Smarttech247 Group PLC on Monday said it saw opportunities for future growth as the need for defences from cyberattacks continued, despite posting a profit fall as costs ballooned.

The Cork, Ireland-based artificial intelligence-enhanced cybersecurity services provider said pretax profit dropped to €204,000 in the financial year ended July 31, from €1.5 million a year prior.

Revenue climbed 19% to €12.2 million from €10.2 million.

Administrative costs however ballooned 81% to €7.0 million from €3.9 million. Cost of sales increased 15% to €5.4 million from €4.7 million. Income tax costs more than doubled to €371,000 from €156,000.

Looking ahead, Executive Chair Ronan Murphy noted ‘clear opportunities for future growth,’ citing continued cyberattacks with serious implications. The company said its ‘combination of managed detection and response capabilities can help to significantly reduce the impact of an attack and manage the situation.’

Further, he said: ‘We have started FY2024 well with more contracts being won and a number of existing contracts being renewed, so we are very much looking forward to continuing this progress in FY2024.’

VisionX is Smarttech’s managed detection and response platform which provides ‘around-the-clock security orchestration’, according to the company.

Smarttech shares were flat at 19.00 pence each on Monday afternoon in London.

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