Crossword Cybersecurity plc (AIM: CCS, “Crossword”, the “Company” or the “Group”), the cyber security technology commercialisation company, today announces its unaudited interim results for the 6 months ended 30 June 2019.
Financial Highlights:
· 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 £3 million over 100 companies in a wide range of sectors
· Product and Consulting revenue increased by 21% over the same period in the prior year
· Total revenue increased by 5% to £570,757
· Total comprehensive loss for the period was £1,077,595, an increase of £246,804 over the same period in the prior year, following investment in product development and sales and marketing
· Cash and Cash Equivalents at 30 June 2019 of £1,294,491.
Operational Highlights:
· The Consulting division launched its vCISO service (virtual Chief Information Security Officer), securing its highest value, multi-year contract to date
· Worked with Imperial College London on enhancements to our second product, Nixer
· Appointed a new world class Advisory Board made up of senior figures from academia, the corporate world and government.
Outlook:
· Continuing to convert pipeline into revenue, aiming to close several large opportunities in the final quarter, and the Board remains confident that full year results will be in line with market expectations
· Next version of Rizikon Assurance which includes Supplier Assurance Framework dashboard was launched on 4 Sept
· Nixer, our second product, on track for release in Q4 2019
· Close to agreeing one or more distribution deals over the coming months.
Tom Ilube, Chief Executive Officer, commented:
“I am very pleased with the progress achieved in the first half of 2019, with a significant rise in the order book and pipeline for both Rizikon Assurance, and Consulting. We expect the momentum achieved in H1 to continue, with our focus on scalable, recurring product revenue, through conversion of pipeline into orders.”
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