The significant contribution of recurring revenues, strong growth in the cybersecurity sector, and solid business development in Latin America form the foundation of Cuatroochenta's progress in the first half of 2024, according to the financial report published on BME Growth.
The B2B technology company’s revenue grew by 23.8% as of June 30 compared to the same period last year, reaching €13.2 million. This growth surpasses the strong 21% increase reported for the full year of 2023. In the first half of 2024, Cuatroochenta generated €1.2 million in EBITDA, up 19.5%, and €2.0 million in operating cash flow—€0.7 million more than in June 2023.
Cuatroochenta's profitability in the first half of 2024 was again driven by the growth of recurring revenues and its international expansion, particularly in the cybersecurity sector. Annual recurring revenue (ARR) reached €16.8 million, an increase of 10.9%, and now accounts for 71.7% of total revenue, up from 65% in 2023.
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(*) Recurring revenue for the last month of the fiscal year, annualized by multiplying it by 12.
Sofistic, Cuatroochenta’s cybersecurity subsidiary, grew by 46.6% in the first half of 2024, driven by large multi-year contracts in both the public and private sectors. Revenue from outside Spain now represents 45% of the total, with the majority coming from Panama, Colombia, and Costa Rica. As part of its diversification strategy in Latin America, Cuatroochenta’s facility management platform, FAMA, will participate in the prominent TecnoEdificios conference in Mexico this October. There, it will host conferences, support the Cala Awards for innovation, and continue initiatives launched in 2023, which were also backed by the partner program.
"The results confirm our strength and resilience"
Cuatroochenta's CFO, Javier Rillo, emphasized, "The first six months of 2024 demonstrate the solidity and resilience of our business model, with 23.8% organic growth, allowing us to surpass €13 million in revenue."
«Cuatroochenta has a clear roadmap focused on profitable growth and strong cash generation. In this regard, we are confident that the market will continue to recognize the potential of 480S as a listed company»
So far this year, the company’s shares on BME Growth have risen by 70%, bringing its market capitalization to over €32 million, marking the third-best performance on the entire market. In contrast, the benchmark index, IBEX Growth Market 15, has declined by 13% over the same period.
Rillo also noted that Cuatroochenta remains committed to its M&A plan as part of its inorganic growth strategy, actively identifying and analyzing companies with potential for integration in the near future.
