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secunet with a restrained start to 2023, but reports record order backlog and confirms forecast for 2023

secunet Security Networks AG (ISIN DE0007276503, WKN 727650, “secunet”), Germany’s leading cybersecurity company and IT security partner of the Federal Republic of Germany, today publishes its Group Quarterly Statement as at 31 March 2023. While sales revenue and EBIT in the first quarter of 2023 are below the respective figures for the previous year, the order backlog reaches a new record level as at 31 March 2023. Against this background and in view of the existing sales opportunities, the Management Board confirms its forecast for the financial year 2023.

After a successful financial year 2022, which closed with the strongest quarter in the company's history to date, secunet has made a restrained start to the financial year 2023. In the first quarter of 2023, Group sales revenue amounted to 55.2 million euros, compared to 65.4 million euros in the same period of the previous year. The main reason for this was a restrained product business in the Public Sector division due to fewer product deliveries to customers in January and February. Business momentum, however, increased noticeably in March.

Earnings before interest and taxes (EBIT) were -6.2 million euros, after 8.5 million euros in the previous year. In addition to the development in sales revenue, the strategic growth in the workforce compared to the previous year also had an impact on earnings. As a result of new hires and the acquisition-related increase in personnel, the number of permanent employees rose to 967 (31 March 2022: 797). Personnel expenditure increased accordingly. The growth in the workforce continues to serve the expansion and diversification of the product range, for example in the area of cloud security for particularly security-critical applications.

The Group’s order book reached a new record level of 230.6 million euros as at 31 March 2023 due to a very good volume of orders received. Compared to the figure as at the previous year’s reporting date (184.3 million euros), this represents a considerable increase of 25 percent. The value has also increased significantly once again compared to 31 December 2022 (197.6 million euros).

“After breaking numerous records in the previous quarter, the operational start to the new financial year 2023 was restrained. Nevertheless, there was a noticeable improvement in March, and the record order book of more than 230 million euros and the existing promising sales opportunities point to above-average business in the coming quarters, especially in the second half of the year,” said Axel Deininger, CEO of secunet Security Networks AG. “For this reason, we expect a catch-up effect in the further course of the year. We are therefore confident that we will achieve the targets set for the current year and meet the announced guidance.”

The Management Board confirms its forecast for the financial year 2023 published in the Annual Report 2022 on 24 March 2023. Significant sales growth to around 375 million euros (2022: 347.2 million euros) is still anticipated. EBIT is expected to increase slightly to around 50 million euros (2022: 47.0 million euros). Traditionally, the focus of secunet’s business is in the second half of the year. This is related to the procurement processes of public sector clients, who make up the majority of the customer base. There are again indications of such a trend for the current financial year 2023.

The Group Quarterly Statement as at 31 March 2023 is available for you to download at