CIPHERPOINT LIMITED

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Cipherpoint : Half Year Accounts

12/01/2021 | 10:41pm

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Cipherpoint Limited

Appendix 4D

Half-year report

1. Company details

Name of entity:

Cipherpoint Limited

ABN:

61 120 658 497

Reporting period:

For the period ended 30 September 2021

Previous period:

For the period ended 30 September 2020

2. Results for announcement to the market

$

Revenues from continuing operations

up

100.0%

to

1,632,890

Profit from ordinary activities after tax attributable to the owners of

Cipherpoint Limited

up

128.2%

to

314,697

Profit for the period attributable to the owners of Cipherpoint Limited

up

128.2%

to

314,697

30 Sep 2021

30 Sep 2020

Cents

Cents

Basic earnings per share

0.14

(1.81)

Diluted earnings per share

0.14

(1.81)

Dividends

There were no dividends paid, recommended or declared during the current financial period.

Comments

The profit for the Group after providing for income tax amounted to $314,697 (30 September 2020: loss of $1,117,070).

Refer to the 'Review of operations' section of the Directors' report accompanying this Appendix 4D for further commentary.

3. Net tangible assets

Reporting Previous

period period

Cents Cents

Net tangible assets per ordinary security

1.22

1.94

Net tangible assets per ordinary security has been calculated by excluding the net right-of-use assets and leases liabilities of ($1,551).

4. Control gained over entities

Refer to note 15 for further details.

5. Loss of control over entities

Refer to note 6 for further details.

For personal use only

Cipherpoint Limited

Appendix 4D

Half-year report

6. Dividends

Current period

There were no dividends paid, recommended or declared during the current financial period.

Previous period

There were no dividends paid, recommended or declared during the previous financial period.

7. Audit qualification or review

Details of audit/review dispute or qualification (if any):

The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report.

8. Attachments

Details of attachments (if any):

The Interim Report of Cipherpoint Limited for the period ended 30 September 2021 is attached.

9. Signed

Signed _________________________

Date: 2 December 2021

Ted Pretty

Chairman

Sydney

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Cipherpoint Limited

ABN 61 120 658 497

Interim Report - 30 September 2021

For personal use only

Cipherpoint Limited

Contents

30 September 2021

Directors' report

Auditor's independence declaration

Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position

Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Directors' declaration

Independent auditor's review report to the members of Cipherpoint Limited

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For personal use only

Cipherpoint Limited Directors' report

30 September 2021

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Cipherpoint Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the period ended 30 September 2021.

Directors

The following persons were directors of the Company during the whole of the financial period and up to the date of this report, unless otherwise stated:

Edward (Ted) Pretty - Managing Director and Chairman

Steven Bliim - Non-Executive Director (appointed on 21 September 2021) (formerly Executive Director and COO) Graham Mirabito - Non-Executive Director

Principal activities

The principal activity of the Group is the provision of cyber security services development and data security technology to the enterprise and government sectors.

Review of operations

The profit for the Group after providing for income tax amounted to $314,697 (30 September 2020: loss of $1,117,070).

Highlights

The Company is beginning to gain momentum in identified target markets. Management continues to see growth opportunities in the market for managed security services and data security products.

The Company achieved the following in the first half:

  • The completion of the acquisition of Brace168 Pty Limited;
  • A capital raising of $2.9m to drive growth; and
  • The sale of the Company's cp.Protect and cp.Discover technology assets to ArchTIS Limited.

The Company continues to build a solid sales pipeline and is focused on hiring further sales, pre-sales and technical resources to enable growth.

The Company has seen an improvement in its revenue generating capability as a consequence of the Brace168 acquisition. With purchase orders including five new significant customers as well as growth in existing customers for penetration testing, network and application monitoring and code security reviews valued at $103,000 received subsequent to year end. Additionally, a further two renewals under a master licence agreement with a major customer, valued at $607,000, were received.

As the pandemic and economic environments improve across the world, the Board is confident of capitalising on the sales groundwork completed in the past year, to maximise the growth trajectory of the combined cyber security services business.

Significant changes in the state of affairs

On 1 April 2021, the Company completed the acquisition of 100% of the shares in Brace168 Pty Limited ('Brace168'). Brace168 is a managed security service provider, who monitor customer networks, applications and data to identify threats and respond to security incidents. They have a high mix of annuity revenue across large enterprise and small business customers, operating in the financial, property, social and consumer sectors in Australia. Since acquisition Brace168 has continued to grow its large sales pipeline and deliver strong service revenues and financial results.

In August 2021, the Company raised $2.9m (before costs) to be applied to completion of the upgrade to its security operations centre, acceleration of recruitment activities, further investment into business development and the pursuit of potential acquisition opportunities.

In September 2021, the Company entered into an agreement to sell select assets and products from its software division to archTIS Limited for a purchase price of $1.4m in cash and up to $1m in shares. The Company retained a right to resell the products.

There were no other significant changes in the state of affairs of the Group during the financial period.

2

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Cipherpoint Limited published this content on 02 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 December 2021 03:40:08 UTC.

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