CFO resignation and £1m pa cost reductions

Crossword Cybersecurity PLC

14 August 2024

 

14 August 2024

Crossword Cybersecurity Plc

("Crossword" or the "Company")

CFO resignation and £1m pa cost reductions

Crossword Cybersecurity plc has announced the resignation, with immediate effect, of Rose Clark as Chief Financial Officer. As announced on 16 April 2024, Rose was appointed as CFO with a view to joining the main board in due course and her initial remit was to help carry out a number of major projects. Having completed these projects, Rose has decided to resign her position. A search is underway for a replacement and an announcement regarding that appointment will be made in due course.

As part of its continuing drive towards breakeven the Company has recently implemented a cost reduction programme. This has involved both staff and other overhead cuts, taking over £1.2m out of the Company's cost base on an annualised basis.

Stuart Jubb, CEO, commented: "Rose departs with our thanks for the role that she has played as our CFO over the past few months on several important projects. She has provided great support and advice and I would like to thank her on behalf of the board for her help in setting us up for the next stage. We are continuing to focus on achieving EBITDA and cash breakeven in H2 2024 and have taken decisive action to reduce the cost base to a more sustainable level. We will focus on higher margin business going forward and will continue to monitor our portfolio of businesses to ensure that they meet that criterion."

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Contacts

 Crossword Cybersecurity plc - Tel: [phone]

Email: [e-mail]

Stuart Jubb, Chief Executive Officer

 Grant Thornton (Nominated Adviser) - Tel: [phone]

Colin Aaronson / Jamie Barklem / Ciara Donnelly / Elliot Peters

 Hybridan LLP (Broker) - Tel: [phone]

Claire Louise Noyce

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™ suite of threat intelligence products, Trillion Breach, Harvista and Arc 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's ordinary shares are admitted to trading on the AIM market of the London Stock Exchange.

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

 

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