Cybersecurity services contributed 54% to total turnover, from 44% in the first half of 2021, while cybersecurity solution implementation had a 28% contribution, vs 55% in the first six months of last year.
Equipment sales weighed 18% in total turnover.
„This year we have already managed to tilt the balance of our activity towards requests for cybersecurity services, our main line of business. Cyberattacks have increased in frequency, representing one of the components of the hybrid war being carried out between various regional and global states. The increase in the sales of cybersecurity services is extremely important as they have a higher profit rate compared to the revenues generated by the sale of cybersecurity solutions,” said Victor Gansac, SafeTech Innovations CEO.
He expects demand for cybersecurity services to continue its upward trend, which will significantly contribute the increase in turnover and profitability.
Therefore, considering the results recorded in H1 2022, the company maintains the targets set in the 2022 revenue and expenditure budget, which foresee total operating income of RON43.9 million, turnover of RON40 million, and net profit of RON10.1 million.
Regarding the international expansion process, in the first half of 2022, the company established the UK entity, which on August 22nd became operational following the completion of all the necessary formalities.
The activity of Safetech UK is coordinated by Anca Stancu, who will hold the position of General Director, having over 23 years of experience in implementing business development strategies and sales management. In the following period, the activity of the UK entity will focus on building a local team, which will consist of three people by the end of 2022. Also, the management of Safetech UK estimates revenues of approximately 170,000 pounds by the end of the year.
Moreover, the company is in the advanced incorporation process of the US office, and it hopes to complete the procedures in the coming weeks. For the entity in Abu Dhabi, United Arab Emirates, it is still waiting for the company incorporation procedures to be completed. Still, it has already started working with the first customer from UAE through Safetech Innovations S.A.
„Last but not least, I would like to mention that we are on the right track with the process of preparing the company for the transfer to the Main Market of the Bucharest Stock Exchange by the end of this year / the beginning of next year. We have already completed the accounting transposition for the last three years from the Romanian statutory accounting rules (RAS) to the international financial reporting standards (IFRS), and at the time of writing this report, we are in the full audit process. We estimate that by the end of this month, we will also complete the audit process. The first step will be the selection of the broker for this transfer, as well as the 6 preparation of the listing prospectus, which we have already started working on. We will inform the market of the steps in this process as we progress,” added Victor Gansac.
SafeTech Innovations has been listed on the AeRO market since January 29, 2021. The company has a market capitalization of above RON170 million.
(English version by Catalina Apostoiu)