Cyberoo (CYB) H2 2023 earnings summary

Executive summary

• FY23 activity and results met expectations despite a complex economic environment; strategic choices and market position were reinforced.

• Cybersecurity-led growth, market recognition and investment supported plans to address demand in Italy and across Europe.

Financial highlights

• Value of production rose 25.4% to €22.02m; it included €1.73m of increases in non-current assets for internal work.

• Total and recurring revenues reached €20.0m, up 28.7% YoY.

• Consolidated EBITDA increased 37.8% to €9.28m; EBIT was €6.08m, earnings before tax €5.68m, and net profit €3.96m, up 42.04%.

• Consolidated operating cash flow was €4.86m; cash and cash equivalents ended the year at €9.46m, versus €4.45m in 2022.

Outlook and guidance

• Management expects 2024 to remain extremely positive, with service improvements from planned innovations and continued development of the Polish partner network and customer base.

• 2023 and Q1 2024 investments targeted sales and support staffing in Italy and Poland, a new service, and technology upgrades using generative AI.