F-Secure reported for the first half of 2018

The main event for F-Secure in the first half of the year was the acquisition of MWR InfoSecurity to accelerate the growth of corporate security. Accordingly, corporate security revenue grew by 8% in the second quarter.

Main indicators for January-June:

– Revenues increased by 3% compared to the previous year and amounted to 86.5 million Euros (84.2 million Euros)
– Corporate security revenue increased 12% to EUR 39.4 million (35.2 million)
– Proceeds from consumer security decreased by 4% to 47.1 million Euros (48.9 million Euros)
– EBIT amounted to 2.7 million Euros, which is 3% of revenue (3.7 million, 4%).
– Earnings per share (EPS) was EUR 0.00 (EUR 0.03)
– Cash flows from operations amounted to EUR 1.0 million (13.4 million)
(The figures in this report are unaudited. The figures in brackets refer to the corresponding period in the previous year 2017).

New forecast for 2018

The company’s new forecast for 2018, including the acquisition of MWR InfoSecurity, is:

– It is expected that the income from corporate security will grow by more than 35% compared to 2017.
– It is expected that revenue from consumer safety will remain at the same level as in 2017.
It is expected that the adjusted EBITDA will be 14-18 million euros (for more information, see Alternative Performance Indicators)
– It is expected that the cost of acquisition and integration related to M & A in 2018 will be 3.5-4.0 million.
In the new forecast, F-Secure gives F-Secure on July 2, 2018, which includes the acquired MWR InfoSecurity in the Group’s financial performance. Management remains confident in achieving the original forecast for 2018, both in terms of revenue growth and in terms of profitability, excluding the impact of the acquisition. The new forecast for 2018 will include the impact of the acquired company.

Old forecast for 2018

– It is expected that the revenue from corporate security will grow by more than 15% compared with 2017
– It is expected that revenue from consumer safety will remain at the same level as in 2017.
– It is expected that EBIT will be in the range of 8-12 million Euros.

Strategy 2018-2021 gg. has not changed.

– It is expected that the demand for products and services in the field of cybersecurity will continue to grow, and F-Secure will grow faster than the market. It is expected that corporate security revenue will grow above 15% per year during our strategy of 2018-2021.
– It is expected that due to the expected growth in revenues and a scalable business model, profitability will significantly improve in the long term. Management constantly strives to balance the growth of investment and profitability to optimize long-term growth and create value for shareholders.

General Director of SAMU KONTTINEN:

“In June, we announced the acquisition of MWR InfoSecurity. As a result, we expect that in 2018 corporate security revenues will grow by more than 35%. The successful completion of this transaction was an important milestone for us, as we were looking for a suitable target company to support our strategy for ensuring corporate security growth for some time. MWR InfoSecurity is a globally operating company on cybersecurity and is well known in the industry for providing both high-quality professional services and industry-leading solutions for threat detection and detection. It’s great for F-Secure.

Our financial performance in the second quarter was weak. A 5 percent decrease in consumer security was expected during the quarter, but corporate security growth of 8 percent was below our expectations. In general, F-Secure revenue remained at the level of the previous year. Euro. Despite the fact that I was not satisfied with the results of our work during the quarter, we were able to achieve our profitability goals. In general, we remain confident in our initial forecasts for the year, both in terms of growth and in terms of profitability.

In corporate security, our endpoint security business was stable during the quarter, and we could see a clear positive development with an extension at all time levels. In addition, some corporate customers weigh the potential benefits of integrating new functions for discovering and responding to endpoints in their existing solutions and delaying purchasing decisions in the endpoint security market.

In general, we still see significant business opportunities with detection and response solutions. The demand for cybersecurity services remained high, and we continued to successfully attract new cybersecurity professionals to develop our service organization. With the acquisition of MWR InfoSecurity, we have significantly improved our position in the market of cyber security services. F-Secure is now one of the few truly global technical cybersecurity consultants with hundreds of world-class consultants on four continents.

I am confident that we are targeting the right emerging markets with our corporate security. F-Secure is in a very competitive position to support the corporate medium market and enterprises around the world both with products and services. This is a strong platform for the further development of our future. “

Recall, F-Secure in early July 2018 completed the transaction for the acquisition of MWR InfoSecurity, a private company for cybersecurity. As a result, F-Secure owns 100% of the authorized capital of MWR InfoSecurity. The total purchase price is estimated at $ 107.6 million. To co-finance the transaction, F-Secure signed a bilateral agreement on five-year financing of 60 million euros with Nordea bank (Sweden, Stockholm).


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