REG - Crossword Cybersec - Trading Update

Crossword CybersecurityAnnouncement

10/02/2020 07:00

RNS Number : 3747C
Crossword Cybersecurity PLC
10 February 2020
 


Crossword Cybersecurity Plc
Trading Update
 
10 February 2020 - London, UK -Crossword Cybersecurity Plc (AIM:CCS, "Crossword", the "Company" or the "Group"), the technology commercialisation company focused solely on cyber security and risk, is pleased to announce that it expects to report results for the Financial Year ended 31 December 2019,  in line with market expectations, in April 2020.
Overall revenue during the year is expected to increase by 22% to £1.3m. Within that, revenues from product and consulting revenue are anticipated to expand by 51%, reflecting the Company's shift from software development services to its core of product and consulting revenue.  Cash balances as at 31 December 2019 were £1.5m.
As well as continuing to grow the internal pipeline for Rizikon during 2019, Crossword began collaborations with Leonardo MW Ltd, a global high-tech Aerospace Defence and Security company, and NCC Group plc, the global cyber security expert, to use Crossword's third party assurance product, Rizikon, to support their client services delivery.     
Nixer CyberML, a new family of machine-learning based security and anti-fraud software products that help organisations easily and quickly build these capabilities into applications, was launched in November 2019. 
The Consulting division launched its vCISO (virtual Chief Information Security Officer) solution and signed its largest contract to date, spanning three years. 
 
Tom Ilube, CEO of Crossword, commented;
"During 2019, the Rizikon pipeline continued to grow, and version 2, launched in September 2019, is a product capable of adding value to all companies, regardless of their size or industry.  The partner agreements signed in 2019, potentially give thousands of customers access to Rizikon.  Rizikon is in a very strong position going in to 2020 with multiple opportunities with our partners and directly, some of considerable size.   
Our staff numbers have increased by almost 40% in 2019, and along with the recent appointment of a very experienced Group Sales Director strengthening the Leadership team, gives us the power to deliver growth in 2020.
We are also pleased to note investors continuing support of Crossword by subscribing to £1.4m in loan notes."
 
Contacts
Crossword Cybersecurity plc - Tel: +44 (0) 20 3953 8460
Email: info@crosswordcybersecurity.com
Tom Ilube, Chief Executive Officer
Mary Dowd, Finance Director
 
Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100
Colin Aaronson / Jamie Barklem / Niall McDonald
 
Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341
Claire Louise Noyce
 
About Crossword Cybersecurity plc
Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security and risk management related software and cyber security consulting.  The Group's specialist cyber security product development and software engineering teams work with its university partners to develop the research concept into a fully-fledged commercial product that it will then take to market. The Group's aim is to build up a portfolio of revenue generating, intellectual property based, cyber security products. Rizikon Assurance, Crossword's leading product, is a SaaS platform that enables medium to large companies to assess and manage all risks from their suppliers.  Nixer CyberML, Crossword's most recently launched product, is a new tool for businesses that want to solve advanced security and cybercrime problems, such as detecting and dealing with compromised accounts, fraud, and in-application denial of service attacks.  Crossword's team of expert cyber security consultants leverages years of experience in national security, defence and commercial cyber intelligence and operations to provide bespoke advice tailored to its clients' business needs.
 
 
 
For media enquiries contact:
Lorena Duke, GingerPR
lorena@gingerpr.co.uk, 01932 485 300
 




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