In the first half of 2024, secunet Group generated revenues of 144.3 million euros (previous year: 151.5 million euros). This is due to lower sales in both segments - the Public Sector and the Business Sector. In contrast, incoming orders were significantly higher than in the previous year, so that it can be assumed that the lower revenue in the first half of the year is an effect of the seasonality typical of secunet Group. secunet Group's seasonal sales pattern usually shows a rising trend from the first to the last quarter. This is also apparent this year: after sales of 57.6 million euros in the first quarter, sales rose to 86.7 million euros in the second quarter.
In the second quarter, secunet Group recorded a significant improvement in earnings. After a negative EBIT (earnings before interest and taxes) of -5.6 million euros in the first quarter, a positive EBIT of 7.0 million euros was achieved in the second quarter. Overall, EBIT in the first half of the year amounted to 1.4 million euros, after 4.0 million euros in the previous year. This development is mainly due to the absence of a special effect that had a positive impact on the previous year's result as other operating income totalling 2.6 million euros and resulted from a revaluation of the payout clause agreed as part of the acquisition of SysEleven GmbH. The net profit for the period was 1.0 million euros (previous year: 2.4 million euros) and earnings per share were 0.16 euros (previous year: 0.39 euros).
secunet Group's order situation developed positively in the first half of the year. Incoming orders increased by 15% to 169.6 million euros (previous year: 147.0 million euros). As a result, the order book reached a very high level of 216.5 million euros as at 30 June 2024, an increase of 13% compared to the previous year's reporting date (191.6 million euros).
"The business figures for the first half of the year are in line with our expectations and only slightly below the previous year's level. Once again, we saw the typical seasonal pattern with a weaker first quarter and a stronger second quarter," said Axel Deininger, CEO of secunet Security Networks AG. "The increase in incoming orders and the high order backlog are particularly pleasing. These positive developments signal a robust business and give us confidence for a dynamic second half of the year. We are therefore confirming our forecast for the year."
The outlook for the 2024 financial year remains unchanged. Revenues are expected to be around 390 million euros (2023: 393.7 million euros) and EBIT around 42 million euros (2023: 43.0 million euros). The fourth quarter is traditionally the peak of secunet's annual business development. This is due to the fact that public sector customers award more contracts during this period. This is also expected for the current year, meaning that the final quarter is once again likely to make a decisive contribution to annual sales and earnings.
The Half-Year Financial Report 2024 is available for download at www.secunet.com.
Disclaimer: This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this communication that reflects our intentions, assumptions, expectations or forecasts (as well as the underlying assumptions) is a forward-looking statement. These statements are based on plans, estimates and forecasts that are currently available to the management of secunet Security Networks AG. Forward-looking statements therefore relate only to the date on which they are made. We assume no obligation to update such statements in the light of new information or future events.
