security solutions, professional services, outsourced security services, and proprietary software applications for cybersecurity.

Safetech Innovations has established partnerships with several leading cybersecurity companies, such as CheckPoint, DarkTrace, Microsoft, Splunk, Fidelis, HID, Cynet, and Phriendly Phishing. Currently employing over 60 staff members, the company has dedicated teams to research and develop cybersecurity software products, implement and support security solutions, and Computer Emergency Response Team (CERT) services.

The company serves clients from various sectors, including utilities, healthcare, insurance, industrial manufacturing, retail, and the public sector. Additionally, seven of the top ten banks in Romania have chosen Safetech as their cybersecurity service provider. Safetech Innovations has been involved in over a hundred projects to secure critical infrastructures in the United States, Canada, Brazil, Morocco, the European Union, Singapore, the Philippines, India, China, and New Zealand.

Safetech Innovations (SAFE) is listed on the Main Market of the Bucharest Stock Exchange as of February 6, 2023.

More information about Safetech Innovations is available at www.safetech.ro