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Highlights
- Revenue Growth: Expected revenue of over €13 million, reflecting an 8% year-on-year increase, with adjusted EBITDA exceeding €1.3 million.
- ARR Surge: Annual recurring revenue (ARR) up by 50%, accounting for 60% of total revenues, showcasing sustainable growth.
- Global Expansion: New market entries in the Middle East and Switzerland, alongside strategic partnerships with Cisco, Google, AWS, and Splunk.
Financial Growth and Stability
Smarttech247 (LSE:S247), a leading provider of AI-driven cybersecurity services, has issued an update on its financial and operational performance for the fiscal year ending July 31, 2024 (FY2024). The company anticipates announcing its final audited results in the latter half of January 2025.
For FY2024, revenue is expected to exceed €13 million, representing an 8% growth compared to the previous year. Adjusted EBITDA is forecast to surpass €1.3 million, while adjusted operating profit is expected to be more than €750,000. As of July 31, 2024, the company’s unaudited cash position stood at €3.3 million.
Recurring Revenue and Client Retention
A significant highlight of FY2024 is the 50% growth in annual recurring revenue (ARR) on an unaudited run-rate basis. ARR now accounts for approximately 60% of total revenues, underscoring Smarttech247’s success in securing long-term, sustainable revenue streams. Additionally, the company achieved a remarkable 100% client retention rate for its managed detection and response (MDR) services, further reflecting the high quality of its offerings.
Strategic Investments and Growth
Smarttech247 made considerable investments during FY2024 to fuel future growth. Key areas of focus included research and development, sales capabilities, and expanding operations in Romania to support its MDR services. These investments have helped the company secure major contracts across sectors such as packaging, financial services, and pharmaceuticals, while expanding its product portfolio and platform capabilities.
The company also strengthened its channel partner strategy, forging strategic alliances with industry leaders like Cisco, Google, AWS, and Splunk. These partnerships enhance Smarttech247’s customer reach and bolster its service and platform capabilities.
In terms of geographical growth, Smarttech247 expanded into the Middle East and Switzerland, positioning itself for further market penetration and customer acquisition in these regions. The company was also recognized as a vendor in the Gartner Market Guide for Managed Detection and Response for 2024, a significant industry accolade.
