Secunet reports increased revenue and EBIT for first quarter

Secunet Security Networks AG, a German cybersecurity firm, has reported an increase in both revenue and earnings before interest and taxes (EBIT) for the first quarter of its 2024 fiscal year. The company's revenue rose by 4% to 57.6 million euros, up from 55.2 million euros in the same period of the previous year. The EBIT also saw a slight improvement, moving from -6.2 million euros to -5.6 million euros.

The growth was primarily driven by the Public Sector segment, which experienced an 8% increase in revenue, reaching 48.8 million euros. This positive development occurred despite budget discussions affecting public sector spending. Conversely, the Business Sector segment saw a decrease in revenue, amounting to 8.8 million euros compared to 9.9 million euros in the prior year's first quarter.

Secunet also noted a significant increase in revenue from international markets, which grew by 26% to 6.8 million euros, boosting their share of the total revenue to 12%. The company attributes the lower revenue in the healthcare sector to market-wide transitions within the telematics infrastructure.

The company confirmed its financial outlook for the full year 2024, maintaining its forecast for revenue to be around 390 million euros and EBIT to be approximately 42 million euros. Secunet's order backlog stood at 202.7 million euros as of March 31, 2024, indicating a solid basis for the coming months. The workforce also expanded by 4% to 1,037 employees.