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Kape profits swells in 2020 on rising digital privacy product demand
StockMarketWire.com
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Digital security company Kape reported a jump in annual profit as demand for digital privacy and security products bolstered revenue growth.
For the year ended 31 December 2020, pre-tax profit jumped to $7.3 million from $2.8 million, andrevenue increased 85% to $122.2 million
Revenue was driven by a 31% increase in organic growth in the digital privacy segment and full year contribution of Private Internet Access, the company said.
'We have successfully completed the integration of PIA realising cost savings which were 50% higher than we anticipated, alongside strong traction in new users in Q4,' it added.
Subscribers rose to 2.52 million at 31 December 2020 from 2.31 million last year.
Visibility on revenues from existing users increased to $110.5 million, up from $98.8 million.
Looking ahead, the company said trading in the first quarter of 2021 has remained strong with solid traction for Kape's solutions.
'It is anticipated that the enlarged group will generate revenues of between $197-202 million and Adjusted EBITDA of between $73-76 million for the full year 2021 on a reported basis' it added.
At 9:38am: (LON:KAPE) Kape Technologies PLC share price was 0p at 174.5p
Story provided by StockMarketWire.com
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