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Brandshield Systems PLC - London-based cybersecurity solutions provider - Pretax loss in 2022 widens 16% to $7.3 million from $6.3 million the year before. Revenue rises 55% to $6.4 million from $4.1 million. Annual recurring revenue also rises, by 61% to $8.4 million from $5.2 million. However, cost of sales increase 58% to $2.9 million from $1.9 million, while other expenses widen 23% to $10.4 million from $8.5 million. The company says this was driven by solid business momentum, including multiple customer wins across a diverse range of sectors.
‘As cyber-related crimes continue to evolve and new threats emerge, demand for digital risk protection systems continues to rise in tandem, and our highly sophisticated AI-powered solutions have ensured we remain a go-to choice for brands across the globe looking to safeguard their online reputations,’ said Chief Executive Officer Yoav Keren.
‘Looking ahead, Brandshield remains confident in meeting expectations for the full year 2023 and in the company’s future growth prospects.’
Current trading share: 7.00 pence, down 6.7%
12-month change: down 4.8%
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