Romanian cybersecurity firm Safetech Innovations sees 53% revenue increase in H1 2024

Safetech Innovations, a Romanian cybersecurity company listed on the Bucharest Stock Exchange (BVB: SAFE), has reported individual revenues of RON 30.2 million (EUR 6.07 mln) in the first half of 2024, marking a 53% increase compared to the same period last year.

The turnover reached RON 22.7 million, up by 68%, as the company gained 18 new clients from the Romanian market. The net profit saw a 58% rise to RON 6.1 million.

"The results generated in the first half of the year give us confidence that we are on the right track to meet the financial objectives for this year. We remain optimistic about the prospects for the year's second half, being engaged in four EU-funded projects and other cybersecurity projects provided to clients from various industries," said Victor Gansac, Chairman of the Board and CEO of Safetech Innovations.

At the consolidated level, including the performance of Safetech UK, the company recorded revenues of RON 30.6 million, a 56% increase year-over-year, while net profit surged by 186% to RON 4.2 million.

This significant growth was driven by the company's strategic shift towards a higher volume of smaller contracts, which is now yielding positive results. Safetech Innovations has also been actively engaged in several key projects, including four EU-funded initiatives with a total value exceeding RON 10 million.

Moreover, the company secured a new contract under the National Research-Development and Innovation Plan (PNCDI IV), valued at RON 13 million, further bolstering its position in the local cybersecurity market.

(Photo source: the company)