Smarttech247 Reports 21.4% Revenue Growth and Major £7m Cybersecurity Contract with London Airport

Riding the Cyber Security Wave: Smarttech247 Delivers Stellar Growth

When a cybersecurity firm starts racking up contracts like London black cabs collect fares, you pay attention. Smarttech247’s latest interim results aren’t just a set of financial figures – they’re a roadmap to how agile tech firms are capitalising on our collective cyber anxiety. Let’s unpack why these numbers matter.

The Financial Engine Room

First, the headline act:

• 21.4% revenue surge to €6.49 million (H1 2024: €5.35m)
• Recurring revenue up 32% year-on-year
• Annual recurring revenue (ARR) climbing to €9.4 million
• Cash position €1.9 million pre-Getvisibility sale proceeds

But here’s what really caught my eye: that recurring revenue growth is outpacing total revenue expansion. Translation? Smarttech247 is successfully moving clients from project-based work to sticky, repeat subscriptions – the holy grail for SaaS businesses.

The Hidden Gem in the Numbers

While EBITDA of €128k seems modest, remember this excludes R&D tax credits typically recognised in full-year results. The real story? Operational leverage. Despite:

• 26% increase in operating costs (mainly headcount growth)
• €1.58m invested in product development

…they’ve maintained positive adjusted EBITDA. This suggests the growth isn’t being bought at unsustainable cost.

Contract Wins: From Pharma to Firewalls

Smarttech247’s sales team clearly isn’t sleeping on the job:

• €860k three-year deal with Irish public sector
• €1m+ renewal with Irish university
• $925k automotive sector expansion

But the crown jewel? Being named one of four suppliers on a £7 million framework with a major London airport. While not guaranteed revenue, this positions them at the heart of critical national infrastructure protection – a huge credibility boost.

“We’re seeing new threats daily. Our job is to stay three steps ahead.”
– Raluca Saceanu, CEO

The Strategic Chess Moves

Three developments suggest long-term thinking:

1. Channel shift: Moving from direct sales to partner networks could turbocharge growth in MENA and DACH regions
2. Getvisibility exit: The €1.8m blockchain stake sale sharpens focus on core MDR capabilities
3. Zero Day Con 2025: 600+ attendees including FBI and NCSC signals thought leadership

The ESG Angle You Might Miss

While not directly revenue-driving, winning two CSR awards (including Gender Equality Excellence) matters. In the tender-driven world of public sector contracts, this ESG credibility could be the tie-breaker against competitors.

Looking Through the Windscreen

The cybersecurity market is projected to grow at 8.9% CAGR through 2027. Smarttech247’s 21.4% growth rate suggests they’re taking market share. Key drivers:

• Cloud migration creating new attack surfaces
• AI-powered threats requiring AI-enhanced defence
• Regulatory pressures (think NIS2 Directive) forcing compliance spending

With a strengthened sales pipeline and €3.7m total liquidity (including Getvisibility proceeds), they’re tooled up for the next growth phase.

The Investor Takeaway

At first glance, these results show solid execution. Look deeper, and you see a company:

• Transitioning to higher-margin recurring revenue
• Winning in both public and private sectors
• Positioning as an ESG-conscious operator

The cybersecurity game isn’t for the faint-hearted, but Smarttech247 seems to be finding its rhythm. As the CEO noted, “the outlook… is encouraging.” For investors, that might just be the understatement of the results.