Smarttech247 Group PLC shares climbed on Monday as the artificial intelligence-enhanced cybersecurity services provider highlighted a strong year of growth, driven by strategic investments, major client wins, and a growing international presence.

The company said it anticipates reporting revenue exceeding €13 million for its financial year ended July 31, 2024, reflecting an annual increase of more than 8% from €12.2 million in financial 2023.

Shares in the Cork, Ireland-based firm were up 16% at 9.82 pence each in London on Monday morning after the trading update was published.

Smarttech247 also expects to announce adjusted earnings before interest, taxes, depreciation, and amortisation of over €1.3 million and adjusted operating profit above €750,000. Unaudited cash at the end of the period stood at €3.3 million. In the previous year, adjusted Ebitda stood at €2.7 million while adjusted operating profit amounted to €2.1 million.

The company noted a 50% rise in annual recurring revenue, which says now accounts for approximately 60% of total revenue. Chief Executive Officer Raluca Saceanu highlighted this as a ‘key’ performance indicator of ‘the group’s growing strength and resilience,’ adding that Smarttech247 achieved a 100% client retention rate for its MDR clients during the year.

The company noted that during FY2024, Smarttech247 secured major contracts across sectors such as packaging, financial services, and pharmaceuticals. It also expanded operations into the Middle East and Switzerland and signed strategic partnerships with major industry players.

CEO Saceanu said the company is focused on ‘long-term, sustainable growth,’ with a stronger sales pipeline compared to the previous year.

The company plans to update shareholders with further details on the FY2024 numbers and developments at the time of publication of the audited results in the second half of this month.

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