CYBER1 - Strong end of 2023 - Mangold Insight Analysis
Mangold updates Cyber Security 1 ("CYBER1") after the fourth quarter of 2023. Revenue increased to EUR 18.8 (16.2) million in the fourth quarter, corresponding to growth of around 16 percent. At the same time, the gross margin improved to 25 (20) percent during the quarter. The EBITDA amounted to approximately EUR 1.4 (-0.5) million, which is a significant improvement on the same period last year. The EBITDA margin amounted to 7.3 percent, which was a strong close in 2023. For the full year, the EBITDA was in line with our estimate and the EBITDA margin was 1.2 percent. However, the result