Cyber Security 1 AB: Minor and non-Material Adjustment of 2018 annual results

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Cyber Security 1 AB (Publ): Minor and non-Material Adjustment of 2018 annual results, following the publication of the 2018 Audited Annual Report. London United Kingdom – 28 June 2019, Cyber Security 1 AB (Publ) (“CYBER1”), (Nasdaq:CYB1, ...

Cyber Security 1 AB (Publ): Minor and non-Material Adjustment of 2018 annual results, following the publication of the 2018 Audited Annual Report.

London United Kingdom – 28  June 2019, Cyber Security 1 AB (Publ) (“CYBER1”), (Nasdaq:CYB1, OTCQX:CYBNY), a leading supplier of cyber security solutions with operations in Europe, Africa and the Middle East, announces minor adjustments from the year-end financials, based on the completion of the 2018 audit process.

During the finalisation process with the company’s auditor, Öhrlings PricewaterhouseCoopers AB, it has been deemed necessary to adjust certain financial components detailed below. Whilst revenue has been revised down due to a reclassification of a vendor rebate into the cost of sales, the result has yielded an improved total result for the period overall. Total annual year on year revenue growth now stands at 155%, from 2017 (17.19m EUR) to 2018 (43.95m EUR).

Summary of Adjustments from Q4 2018 Report*

  • Revenue, from 44.54m EUR adjusted to 43.95m EUR (-1.3%).
  • Cost of sales from -32.67m EUR adjusted to -32.51m EUR (-0.48%).
  • Gross Profit from 11.87m EUR to 11.44m EUR (-3.62%).
  • Loss for the Period improvement from -2.957m EUR to -2.427m EUR.

*Results have been rounded, please refer to the 2018 annual report for more information.

Details of which can be found on our website: www.cyber1.com

Certified Adviser:
Mangold Fondkommission AB (556585-1267)
Box 55 691 102 15 Stockholm
Telefon: +46 8 503 015 50
ca@mangold.se
www.mangold.se

FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Metcalfe / Miles Nolan, IFC Advisory,
Investor Relations contact, CYBER1
Email: cyber1@investor-focus.co.uk

Matt Glover or Najim Mostamand, CFA, Liolios Group,

US-Investor Relations contact, CYBER1

E-mail: cyber1@liolios.com

ABOUT CYBER1

CYBER1 is engaged in providing cyber resilience solutions and conducts its operations through physical presences in Sweden, South Africa, the UK, Kenya, Germany, Austria, Turkey, Greece, Italy, the Ukraine and the United Arab Emirates. Listed on Nasdaq First North (Nasdaq: CYB1.ST) and as an American Depositary Receipt (OTCQX: CYBNY), the Group delivers services and technology licenses to enhance clients’ protections against unwanted intrusions, to provide and enhance cyber resilience and to prevent various forms of information theft. CYBER1 had revenues of 43.95m EUR in 2018 and employed 239 personnel at the end of Q4 2018. For further information, please visit www.cyber1.com/investors

For further information, please visit: https://cyber1.com

Source(s) : Cyber Security 1 AB

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