Crossword Cybersecurity PLC Trading Update (5460P)
11 February 2019 - 6:00PM
UK Regulatory
TIDMCCS
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 GBP2m. The
investment will help to continue to grow and convert the Group's
current pipeline of GBP1.4 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: +44 (0) 20 8973 2350
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
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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