(Telestock) – Cy4Gatea company listed on Euronext STAR Milan and active in the cyber intelligence and security market, closed the first half of 2024 with a Production value equal to 31.1 million euros, down 8.6% compared to 30 June 2023 (34.1 million). This decrease is mainly attributable to the lack, in the first half of 2024, of revenues related to foreign orders in the Forensic Intelligence sector which had instead had a positive impact in the first half of 2023. The slowdown in the foreign Forensic business is essentially linked to a still uncertain geopolitical scenario. In Italy, activities related to the prosecutor’s office and revenues in the Defence sector are growing steadily.
THE’EBITDA is equal to 2.4 million euros (vs 5.5 million) and shows an EBITDA Margin of approximately 8%. The margin is affected by the effects of lower revenues in the foreign Forensic Intelligence segment, a highly profitable business, only partially offset by sales relating to Decision intelligence, Cyber security and Forensic Italy. loss is equal to 9.2 million euros (vs. a loss of 3 million).
“The results of the first half of 2024 confirm the solidity of the group CY4Gate thanks above all to the government sector, with specific reference to the Defense and Justice sector – commented theAD Emanuele Galtieri – The group has structured itself to ensure a progressive, yet solid and constant, business development path, with a view to sustainable growth. The acquisition of XTN and the development of the corporate sector will increasingly allow us to mitigate the seasonality of turnover, concentrated in the last three months of the year as a result of the Defence and Forensic foreign awards”.
“The strategic path undertaken continues towards the further consolidation of the leadership in Italy on the Security & Law Enforcement market and on the more incisive penetration of the national Corporate market for cybersecurity, with a progressive expansion in Europe in the coming years – he added – We are pending awarding of numerous contracts in Italy and abroad thanks to an extensive pipeline despite the difficulties and slowdowns linked to the current international geopolitical context on the forensic front”.
There net financial position is cash negative for 19.1 million euros (7.9 million). The increase of approximately 11.2 million is mainly due to the effect of the capital absorption to finance the acquisition of XTN, as well as to the capex for the period, in addition to the purchase of own shares started in 2023 and concluded in February 2024. The net financial position does not include the provision for potential financial liabilities related to the put/call options of Diateam and XTN for the purchase of the remaining minority interests (for a total of 6.3 million), while it includes, in application of IFRS 16, leasing and rents for 4.1 million.
Cy4Gate has confirmed the guidance 2024: a conversion of the Commercial Pipeline in a range of 20-23 million euros; backlog and recurring contracts with effect in 2024 in a range of 64-67 million euros; total revenues in a range of 84-90 million euros.