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Interim report after the first quarter: secunet achieves outstanding results

Sales revenues up 118% to 71.2 million euros (Q1 2020: 32.6 million euros) / EBIT improves to 12.2 million euros (Q1 2020: 0.0 million euros) / [Essen, 5 May 2021] secunet Security Networks AG (ISIN DE0007276503, WKN 727650) today publishes its Group Quarterly Statement as at 31 March 2021. With the results achieved, the Company significantly exceeds expectations.

secunet Security Networks AG achieved far better results in the first quarter of the 2021 financial year than expected at the beginning of the financial year. Group sales revenue increased by 118% or 38.6 million euros year-on-year to €71.2 million (Q1 2020: 32.6 million euros). The significant growth is largely the result of sharply increased product sales (IT equipment, licences, maintenance and support) with the SINA product family, in particular the SINA Workstation, and the secunet healthcare connector.

Due to the substantial rise in sales revenue, earnings before interest and taxes (EBIT) also rose from 0.0 million euros in the first quarter of the previous year to 12.2 million euros.

Sales in the Public Sector division – whose products and services are geared towards public clients within and outside Germany, as well as international organisations – rose by 113% or 29.8 million euros to 56.2 million euros compared with the prior-year quarter (26.4 million euros). The growth is largely attributable to strong product business with the SINA product family. German authorities are continuing to invest in secure mobile workstations – accordingly, demand remains high, especially for the SINA Workstation. The division thus contributed 79% to Q1 Group sales revenue (prior-year quarter: 81%). Sales revenue in the Business Sector division, which addresses its range of products and services towards companies in the private and healthcare sectors, rose in the first quarter of 2021 by 141% or 8.9 million euros from the prior-year level (6.2 million euros) to 15.1 million euros. The increase is largely due to the highly positive development of product business with the secunet healthcare connector. The division’s share in the Group’s sales revenue in Q1 was 21% (prior-year quarter: 19%).

Demand for secunet products grew beyond expectations in the first three months of 2021. The order book as at 31 March 2021 thus amounted to 176.9 million euros and was significantly higher than at the same reporting date in the previous year (115.2 million euros) and at the end of the 2020 financial year (149.5 million euros).

“We have achieved far better results than expected at the beginning of the year in both divisions. Orders received also significantly exceeded our expectations,” says Axel Deininger, CEO of secunet Security Networks AG. “Based on these figures, we can raise our forecast for the year 2021 accordingly. Continued stability of the supply situation of semiconductors, which is tight throughout the entire IT industry, is crucial.”

Against this backdrop of a well-filled order book and taking into account the business performance in the first three months, the Management Board of secunet AG raised its full-year forecast in an ad hoc announcement dated 20 April 2021. The forecast since then is for sales revenues of around 330 million euros and an EBIT of around 59 million euros (2020 financial year: sales revenues 285.6 million euros, EBIT 51.6 million euros). Achieving this forecast will depend to a large extent on continuation of a stable supply situation for intermediate products, in particular the availability of semiconductors. The original forecast (published on 3 November 2020) envisaged sales revenues of around 260 million euros and an EBIT of around 38 million euros.

The Group Quarterly Statement as at 31 March 2021 is available for you to download at Next financial date: 12 May 2021, Virtual Annual General Meeting.