REG - Crossword Cybersec - Trading Update

Crossword CybersecurityAnnouncement

28/11/2023 07:00

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RNS Number : 8339U  Crossword Cybersecurity PLC  28 November 2023

Crossword Cybersecurity Plc

Trading Update

28 November 2023 - London, UK -  Crossword Cybersecurity Plc
(http://www.crosswordcybersecurity.com/) (AIM:CCS, "Crossword", the "Company"
or the "Group"), the cybersecurity solutions company focused on cyber strategy
and risk, today announces a trading update for the year ending 31 December
2023.

Full-year guidance

In the first half of 2023, Crossword shifted its focus to establishing a clear
path to profitability with its current suite of products and dedicated
staff, which continues to be our direction and strategy.  In the second half
of 2023, revenue growth has not been as strong as expected.  The pipeline
remains strong, but conversion from pipeline to contracts has slowed down.
 This means that contract opportunities expected to commence in Q4 2023 are
now expected to commence in 2024. As a result, Crossword expects FY23 revenue
to be in the range of £4.1m to £4.3m, as opposed to the previously guided
£6m of revenue.

 

Given our focus on path to profitability, costs have continued to be tightly
controlled during FY23, resulting in net losses before taxation expected to be
broadly in line with current market expectations.

 

Outlook

The Company has previously guided to 2024 revenue of c£8m, the Company
believes that revenue is more likely to be circa £7m for 2024.

 

The Company remains firmly committed to achieving profitability without
needing to raise additional capital and remains on target to achieve EBITDA
and cash breakeven on a monthly basis during H2 2024.

 

- Ends -

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

Contacts

 

Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587

Email: info@crosswordcybersecurity.com

Tom Ilube, Chief Executive Officer

Mary Dowd, Chief Financial Officer

 

Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100

Colin Aaronson / Jamie Barklem / Ciara Donnelly

 

Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341

Claire Louise Noyce

 

For media enquiries contact:

Duncan Gurney, GingerPR

duncan@gingerpr.co.uk - Tel: +44 (0)1932 485 300

 

About Crossword Cybersecurity plc

Crossword offers a range of cyber security solutions to help companies
understand and reduce cyber security risk. We do this through a combination of
people and technology, in the form of SaaS and software products, consulting,
and managed services. Crossword's areas of emphasis are cyber security
strategy and risk, supply chain cyber, threat detection and response, and
digital identity and the aim is to build up a portfolio of cyber security
products and services with recurring revenue models in these four areas. We
work closely with UK universities and our products and services are often
powered by academic research-driven insights. In the area of cybersecurity
strategy and risk our consulting services include cyber maturity assessments,
industry certifications, and virtual chief information security officer
(vCISO) managed services.

Crossword's end-to-end supply chain cyber standard operating model (SCC SOM)
is supported by our best-selling SaaS platform, Rizikon Assurance, along with
cost-effective cyber audits, security testing services and complete managed
services for supply chain cyber risk management. Threat detection and response
services include our Nightingale AI-based network monitoring, our Trillion and
Arc breached credentials tracking platforms, and incident response.
Crossword's work in digital identity is based on the World Wide Web Consortium
W3C verifiable credentials standard and our current solution, Identiproof,
enables secure digital verification of individuals to prevent fraud.

Crossword serves medium and large clients including FTSE 100, FTSE 250 and
S&P listed companies in various sectors, such as defence, insurance,
investment and retail banks, private equity, education, technology and
manufacturing and has offices in the UK, Poland and Oman. Crossword is traded
on the AIM market of the London Stock Exchange.

Visit Crossword at https://www.crosswordcybersecurity.com/
(https://www.crosswordcybersecurity.com/)

 

 

 

 

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