Secunet Security Networks AG publishes Half-Year Financial Report 2022

Secunet Security Networks AG publishes Half-Year Financial Report 2022

Germany-based cybersecurity firm secunet Security Networks AG released its Half-Year Financial Report for 2022 on August 10, 2022. The report indicates a decline in the company's group sales revenue for the first half of the year, amounting to 135.5 million euros, down from 147.6 million euros in the same period of 2021. Earnings Before Interest and Taxes (EBIT) also decreased to 14.9 million euros, compared to 24.2 million euros in the prior year. The company stated that these financial results were in line with expectations and are significantly below the record figures achieved in the first half of 2021.

The report also noted that secunet has surpassed 1,000 employees for the first time. As of the midpoint of 2022, the group employed 1,034 individuals, an increase from 857 at the end of 2021. CEO Axel Deininger highlighted the addition of 177 new qualified employees, marking this milestone as a foundation for future development.

The decrease in revenue was attributed to the normalization of demand in the public sector, following pandemic-related effects, and an anticipated reduction in demand for software licenses within the Business Sector, which serves private companies and the healthcare industry. The Public Sector division reported sales revenue of 113.1 million euros, while the Business Sector generated 22.4 million euros.

Despite the mid-year dip, secunet anticipates a stronger second half of the year, a traditional pattern driven by the procurement cycles of its predominantly public sector clients. The company reaffirmed its full-year 2022 forecast, projecting sales revenue of approximately 320 million euros and an EBIT of around 50 million euros. However, secunet cautioned about potential disruptions in customer projects due to the ongoing global semiconductor supply situation.