Sparks

Smarttech247 reported FY24 results for the year ended 31 July 2024, with revenue of €13.2m (+8.2% y-o-y), gross profit of €5.0m (-3.4% y-o-y), adjusted EBITDA of €1.35m (-50% y-o-y) and adjusted operating profit of €0.8m (-64% y-o-y) – there are no consensus forecasts. The company saw a significant increase in annual recurring revenue of 50% to €9.1m at year-end. Cash at year-end was €3.3m. The underlying cost base increased in the year reflecting investment in headcount to drive growth and wage inflation.

Over FY24 and since year-end, Smarttech247 has won a number of multi-year contracts for managed detection and response across diverse industries, using its VisionX platform, and had 100% client retention during FY24. In September, the company announced a shift in strategy to a channel-led sales approach, designed to build on the partnerships already signed with software vendors, email providers and IT service providers. Over FY25, Smarttech247 is focused on building out a network of system integrators and distributors and is launching a partnership programme to incentivise this. The company expects to improve profitability through increasing sales, reducing costs (partly through increased automation) and reducing R&D expenditure, which should lead to an improved cash position.