Adarma, cyber security firm, ups revenue to £41m

Edinburgh and London-based cyber security firm Adarma said on Monday its revenues rose 27% to £41 million in 2019.

That follows a 24% rise to £32 million in 2018.

It is the company’s first year-end since mid-market private equity house Livingbridge supported an MBO of Adarma in May 2019.

The business has invested heavily in building out its infrastructure and has made significant investments in people and products.

Permanent staff numbers for 2019 grew to 237 from 171 in the previous year.

“The significant growth in turnover has enabled the business to make these investments and still deliver an impressive bottom line performance,” said Adarma.

“Steady gross margins of around 34 per cent allowed EBITDA to increase by £2m (50 per cent) to £6m.”

Adarma CEO David Calder said: “Given the uncertainty of the economic climate, these record results are testament to the dedication and innovation of the team at Adarma.

“These values have enabled us to consistently punch above our weight in the market, providing a truly bespoke service to some of the UK’s most revered brands.

“The support provided by Livingbridge has also enabled us to make significant steps forward in terms of our product development, putting us in an exceptional position to continue this growth journey in the coming years.

“We are now looking at building on our strong UK base of operations by expanding our horizons overseas, as well as bolstering our team to provide sustainable growth and continued world class cyber security services to clients.”