During the second quarter, the company reached the milestone of completing the commitments around the reconstruction process, following the settlement of the creditors composition.
“The journey in reimagining CYBER1 into the company it is today has been a truly transformational process for the business. All of our resources will now be focused on growing the business, comments Robert Brown Group President.
The company’s top line expansion continues on track with 21%, and the approach to acquire an expanded customer base is underpinned by a long-term strategy to generate sustainable profitability for the company.
“The short-term impact has equated to a reduction in overall EBITDA in H1 of 2022, primarily from the Q1 results flowing through into the half year point in time. However, our historical trends see that H2 is particularly strong, and the business units are all working to develop robust pipelines to execute for the second half of 2022”, concludes Robert Brown.
 
Summary Highlights
· H1 Group revenue increased year over year by 22%, from €16.0m in H1 2021 to €19.5m in H1 of 2022.
· Gross margin continues to come under pressure and has reduced by 7% year on year.
· H1 2022 Group EBITDA loss of €1,405k, compared to a profit of €386k in H1 of 2021.
· Operating Expenditure for H1 has increased by €1.6m compared to H1 2021, an increase of 38.6%. It is noted that the main reason for this increase is the investment in software, people and equipment for the newly formed Secure Operating Centre (SOC). Administrative costs have increased by 11.7% year on year.