Crossword Cybersecurity PLC Trading Update (5745I)

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: [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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August 09, 2019 06:00 ET (10:00 GMT)