Crossword Cybersecurity PLC (AIM:CCS) said revenue for this year will be lower than previously expected on a slowdown in the process of moving contracts on from the pipeline stage, but reassured on profitability targets.
Updating on Tuesday, the firm said full-year revenue would likely be in the range of £4.1 million to £4.3 million, rather than the previously guided £6.0 million.
This would still mark an increase on revenue of £3.7 million recorded in 2023.
“In the second half of 2023, revenue growth has not been as strong as expected,” the company said in a statement.
“The pipeline remains strong, but conversion from pipeline to contracts has slowed down.
“This means that contract opportunities expected to commence in the fourth quarter of 2023 are now expected to commence in 2024.”
Pre-tax net losses will be as expected, the company added, and plans to achieve cash flow breakeven by the latter half of next year remain on track.
Revenue should be around £7.0 million in 2024, Crossword said, adding it “remains firmly committed to achieving profitability without needing to raise additional capital”.