Corporate Update - Year Over Year revenue growth of 130%
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
25 January 2024
NARF INDUSTRIES PLC ("NARF", the "Company", or the "Group")
Corporate update
Six month & 12 Month unaudited financial results ending December 31, 2023 Key Appointments & Other Matters
Narf Industries plc ("NARF", the "Company", or the "Group") (LSE: NARF) (OTCQB: NFIN.F), the cybersecurity group specializing in high-end threat intelligence and critical infrastructure security, is pleased to provide an update with regards to its corporate activities.
OVERVIEW
Financials
· Year Over Year revenue growth of 130%
· Up from $2.5 million in CY22 to $6.0 million in CY23
· EBITDA positive, improving from CY22 loss of $2.6 million
· Ending cash and short-term receivables $1.4 million, up from $1.2 million prior year
Appointments
· Nick Davis as COO
· Neil Warrender as CFO
· Albert Hawk as a Non-executive Director
· Haysmacintyre LLP as auditor
Other Matters
Change of fiscal year end
· Board member and auditor resignation
John Herring, Executive Chairman of Narf said: "We've successfully worked the past nine months to complete the transition from a private and entrepreneurial led venture to the main operating business of an LSE listed company. Our financial results exceeded our market guidance, and we enter CY24 with strong business momentum and upside potential. My thanks to the entire NARF team.
"The appointments made here acknowledge those who did the heavy lifting during the transition and those joining who set a solid foundation for our corporate governance and financial accountability in this exciting new phase.
Prior to co-founding NARF, our COO Nick Davis led the Threat Analysis and Network Forensics Department at the Navy Cyber Defense Operations Command where he managed and coordinated a team of over a hundred employees and contractors responsible for the defense of the Navy's global IT infrastructure.
Our CFO Neil Warrender brings multi-decade experience as a UK qualified chartered accountant, a non-executive director and company secretary for main market LSE listed companies.
We are pleased to have Mr. Albert "Bud" Hawk join our Board. He leads a globally diversified and strategic advisory US firm with funds under management and transactions exceeding $1 billion and has extensive board and leadership experience in publicly traded and private equity businesses.
We are also pleased to welcome Haysmacintyre LLP as our new auditors. Throughout the selection process its team showed a profound understanding of our high-tech business and the sensitivity of customer information, a priority in our criteria for a trusted auditing partner."
Steve Bassi, CEO of Narf said: "I would like to thank John for stepping in the past year to help me drive this transition. It enabled me and the team to stay laser focused on meeting our customer mission and research needs and delivering on these aggressive growth objectives. Importantly, we are leveraging these non-dilutive funds to fuel next-gen products as we move to expand into commercial markets."
OTHER MATTERS
Change of Accounting Period
The Company has changed its Accounting Period from the calendar year to a fiscal year ending on 31 March. This avoids the peak period when auditors prioritize larger accounts and ensures we have access to high-quality resources for an efficient and thorough audit process.
Resignations
Rory Heier resigns from the Board concurrent with this announcement. The Board wishes to thank Rory for his work as a founding board member as he was instrumental in the initial listing of the Company, the acquisition of the Narf Group in 2022, as well as his support during this transition period.
PKF Littlejohn LLP resigned as auditors and advised there are no circumstances connected with its resignation which it considers should be brought to the attention of the members or creditors of the Company.
For further information visit www.narfgroup.com or contact:
Narf Industries plc
John Herring
jh@narfgroup.com
Joint Broker
Canaccord Genuity Limited
Simon Bridges
Harry Rees
Tel: +44 (0) 207 523 8000
Joint Broker
Tennyson Securities plc
Peter Krens
Tel: +44 (0)207 186 9030
Financial PR, UK
St Brides Partners
Paul Dulieu
Isabel de Salis
narf@stbridespartners.co.uk
About NARF Industries plc
Narf Industries (LSE: NARF) (OTCQB: NFIN.F) is a US based leading provider of cybersecurity research, solutions, and services to government entities. With a steadfast commitment to protecting national security and critical infrastructure, it offers comprehensive expertise in addressing the evolving cyber threats faced by its clients.
