LONDON (ShareCast) - (Sharecast News) - AI-driven cybersecurity specialist Smarttech247 updated the market on its results for the financial year ended 31 July on Monday, reporting that it expected to report revenue exceeding €13m, reflecting year-on-year growth of over 8%.
The AIM-traded firm said adjusted EBITDA was projected to surpass €1.3m, while adjusted operating profit was set to exceed €0.75m.

As of 31 July, unaudited cash stood at €3.3m.

The board said a highlight of the financial year was a 50% increase in annual recurring revenue (ARR), which now accounted for about 60% of total revenue, amid a focus on building sustainable income streams.

Additionally, Smarttech247 said it achieved a 100% client retention rate for its managed detection and response (MDR) services, demonstrating the quality and reliability of its offerings.

Throughout the year, the company said it made significant investments in research and development, sales expansion, and its Romanian operations to support MDR services.

Those initiatives helped secure major customer contracts in sectors such as packaging, financial services, and pharmaceuticals.

The sales pipeline also showed substantial growth compared to the prior year, the board said, positioning the company for future expansion.

Strategic partnerships played a key role, it added, with agreements signed with leading industry players including Cisco, Google, AWS, and Splunk.

The alliances enhanced the company's platform capabilities and customer reach.

Additionally, the company said it expanded its geographical footprint into the Middle East and Switzerland, further bolstering growth opportunities.

Smarttech247 noted that it was also recognised in the Gartner Market Guide for Managed Detection and Response for 2024, marking a notable industry endorsement.

Its full audited results and further strategic updates were expected to be published later in January.

"As we continue to expand and strengthen our operations, our focus remains on long-term, sustainable growth," said chief executive officer Raluca Saceanu.

"Our revenue and ARR continue to grow and our current pipeline is strong."

Saceanu said the strategic investments the company made in the year were "critical" for supporting its future ambitions, and ensuring that the firm was positioned to capitalise on significant industry opportunities and demand for its products.

"We continue to be incredibly excited about the future of our business."

At 0944 GMT, shares in Smarttech247 Group were up 15.58% at 9.82p.

Reporting by Josh White for Sharecast.com.

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