LONDON - Smarttech247 Group PLC (AIM: S247), an AI-enhanced cybersecurity services provider, has revealed a revenue increase and substantial annual recurring revenue (ARR) growth for the fiscal year ended July 31, 2024. The company, known for its automated managed detection and response offerings, is currently undergoing an audit and anticipates the release of its final audited results later this month.
The preliminary figures suggest that Smarttech247 experienced an 8% year-on-year revenue increase, exceeding €13 million. The company also expects to report an adjusted EBITDA above €1.3 million and an adjusted operating profit surpassing €750K. As of July 31, 2024, Smarttech247 held unaudited cash reserves of €3.3 million.
Notably, the company achieved a 50% increase in ARR, which now represents around 60% of the total revenue for FY2024. This performance indicator highlights the group's resilience and potential for sustained growth. Moreover, Smarttech247 maintained a 100% client retention rate among its MDR clients, emphasizing the quality of its services.
Throughout FY2024, Smarttech247 expanded its operations, including significant investments in research and development, sales capabilities, and its Romanian operations that support MDR services. These strategic moves are aimed at strengthening the company's growth trajectory.
The group also secured new contracts across various sectors such as packaging, financial services, and pharmaceuticals, and expanded its platform and product offerings. Smarttech247's sales pipeline has reportedly grown substantially compared to the previous year.
Strategic partnerships with industry leaders like Cisco (NASDAQ:CSCO), Google (NASDAQ:GOOGL), AWS, and Splunk (NASDAQ:SPLK) have been established, enhancing Smarttech247's reach and capabilities. The company also broadened its geographical presence, entering markets in the Middle East and Switzerland.
Smarttech247's achievements include being recognized as a vendor in the Gartner (NYSE:IT) Market Guide for Managed Detection and Response for 2024, marking a significant milestone for the company.
CEO Raluca Saceanu commented on the results, expressing optimism for the company's future and emphasizing the strategic investments made to support long-term growth and capitalize on industry opportunities.
Further details on FY2024's financials and strategic developments will be disclosed with the publication of the audited results. This update is based on a press release statement from Smarttech247.
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