ESSEN (dpa-AFX) - A growing workforce, write-offs and higher costs put pressure on operating profits at IT security services provider Secunet Security Networks last year. Earnings before interest and taxes (Ebit) were below expectations, the company announced in Essen on Monday. In terms of revenue, however, the company achieved a record figure and exceeded management's forecast. The news was well received on the stock market: The share was trading up six and a half percent late Monday afternoon and was the top performer in the small cap index SDax.

At a price of 213.00 euros per share, the price trend of recent weeks is thus continuing. Since an interim high of 240 euros at the beginning of December, the share price has largely moved up and down in a band between around 190 and 216 euros. However, the share is still a long way from its record high of 608 euros two years earlier. The great demand for secure mobile workstations in the wake of the Corona pandemic and, for example, software updates at doctors' surgeries and hospitals had driven up revenues and also hopes among investors at the time.

The margins were disappointing, was said on the market with regard to the current business figures. In addition, there was no information on the new year so far. However, Alsterresearch analyst Alexander Zienkowicz expects Secunet to be less affected by supply bottlenecks in 2023. The improved procurement situation should thus pave the way for accelerated growth, he wrote in a study, recommending buying the stock now instead of just holding it.

Secunet supplies IT products for public agencies and international organizations, among others, which had created high demand during the peak phases of the pandemic. The German armed forces are also among its customers. The much smaller Business Sector segment also includes customers from the private sector and healthcare.

Based on preliminary figures, Secunet's revenues in 2022 rose by two percent year-on-year to around 345 million euros, while management had expected a decline in sales to 320 million euros. The fourth quarter in particular provided a further tailwind. Here, sales increased by half compared to the previous year. According to analyst Zienkowicz, customers had held back during the year due to budget uncertainties, which then dissipated at the end of the year. He expects that the downturn has now bottomed out.

The operating result for the year as a whole was 47 million euros, which is not only less than the 50 million euros targeted by management, but also more than a quarter less than a year earlier. Secunet plans to publish its final figures on March 24./lew/stw/mis