Crossword Cybersecurity PLC Trading Update (5745I)
August 09 2019 - 6:00AM
UK Regulatory
TIDMCCS
RNS Number : 5745I
Crossword Cybersecurity PLC
09 August 2019
9 August 2019
Crossword Cybersecurity plc
("Crossword " or the "Company")
Trading Update
Crossword Cybersecurity plc (AIM: CCS, "Crossword", the
"Company" or the "Group"), the cyber security technology
commercialisation company, is pleased to provide the following
trading update ahead of the Group's interim results for the six
months ended 30 June 2019, which are expected to be released in
September 2019.
Within revenues, as anticipated, income from Consulting and
product sales were significantly higher than the comparative period
in 2018, with planned reduction in revenues from software
development. The Company expects to report total revenues slightly
ahead of the comparative period in 2018 and remains confident that
full year results will be in line with market expectations.
Among the highlights for the period are:
-- Orders received for Rizikon Assurance during the period were
more than double those received in the same period last year.
-- The Rizikon Assurance pipeline more than doubled in the first
six months of this year and now stands in excess of GBP3
million.
-- The Consulting division launched its vCISO service (virtual
Chief Information Security Officer), securing its highest value,
multi-year contract to date.
Tom Ilube, Chief Executive Officer, commented:
"The strength of the order book for both Rizikon Assurance and
Consulting, and the growth in the pipeline, puts Crossword in a
strong position for growth at the end of the first half of 2019.
Our continued focus is on scalable, recurring product revenue,
through conversion of pipeline into orders."
- Ends -
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 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
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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