CANCOM SE Reports Remarkable Growth in Q1 of 2024

CANCOM SE disclosed a substantial rise in revenue for the first quarter of the 2024 financial year, with figures reaching €440.6 million, a 38.7 percent increase compared to the same period last year. The company, headquartered in Munich, Germany, observed a significant uptick in both gross profit and EBITDA, highlighting a strong start to the year across its operations.

The technology firm noted a standout performance in its International business segment, largely driven by the contributions of the CANCOM Austria Group. Despite a challenging economic environment, particularly noted in the subdued activity from public sector clients in Germany, international operations continued to thrive, further bolstering CANCOM's overall financial health. Operating cash flow also saw an impressive improvement, establishing a new record high for the quarter.

Rüdiger Rath, CEO of CANCOM SE, expressed optimism about persistent demand for the company’s strategic sectors such as Security & Networking and AI. He reiterated the company's commitment to meeting the forecasted financial targets for the full year, buoyed by strong Q1 performance and expected increases in demand across various technology solutions.