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LONDON - Acuity RM Group PLC (AIM:ACRM) reported annual revenue of £2.1 million for the year ended December 31, 2024, up from £1.4 million in the previous year, as the cybersecurity risk management company implemented strategic changes under new leadership.
The company, which provides cybersecurity governance, risk and compliance software, achieved net recurring revenue of 105% and expanded its customer base, according to the financial results released Wednesday.
Forward contracted revenues grew 17% to £3.4 million compared to £2.9 million in 2023, providing visibility for future performance. However, the company posted an adjusted loss of £1.2 million before exceptional costs of £141,000, which primarily related to organizational changes.
New Chief Executive David Rajakovich, who was appointed in December 2024, has implemented several strategic initiatives, including refocusing sales efforts on the cybersecurity market and reducing overhead costs by £0.4 million annually, with additional savings planned.
"When I was first approached about the opportunity to lead this organization, I was immediately drawn to its innovative approach to solving critical security challenges and the tremendous potential for growth in today’s increasingly complex digital landscape," Rajakovich said in the statement.
The company completed the acquisition of Rizikon, incorporating its features into Acuity’s STREAM platform. A new version of the software is ready for launch in June, offering new features including AI capabilities and improved user experience.
Acuity cited industry statistics showing 74% of large businesses suffered cyber-attacks according to UK government data, with the average cost of a cybersecurity breach reaching $5 million.
Cash and receivables stood at £1.3 million at year-end, with cash accounting for £0.6 million. The company raised additional funds after the reporting period, completing a fundraise of £411,071 in May 2025 through a share placement.
The financial results were released in a regulatory announcement to the London Stock Exchange (LON:LSEG).
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