In its maiden set of annual results, Digital Barriers, the ‘buy-and-build’ homeland security market specialist run by ex-Detica CEO Tom Black, reported revenue of £6.6m, for the thirteen months ended 31 March 2011, and a loss before tax of £4.6m. This was its first year of operation.
Digital Barriers has been extremely acquisitive in its first year as a public company, snapping up five companies, the most recent of which was of Essential Viewing Systems in March (see Digital Barriers acquisition is Essential Viewing). These deals have obviously eaten into its £55m cash pile raised at the IPO (see here) and subsequent executive and share fund raising for exactly that purpose, although at the end of the period it still had £33.5m in the bank, which no doubt Black could put to good use towards future M&A. Revenue in the current financial year is likely to be considerably higher due in large part to the acquisitions, although the bottom line needs to get into the black.