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secunet Half-Year Report 2010: On target

[Essen/Germany, 13 August 2010] secunet Security Networks AG publishes its Half-Year Financial Report 2010 today. In the first half of the year, the secunet Group increased sales by 7% compared with the previous year. Earnings before interest and tax (EBIT) were Euro -0.1 million, an improvement on the previous year’s figure of Euro -0.5 million. The Management Board has reaffirmed its forecast for the 2010 financial year.

secunet Security Networks AG’s Group revenue for the first six months of the year rose by 7% or Euro 1.8 million year-on-year from Euro 24.1 million to Euro 25.8 million. This was due to lower capacity utilisation in the Business Security and Government business units. The High Security business unit, which sells the SINA product line, continues to account for the majority of the Group’s revenue.

Earnings before interest and tax (EBIT) for the period from January to June 2010 were Euro -0.1 million, compared with Euro -0.5 million in the previous year. The improvement in the EBIT is partly the result of an increase in other operating income from Euro 0.8 million in the first half of 2009 to Euro 1.1 million in the current year, as well as a modest increase in expense items of 7%, proportional to revenue growth. The result for the period improved from Euro -0.5 million in the previous year to Euro -0.2 million in the first six months of 2010, while earnings per share for the period rose from Euro -0.08 to Euro -0.03.

The company’s cash flow from operating activities rose from Euro -7.6 million for the period from January to June 2009 to Euro -2.5 million for the same period of the current financial year.

The company’s order book at 30 June 2010 was Euro 22.5 million, compared with 28.1 million on the same reporting date in the previous year. This decline is due to the large projects currently in progress.

Commenting on the half-year figures, Dr Rainer Baumgart, Chairman of the Management Board of secunet Security Networks AG, said “secunet found itself in a very stable business situation during the first half of the year, which we’re very pleased about. As in past years, the third and fourth quarters will be decisive for our net income for the year – we maintain our forecast of stable revenue and earnings compared with last year.”

secunet Security Networks AG’s Annual General Meeting will take place in Essen on 25 August 2010. Our next financial report will be published on 10 November 2010, with an interim report on 30 September 2010/9-Month Report.

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