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Smarttech247 Group PLC on Friday proposed the cancellation of its shares to trading on London’s AIM, though it maintained that its pipeline had ‘never been stronger’. The Cork, Ireland-based cybersecurity company expects full-year revenue in the year that ended July 31 to be ahead of market consensus. Revenue was €13.2 million in financial 2024. However, both operating profit and earnings before interest, tax, depreciation and amortisation are forecast below market expectations. The company attributed this to softer-than-expected margins in financial 2025. Smarttech247 shares dropped 66% to 2.92 pence on Friday morning in London, and have lost 76% in the past 12 months. ‘If the profit from the sale of the company’s stake in Getvisibility were included, overall Ebitda would be more in line with market guidance,’ Smarttech247 added. It reported a €1.8 million cash inflow from the sale of organisational data platform Getvisibility, also known as Visibility Blockchain Ltd, to Austin, Texas-based software firm Forcepoint LLC, which completed in April. Smarttech247 maintained that it was ‘significantly undervalued on public markets’ and, therefore, that a trading exit would benefit the company ‘as it looks to grow in what remains a competitive sector.’ ‘To support shareholder liquidity, the company intends to establish a matched bargain facility to enable ongoing trading of shares on a matched basis following the delisting,’ Smarttech247 noted. Delisting would require shareholder approval, and the firm expects to update further on the matter ‘in due course.’ Meanwhile, Smarttech247 said that positive momentum has continued with contract wins in the new financial year. These include a four-year deal with a ‘a major UK transportation services company’ worth £715,000, according to Smarttech247, and deals for dark web monitoring services with another public transport company and a UK airport, worth a combined €80,000. The firm also has a letter of intent for a three-year contract ‘with a leading European bank’ and a €180,000 aviation contract for an initial six months, with the possibility of a three-year extension. It expects to realise the contracts’ progressively in recurring revenue for financial 2026 and 2027. ‘Despite this momentum and the clear opportunities ahead, we believe the company is better positioned to achieve its ambitions as a private business,’ commented Chief Executive Raluca Saceanu. ‘The potential delisting will allow us to focus more resources on our strategy, enhance our flexibility, and continue building long-term value for our shareholders.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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