Trading Update

RNS Number : 5460P

Crossword Cybersecurity PLC

11 February 2019

 

11 February 2019                       

Crossword Cybersecurity plc

TRADING UPDATE

Crossword Cybersecurity plc (AIM: CCS, "Crossword", the "Company" or the "Group"), the technology commercialisation company focusing exclusively on the cyber security sector, is pleased to announce that it expects to report results in line with market expectations for the Financial Year ended 31 December 2018, in early April 2019.

Crossword expects to report revenue growth of 45%, with software related revenue increasing by more than 100%.  A number of recurring revenue contracts for Rizikon Assurance, Crossword's Third Party Assurance Saas product, were secured towards the end of 2018 and early in 2019 in industry sectors including Health, IT Services, Nuclear & Professional Services, confirming management's confidence in the strength of the pipeline which has been building since mid-2018.

Tom Ilube, CEO of Crossword, commented,

"2018 was another productive year for Crossword, culminating in our admission to AIM on 14 December, where we raised £2m.  The investment will help to continue to grow and convert the Group's current pipeline of £1.4 million which stretches over 30 companies in a wide range of sectors. We are well positioned to deliver a year of strong revenue growth.   

Our in depth understanding of what's happening in academic cyber security research, alongside our current and developing relationships with research intensive European university partners, means Crossword is well placed to identify promising cyber security intellectual property (IP) from research, that our industry partners tell us meets emerging real-world challenges." 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Contacts

Crossword Cybersecurity plc	Tel: [phone] Email: [e-mail]
Tom Ilube, Chief Executive Officer
Mary Dowd, Finance Director
Grant Thornton (Nominated Adviser)	Tel: [phone]
Colin Aaronson / Jamie Barklem / Niall McDonald
Hybridan LLP (Broker)	Tel: [phone]
Claire Louise Noyce

About Crossword Cybersecurity plc

Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security 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 the cyber maturity and GDPR readiness of their suppliers. 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. 

 

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