Kape Technologies interim revenues, underlying earnings surge

Cybersecurity firm Kape Technologies said on Tuesday that trading had been strong throughout the first half of 2021 and was in line with management's expectations for the full year.

Kape said interim revenues were expected to be roughly $95.7m, up 60% year-on-year, while adjusted underlying earnings were projected to have grown roughly 79% to $28.7m and adjusted EBITDA margins were seen increasing to 30.1% from 27.8%.

The AIM-listed group said momentum across its core privacy division had continued in the first half, with a 17% growth in revenues, while its digital security segment also returned to growth with a 9% increase in revenues year-on-year.

As a result of its strong first half showing, Kape now expects to deliver revenues in the range of $197.0m to 202.0m and adjusted EBITDA of between $73.0m and $76.0m in the year ended 31 December.

Chief executive Ido Erlichman said: "We are pleased to report a strong start to 2021 with demand for our products continuing to gather further momentum, supported by a growing number of customers choosing to take more than one of Kape's products, as the very real need for individuals to both protect and secure their online presence becoming more acute.

"It is a great testament to our team that the integration of Webselenese is already making a positive impact across the group and we have only just begun to tap into the potential we believe this acquisition has brought to Kape."

As of 1035 BST, Kape shares were up 1.68% at 303.50p.