Crossword Cybersec - Trading Update
03 Aug 2020 -
Within revenues, as anticipated, income from Consulting and product sales were 43% higher than the comparative period in 2019, with planned reduction in revenues from software development. The Company expects to report total revenues of
At the end of
Highlights of the period
Early in 2020,
Software and process development in the first half of 2020 culminated in the launch of Rizikon Pro post period, on
Crossword demonstrated Rizikon Assurance's value within large and complex enterprises, with some notable client wins, including Cammell Laird, one of the most famous names in British industry, and
Crossword's cyber security consulting division continued to grow in a range of high-profile sectors including legal, insurance and financial services. Crossword issued guidance for businesses on how to address some of the most common security concerns for employees when working from home. The advice was made widely available as many of Crossword's clients mobilised to keep their businesses running as normally as possible whilst adhering to
COVID-19, Brexit and a host of Environmental, Social and Corporate Governance (ESG) matters, have highlighted weaknesses within supply chains, raising awareness of the financial, regulatory, and reputational risks organisations indirectly carry. The launch of Rizikon Pro is expected to drive a reduction in the sales cycle timescales, as the technology offered on a pay-as-you-go basis, is expected to be attractive to a large section of small and medium sized organisations.
At the end of June, Crossword launched a series of webinars which cover topics from 'the focus of the CISO in two years time' to a 'live demo of a real world stuffing attack'. As part of this series we will be launching a webinar on Diversity in the Cyber Security and Technology Industry hosted by Tom Ilube, Crossword's CEO, previously ranked first in the Powerlist of the
With the end of the furlough scheme likely to have widespread impact across the business sector and the shape of the economic recovery still unpredictable, the second half of 2020 is difficult to forecast. As things stand, Crossword has secured contracts worth more than 50% of the revenue required in the second half of 2020 to achieve results in line with market expectations. With a healthy pipeline, there is cautious optimism of delivering on the market expectations, although this depends on the outcome of several large bids that are currently in progress.
Our flexible approach enabled us to quickly and effectively implement remote working, before it was mandated, with minimal impact on clients and sales activity. Costs have been closely monitored and managed throughout this time of increased uncertainty in order to be prudent, with a hiring freeze in place, some redundancies and careful management of any discretionary spending. Advantage has been taken of the Government's Coronavirus Job Retention scheme, with some staff now returning to work.
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.
- Ends -
Email: [email protected]
Tom Ilube, Chief Executive Officer
For media enquiries contact:
[email protected], 01932 485 300
This information is provided by RNS, the news service of the
Quick facts: Crossword Cybersecurity PLC
Market Cap: £14.11 m
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