Cognosec AB First Quarter 2017: Improving Margins with an Acquisition at Completion Stage
LONDON, May 2, 2017 /PRNewswire/ --
Cognosec AB (publ) ("Cognosec" or "The Company"), Nasdaq: COGS a leading supplier of solutions within Cyber Security with operations in Europe, Africa and the Middle East, today announces its first quarter interim report for 2017.
Total revenues of 3.76m EUR (Q1 2016: 3.98m EUR) reflected positive traction in key markets, but delays of key contracts in others, where ongoing tenders have not been closed. Increased group costs were incurred to harmonise operations and drive future margin. These effects stretched the Group's cash position, pending debtor collections and unwinding of deposits. Overall Group loss for Q1 2017 was 0,846m EUR (Q1 2016: 0,192m EUR). A-tek acquisition identified and at completion stage.
• Group Revenue of 3.76m EUR (Q1 2016: 3.98m EUR)
• Group loss of -0,846m EUR (Q1 2016: 0,192m EUR)
• Credence Security SA increased revenues by 24.5m ZAR (309%) for Q1 2017, compared to Q1 2016
• Cognosec UAE revenues increased by 2.4m AED for Q1 2017 (112%), compared to Q1 2016
• Group gross margin for the quarter increased to 43% (Q1 2016 Gross Margin: 36%)
• Operating Margins reduced, as investment in staff and resources are implemented
• Quarterly underlying operating loss, excluding new European entities: EUR 86k (Q1 2016 profit EUR 390 k)
• The Group's net debt for Q1 2017 was EUR 86k (Q4 2016: EUR 1.36m in cash and equivalents)
• Group operating margin of EUR 0.86m (Q1 2016 ytd operating profit: EUR 0.29m)
• The Group employed 136 staff at the end of Q1 2017, up 44% compared to Q1 2016 (95)
• New website launched; http://www.cognosec.com. This site provides extensive information on our complete service solutions and products available to the market
This report is published in English only, and going forward Cognosec AB will publish interim reports in English.
This information is information that Cognosec AB is obliged to make public, pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 28th April, 2017, after 17.30 CET.
About Cognosec
We help organizations reduce cyber risks and become resilient to attacks by assessing their processes, procedures and systems for non-compliance and vulnerabilities. We assess, design, implement and manage solutions that protect critical IT infrastructure and data assets. We are a NASDAQ-listed, agile EMEA company operating across the public and private sectors. Please visit http://www.cognosec.se for Investor information.
SOURCE Cognosec AB
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