Correction: cBrain corrects interim report guidance, solid earnings slightly ahead of growth plan

From GlobeNewswire: 2024-08-21 04:02:00

cBrain (NASDAQ: CBRAIN) corrects interim report guidance, maintaining EBT margin of 24-30% for 2024. First half 2024 revenue up 6% at DKK 139m, Danish revenue up 21% at DKK 87m, international sales down 13% at DKK 52m. Earnings before tax at DKK 43m with EBT margin at 31%.

cBrain delivers solid earnings in line with expectations, slightly ahead of 2023-2025 growth plan. Revenue growth guided at 20-25%, EBT margin at 24-30% for 2024 based on Danish growth, increased international sales, and growth plan investments.

cBrain focuses on software subscriptions, partnerships, and strategic customers for growth. F2 software subscriptions drive revenue growth. F2 platform developed with Danish ministries, used by over 75 Danish government organizations. International growth plan based on organic growth and collaboration with partners.

cBrain challenges government IT industry with COTS software. F2 platform offers quality, delivery time benefits. Shift towards COTS expected to change industry globally. F2 proven successful in delivering solutions across five continents in various government domains.

cBrain to focus on Danish public tenders in second half of 2024, expecting continued growth. Danish revenue primarily from government procurement agreements. Increased investments in bid management to secure larger contracts. Solid position in Germany, pursuing international strategic clients.



Read more at GlobeNewswire:: Correction: On track with Growth Plan