Crossword Cybersecurity PLC (AIM:CCS) has forecast £6mln in revenue for 2023 or a 60% increase on the £3.7mln it saw in 2022, itself a 59% rise.
Boasting “strong” growth of over 100% in the second half of 2022, organic revenue for the year was up 56% while annual recurring revenue increased by 58%, the company added in a trading update.
“The intensified demand for Crossword's products and services in the second half of 2022 provides strong momentum going into 2023.
"In the product division, Rizikon and Trillion were the major contributors to growth,” the software company said.
Rizikon, the organisations leading product, helps clients manage cybersecurity risks occurring from their suppliers and currently has 1,000 clients.
“Crossword's Trillion product experienced strong revenue growth in the second half as its vast scalability and ease of adoption drives client demand,” the British company added.
Trillion helps clients with account breach protection by analysing stolen data, an issue brought to light recently following a data leak of Twitter users last month.
Since 2021, Crossword has integrated three acquisitions allowing for an expanded product portfolio.
Last year the company “worked on the merging of Arc and Nixer into an enhanced product focused on account protection” and developed a new product, Identiproof.
International growth continued as its “Oman Data Park (ODP) signed a strategic cooperation agreement to provide cyber security risk services to over 800 government, corporate and SME organisations.”
Tom Ilube, chief executive, added: “I am delighted that in 2022 Crossword made outstanding progress in growing its average contract value and increasing the contribution of cross-selling to revenue growth.”
The company’s share price is currently 18.75p, up 1.4% today.