Secunet Security Networks AG: Planned start to the year with improved sales and EBIT
Cybersecurity firm secunet Security Networks AG began 2024 with improved performance, as revenue and earnings before interest and taxes (EBIT) increased in the first quarter compared to the prior year. The company confirmed its full-year forecast.
German cybersecurity company secunet Security Networks AG reported an improved start to the 2024 financial year, with first-quarter revenue rising 4% to 57.6 million euros and the company narrowing its operating loss to -5.6 million euros from -6.2 million euros in the same period last year.
The increase in revenue was primarily driven by the Public Sector segment, where sales grew 8% to 48.8 million euros, supported by the SINA business despite tight public budgets. In contrast, the Business Sector segment saw sales decline to 8.8 million euros from 9.9 million euros, as expected, due to market shifts in healthcare following the transition to Telematics Infrastructure 2.0 and the conclusion of prior connector business.
International sales saw a significant jump of 26% to 6.8 million euros, increasing their share of total revenue to 12%, while domestic sales in Germany reached 50.8 million euros. The company also reported a 4% increase in its permanent workforce to 1,037 employees.
Secunet confirmed its full-year forecast for 2024, projecting sales of approximately 390 million euros and EBIT of around 42 million euros. CEO Axel Deininger stated that the first quarter's development met expectations and that the current high order backlog provides a solid foundation for the coming months, contingent on stable industry conditions and public sector customer investment behaviour.